- Ethena announced the launch of its USDe stablecoin on the Solana network.
- Solana users can now transact in USDe across applications in the Solana ecosystem.
- ENA and SOL are down following the announcement.
Ethena (ENA) launched its dollar-denominated stablecoin USDe on the Solana network on Wednesday, allowing users to access it while transacting across applications in the SOL ecosystem. Meanwhile, ENA and SOL are down 6% and 1.3%, respectively, following the announcement.
Solana integrates USDe stablecoin amid SOL and ENA declines
Ethena has launched its dollar-denominated stablecoin USDe on Solana, allowing users to perform transactions across dapps on the Layer one using the asset.
Ethena Labs announced the launch earlier today, as several of Solana's protocols, including the DeFi platform Kamino, DEX platforms Orca and Drift protocol, are already integrating the stablecoin onto their platforms.
The integration will allow users to claim rewards using USDe's staked version, sUSDe, as Ethena aims to increase liquidity and broader market access.
Users can leverage their USDe and sUSDe holdings by borrowing PYUSD on Kamino Finance. Drift protocol will also provide users with yield-earning opportunities using USDe and sUSDe while trading perpetual.
Additionally, Ethena Labs has opted to add SOL, the native token for the Solana network, as one of the underlying assets to back the USDe stablecoin. The decision is subject to governance, which, if approved, could enhance USDe's scalability, adding a $2-3 billion open interest across major exchanges, stated Ethena.
The launch has yet to impact the prices of SOL and ENA, which are currently down as the broader cryptocurrency market has yet to recover. Following the announcement, both tokens are down 1.3% and 6%, respectively.
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