Ethena Labs founder Guy Young has confirmed that USDe’s dramatic depegging to $0.65 on Binance resulted from an internal oracle malfunction rather than collateral failure. The incident unfolded during Friday’s catastrophic market crash that erased nearly half a trillion dollars from cryptocurrency valuations and triggered over $19 billion in leveraged position liquidations. Binance has compensated affected users $283 million for losses stemming from the depegging event.
about USDe Depegging: Binance Oracle Issue Caused $1B LiquidationsGuy Young
0 posts last weekEthena Founder Explains USDe Depegging as Oracle Issue
Ethena Labs founder Guy Young has clarified that the recent USDe depegging event on Binance, which saw the synthetic dollar stablecoin briefly drop to $0.65, was caused by an internal oracle issue rather than fundamental problems with the protocol. During Friday’s market volatility, Young emphasized that minting and redemption mechanisms functioned perfectly across other exchanges, with $2 billion in USDe successfully processed with minimal price deviations.
about Ethena Founder Explains USDe Depegging as Oracle IssueJupiter to Launch JupUSD Stablecoin on Solana with Ethena
Solana’s dominant decentralized exchange aggregator Jupiter is making a strategic move into the rapidly expanding stablecoin market by partnering with Ethena to launch JupUSD. Scheduled for a Q4 debut, the new stablecoin will initially be fully collateralized by Ethena’s treasury-backed USDtb, representing Jupiter’s latest expansion within its growing DeFi ecosystem. This collaboration comes as the total stablecoin market cap surges past $300 billion, marking a 75% year-over-year increase and signaling robust institutional adoption.
about Jupiter to Launch JupUSD Stablecoin on Solana with EthenaYZi Labs Boosts Ethena Support, USDe Hits $13B TVL
YZi Labs has significantly increased its strategic investment in Ethena Labs, reinforcing its commitment to the USDe synthetic dollar protocol as it achieves a monumental milestone. Ethena’s total value locked has surged past $13 billion, positioning USDe as the third-largest dollar-denominated asset in crypto behind only USDT and USDC. This expansion, supported by YZi Labs’ enhanced backing, includes innovative products aimed at bridging the gap between traditional finance and blockchain ecosystems.
about YZi Labs Boosts Ethena Support, USDe Hits $13B TVLEthena Withdraws USDH Bid, Native Markets Favored
In a significant development for Hyperliquid’s stablecoin governance, Ethena Labs has withdrawn its bid to issue the USDH stablecoin after facing community resistance over not being a native project. The team acknowledged the pushback in a public statement, conceding to rival Native Markets which is now overwhelmingly favored by prediction markets. Ethena founder Guy Young praised Native Markets’ success as embodying Hyperliquid’s community spirit, even as some participants continue to question the frontrunner’s credibility. The withdrawal highlights the importance of native community alignment in DeFi governance decisions.
about Ethena Withdraws USDH Bid, Native Markets FavoredEthena’s USDe Stablecoin Surges 75% in Market Cap
Ethena’s USDe stablecoin has seen explosive growth, with its market cap reaching $9.3 billion—a 75% monthly increase and 24% weekly jump. This surge surpasses competitors like Tether (USDT) and First Digital’s USDS, while USDC faced declines. The growth aligns with Ethena’s launch of Stablecoin X, a treasury arm committing $260 million to ENA purchases, alongside an attractive 11% yield for staked USDe (sUSDe). ENA, Ethena’s native token, also rebounded strongly, rising 140% in a month and hitting a $9.4 billion market cap. The foundation retains control over Stablecoin X’s ENA sales, ensuring reinvestment into the ecosystem. USDe’s supply growth has even outpaced major BTC and ETH ETFs, signaling strong investor confidence.
about Ethena's USDe Stablecoin Surges 75% in Market CapVerb Tech Pivots to TON Treasury with $558M Raise
Verb Technology has announced a $558 million private placement, oversubscribed and led by Kingsway Capital, to pivot into a Toncoin (TON)-centric treasury vehicle. Post-close, the company will rebrand as TON Strategy Co. (TSC) and become the first publicly traded treasury reserve for TON, expected around August 7. The funds will primarily be used to acquire TON as a treasury asset and stake holdings to generate recurring rewards, targeting a cash-flow-positive model. The strategy leverages Telegram’s ecosystem, where TON is the exclusive blockchain, with TON Wallet now available to 87 million US users. Over 110 institutional investors participated, including Vy Capital, Blockchain.com, and Pantera. Post-close, 36% of Verb’s shares will be locked up for 6-12 months, with a 77% cash-to-assets ratio. The move confirms rumors of a TON treasury initiative and includes high-profile advisors like Blockchain.com’s Peter Smith.
about Verb Tech Pivots to TON Treasury with $558M RaiseEthena Launches StablecoinX as ENA Jumps 8%
The Ethena Foundation is making a significant move into public markets by forming StablecoinX Inc., a new stablecoin-focused treasury firm, through a merger with TLGY Acquisition Corp. The deal includes a $360 million investment in ENA, Ethena’s native token, which saw an 8% price jump following the announcement. StablecoinX will be listed on Nasdaq (ticker: USDE) and will support the ENA ecosystem with validator services and staking tools. The funding round includes $60 million from the Ethena Foundation and backing from major crypto investors like Dragonfly and Pantera Capital. Meanwhile, Ethena’s synthetic dollar, USDe, has seen record growth, with its supply surpassing $6 billion, making it the third-largest stablecoin. This growth aligns with increasing regulatory clarity, highlighted by the recent GENIUS Act, which brings stablecoin issuers under Federal Reserve oversight.
about Ethena Launches StablecoinX as ENA Jumps 8%