MakerDAO proposes allocating $600 million worth of DAI into USDe and sUSDe

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The Block2024/04/01 21:37

By:The Block

MakerDAO is considering allocating $600 million worth of its stablecoin DAI into USDe and staked USDe (sUSDe) via the DeFi lending protocol Morpho Labs. The move would put Ethena total value locked growth “on track with internal expectations,” according to Ethena’s head of growth, Seraphim Czecker.

MakerDAO proposes allocating $600 million worth of DAI into USDe and sUSDe image 0

MakerDAO, a decentralized finance (DeFi) project, is considering allocating 600 million DAI into USDe and staked USDe (sUSDe) via the DeFi lending protocol Morpho Labs.

Both USDe and sUSDe are issued from the stablecoin developer Ethena Labs. Though currently in a proposal state, should the MakerDAO community confirm the move, it would put Ethena total value locked growth "on track with internal expectations," wrote Ethena Head of Growth Seraphim Czecker on X.

"Using the lowest of the above thresholds yields 600 million maximum recommended exposure to USDe," according to the proposal . "This will scale up gradually as Ethena grows, but for the time being we believe it is prudent to cap total allocation at this level."

USDe currently has 1.34 billion tokens in supply, which comprises 1.74% of the total Ethereum stablecoin supply, according to The Block's Data Dashboard.

Ethena raised $14 million at a total $300 million valuation in February, The Block previously reported.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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