Ethena’s USDe Supply on Robinhood Chain Surpasses $320 Million

Ethena’s stablecoin USDe has surpassed $320 million in supply on Robinhood Chain eight weeks after launch. It now accounts for 42% of the chain’s total stablecoin supply.

Wu Blockchain reported on Aug. 28, citing Token Terminal data, that USDe supply on Robinhood Chain had exceeded $320 million. Excluding USDG, the chain’s native issuance, USDe is the largest external dollar-pegged asset on the network.

Analyst Mesh attributed the growth to Robinhood Chain’s yield-product structure. He wrote that Stakehouse Financial’s decision to choose Ethena as a key collateral provider for the launch of Robinhood Earn helped drive demand for USDe.

Of the liquidity allocated to the USDG vault operated by Stakehouse, 62% to 65% flowed into Morpho’s USDe-USDG market. As that market became the main collateral venue, borrowers were effectively steered toward depositing USDe.