Bitcoin collateral for Athena’s USDe artificial greenback surpassed $500 million lower than every week after its introduction.
Knowledge from the platform’s web site confirmed round $537 million in bitcoin reserves on numerous exchanges resembling Binance, OKX and Deribit. This quantity represents roughly 26% of its whole asset reserve.
Different reserve property embrace $714 million in Ethereum, $353 million in Ethereum Liquid Stake, and $365 million in Tether’s USDT.
Seraphim Czecker, head of development for Athena, mentioned substantial bitcoin reserve was proof that the platform is prepared for the upcoming halving occasion. The halving is anticipated round April 20 and can cut back the Bitcoin block reward by 50% to three.125 BTC.
Final week, Athena included BTC as a backing asset for USDe in an effort to create a safer product for its customers. Nonetheless, a number of market consultants warned that the plan may pose a contagion danger to the broader crypto trade.
USDe adoption continues
Because the platform’s bitcoin collateral grows, USDe adoption can also be witnessing an astronomical improve.
Knowledge from fromcrypto reveals that USDe’s market capitalization has soared to $2.14 billion, with a buying and selling quantity of $364 million within the final day.
Its adoption from main DeFi initiatives like MakerDAO and Frax Finance made these excessive numbers doable.
Earlier immediately, Athena Labs revealed that Frax Finance has accredited a $250 million liquidity fund to facilitate automated market operations (AMOs) for the minting of recent FRAX tokens.
In line with to Athena Labs:
“As of yesterday, FRAX started including USDe POL, which can create one of many deepest swimming pools of greenback liquidity on the chain and permit FRAX to diversify their supply of help income.”
As well as, the Morpho Labs lending log reported that MakerDAO, the DAI stablecoin issuer, allotted a further $100 million in DAI tokens to its USDe/DAI and sUSDe/DAI markets on Morpho Blue.
It he added:
“This follows Maker’s profitable proposal to extend Spark MetaMorpho Vault DDM’s most debt cap from $100M to $1B DAI. DAI’s new debt deployment will probably be phased in based mostly on Block Analytica’s danger evaluation, beginning with the extra $100 million dedicated immediately.”
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