Ethena’s synthetic dollar, USDe, has crossed $320 million in total supply on Robinhood Chain just eight weeks after launch, according to Token Terminal data. The stablecoin now represents 42% of Robinhood Chain’s total stablecoin supply, making it the largest external dollar-denominated asset on the network and second only to Robinhood’s native USDG stablecoin.
Analysts attribute the rapid expansion to several factors, including Robinhood Earn, Steakhouse Financial’s decision to use Ethena as the primary collateral issuer, and deep liquidity in the USDe/USDG Morpho market. According to analyst Mesh, approximately 62%–65% of the liquidity allocated by the Steakhouse USDG Vault flowed into the USDe/USDG market, positioning it as the preferred destination for borrowers seeking the deepest collateral pool.
The milestone highlights accelerating stablecoin adoption in decentralized finance and may influence how DeFi platforms integrate stable assets into lending, borrowing, and yield-generating products as Robinhood Chain’s ecosystem continues to expand.
