Despite Bleeding Market, Ethera Labs Supplied $1 Billion Worth of USDe

IconCryptoNewsTerminal Staff13 Jun, 2024

cryptonews.jpg

Despite Bleeding Market, Ethera Labs Supplied $1 Billion Worth of USDe

Ethera Labs, the issuer of the stablecoin USDe, supplied 1 billion worth of USDe despite the bleeding market last month, according to founder Guy Young. Young said that USDe is now the largest yielding dollar, larger than the entire RWA tokenized bond market combined. The news comes as a surprise to many, as the cryptocurrency market has been in a downturn for the past several months. Bitcoin, the largest cryptocurrency by market capitalization, has lost more than 50% of its value since its all-time high in November 2021. However, Young said that Ethera Labs is confident in the long-term prospects of the cryptocurrency market. He said that the company is committed to providing users with a safe and reliable way to store and use their money. "We believe that USDe is the best way to do that," Young said. "It is a stablecoin that is backed by real assets, and it offers a high yield." Ethera Labs is a company that is based in the United Kingdom. The company was founded in 2017 and it is backed by a number of investors, including Sequoia Capital and Andreessen Horowitz.

Related News