USDe tops $320M on Robinhood Chain eight weeks after launch

Ethena’s stablecoin USDe has surpassed $321.1 million in supply eight weeks after launching on Robinhood Chain, accounting for 42% of the chain’s total stablecoin supply, according to Wu Blockchain. Token Terminal data showed USDe supply reached $321.1 million, the second-largest on Robinhood Chain after the chain’s native USDG at $425.6 million, and the largest among externally issued stablecoins. Analyst Messi cited the chain’s infrastructure design, Steakhouse Financial’s selection of an Ethena collateral issuer, and the allocation of 62% to 65% of liquidity in Steakhouse’s USDG vault to the Morpho USDe/USDG market as growth drivers. Messi added that borrower deposits of USDe increased as the market received the largest share of collateral liquidity in the vault.