Ethena’s USDe has surpassed $320 million on Robinhood Chain within eight weeks of launch, accounting for 42% of the chain’s stablecoin supply, according to Token Terminal data. USDe is now the network’s largest external dollar asset, behind Robinhood Chain’s own USDG. The growth was supported by Ethena’s role as the primary collateral issuer for Robinhood Earn. About 62%-65% of liquidity from the Steakhouse USDG Vault flowed into the USDe/USDG Morpho market.
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