Changpeng Zhao’s YZi Labs deepens stake in stablecoin issuer Ethena
YZi Labs has invested further into Ethena to push USDe adoption across more chains and platforms, while also assisting with the development of a new stablecoin.
Tech-focused venture capital firm YZi Labs has increased its stake in Ethena, the stablecoin issuer behind USDe, which will assist the digital dollar’s adoption across decentralized and centralized platforms.
The investment will assist Ethena USDe’s (USDe) expansion on BNB Chain while enabling Ethena to continue building its USDtb stablecoin and an institutional settlement layer, “Converge,” Changpeng Zhao’s YZi Labs said in a statement on Friday.
USDtb is backed by short-duration treasury assets, including BlackRock’s BUIDL, while Converge is an Ethereum Virtual Machine-compatible chain focused on tokenizing real-world assets.
The move supports YZi’s mission to “support open, scalable digital dollar infrastructures that can serve as a backbone of efficiency and liquidity for the entire financial ecosystem.”
