YZi Labs boosts ownership in Ethena amid USDe's $13b surge
In a significant move, YZi Labs, a global leader managing over $10 billion in assets, has announced a deepened partnership with Ethena Labs. Ethena, a prominent player in digital finance, is backed by notable investors such as Binance Labs, Fidelity, Franklin Templeton, Bybit, OKX, and more.
Ethena's latest venture, USDb, a fiat-backed stablecoin, is pursuing GENIUS compliance. The exact size of YZi Labs' increased stake in Ethena Labs, as USDe expanded beyond $13 billion, has not been publicly disclosed. However, it is clear that YZi Labs has significantly expanded its support for Ethena in this new growth phase.
The partnership between YZi Labs and Ethena Labs is a step towards embedding stable, yield-bearing assets into the core of the crypto economy. Ethena's mission aligns with YZi Labs' vision, as both companies strive to bring traditional finance-grade real-world assets on-chain.
Founded and led by Guy Young, Ethena Labs is also involved in a joint project with Securitize and BlackRock's tokenization partners to develop Converge, an institutional settlement layer. Converge aims to bring traditional finance-grade real-world assets on-chain, further bridging the gap between traditional finance and the crypto economy.
In addition to its work with Ethena Labs, YZi Labs manages a portfolio of over 300 ventures across six continents. The company's reach extends beyond the digital finance sector, with more than 65 companies having passed through YZi Labs' incubation programs.
Elsewhere in the digital finance world, Immutable, known for its non-fungible token (NFT) platform, has launched a mobile gaming division, aiming to tap into the $121 billion mobile gaming market. This move signifies the growing convergence of traditional gaming and blockchain technology.
As these partnerships and ventures continue to evolve, it's clear that the digital finance sector is poised for significant growth and innovation in the coming years.
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