On Wednesday, Ethena Labs, the team to blame for the yield-bearing stablecoin project USDE, printed its expansion to the Solana blockchain. This transfer brings USDE to the dispensed ledger, with SOL now also being broken-down as a part of the stablecoin’s reserve backing.
USDE Stablecoin Mission Extends to Solana, Involves SOL Backing
Despite witnessing redemptions totaling around $300 million in below two weeks, Ethena Labs proceeded with the Solana integration. “August Seventh marks Ethena’s Solana integration,” Ethena Labs acknowledged on X. “USDE deployed on Solana thanks to Layerzero Labs OFT [and] SOL onboarded as a backing asset for USDE, field to governance.”
Ethena will be launching a “Solana Sats Marketing campaign.” “SOL as a backing asset for USDE will be proposed to governance for implementation subsequent week and opens up an further $2-3bn of commence hobby all the strategy through predominant exchanges, enhancing USDE’s scalability even further,” Ethena acknowledged. The team also significant that pending a governance vote, Ethena plans to gradually to find bigger its involvement with SOL.
“SOL perps started trading later and maintain less historic files on funding rates,” Ethena concluded. “Nonetheless YTD in 2024 SOL funding has outpaced each BTC and ETH, even after the latter two resources had ETFs launched. Self-discipline to governance, Ethena will scale slowly into SOL as funding is monitored.”
