MakerDAO plans to invest $600 million of its DAI stablecoin in USDe and sUSDe via Morpho Labs, a DeFi lending mechanism. This investment is intended to boost the expansion of Ethena, a project established by Ethena Labs that issues both USDe and sUSDe.
Seraphim Czecker, Ethena’s Head of Growth, stated that this prospective allocation would be consistent with the project’s growth ambitions. The plan, which is currently being considered by the MakerDAO community, describes a conservative approach to investment, recommending a starting cap of $600 million.
This value was chosen using cautious thresholds, emphasizing a steady ramp-up in accordance with Ethena’s expansion.
USDe’s presence in the market is remarkable, with a current supply of 1.34 billion tokens, accounting for 1.74% of the entire Ethereum stablecoin supply. This decision by MakerDAO could have a substantial impact on USDe’s position in the stablecoin market.
Ethena Labs just closed a $14 million fundraising round, valuing the firm at $300 million. This financial backing, as well as prospective assistance from MakerDAO, demonstrate Ethena’s long-term viability in the DeFi ecosystem.
The MakerDAO community’s vote on this proposal is eagerly anticipated, as it might represent a watershed moment in DeFi collaboration and stablecoin integration.