MakerDAO, a decentralized finance (DeFi) project, is considering allocating 600 million DAI to USDe and staked USDe (sUSDe) through the DeFi lending protocol Morpho Labs.
Both USDe and sUSDe are issued by stablecoin developer Ethena Labs. While the MakerDAO community is currently in a proposal, if the MakerDAO community were to confirm this move, this would put Ethena’s overall valuation growth “on track with internal expectations.” wrote Ethena Head of Growth Seraphim Czecker about X.
“Using the lower of the above thresholds results in a maximum recommended USDe exposure of US$600 million,” the statement said. proposal. “This will gradually increase as Ethena grows, but for now we believe it is prudent to limit the overall allocation at this level.”
USDe currently has 1.34 billion tokens in supply, which comprises 1.74% of the total Ethereum stablecoin supply, according to The Block’s Data Dashboard.
Ethena raised $14 million in February at a total valuation of $300 million, The Block previously reported.
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering all crypto news, but with a bias toward NFT, metaverse, web3 gaming, finance, crime, hack, and crypto ecosystem stories. MK is a graduate of New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
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