Data shows that the stablecoin USDe issued by Ethena has exceeded a scale of 320 million US dollars on the chain eight weeks after its launch on Robinhood Chain. According to Token Terminal, this figure accounts for approximately 42% of the total supply of stablecoins on that network.

USDe upgraded to a major external US dollar asset

Within the Robinhood Chain ecosystem, USDe has become the largest external US dollar asset, second only to the chain's own USDG. This means that, in addition to the native stablecoin, USDe now occupies a larger proportion of the US dollar liquidity within that network.

Robinhood Earn drives demand

The growth of USDe is related to Ethena playing a major role as the collateral issuer within Robinhood Earn. As the use of related products increases, the demand for USDe on the chain also rises, driving an expansion of its supply scale in a relatively short period of time.

Liquidity enters the Morpho market

The article mentions that among the liquidity of Steakhouse USDG Vault, approximately 62% to 65% flows into the Morpho market of USDe / USDG. This indicates that the lending and liquidity allocation surrounding USDe and USDG has become an important part of the stablecoin activities on Robinhood Chain.