其穩定劑的綜合供應急劇上升，現在埃塞納實驗室正在偏移空間中波浪。

其穩定劑的綜合供應急劇上升，現在埃塞納實驗室正在偏移空間中波浪。

The combined supply of its stablecoins has dramatically risen, and now Ethena Labs is making waves in the DeFi space.

其穩定劑的綜合供應急劇上升，現在埃塞納實驗室正在偏移空間中波浪。

Not only does this surge position the company as a leading stablecoin issuer, but it also makes the company an indirect major investor in one of the world’s largest investment firms, BlackRock.

該公司不僅將公司定位為領先的Stablecoin發行人，而且還使該公司成為世界上最大的投資公司之一BlackRock之一的間接主要投資者。

In a truly remarkable turn of events, Ethena Labs has now combined the supply of its two stablecoins, USDe and USDtb, to an all-time high of about $6.7 billion. That is a good deal more than what the supply was a year ago—right around this time, in fact—when Ethena Labs had the stablecoin supply at approximately $2.0 billion. This pretty much makes it two times the term project supply from last year. And that only underlies, of course, the demand for those products as part of the supply for the DeFi ecosystem.

在一次真正的事件中，Ethena Labs現在將其兩個穩定的USDE和USDTB的供應結合在一起，達到了67億美元的歷史最高點。這比一年前的供應要多得多 - 實際上，在這個時候，Ethena Labs的穩定供應量約為20億美元。這幾乎使其是去年項目供應任期供應的兩倍。當然，這只是對這些產品作為Defi生態系統供應的一部分的需求。

The combined supply of @ethena_labs's USDe & USDtb is at an all-time high of ~$6.7 billion

@ethena_labs的USDE和USDTB的總供應量為67億美元

The supply was ~$2.0 billion one year ago on April 4th 2024pic.twitter.com/tpaW0NAFoP— Token Terminal 📊 (@tokenterminal) April 4, 2025

一年前的供應量約為20億美元

The company provides a dual stablecoin offering—USDe and USDtb—that have shown rapid growth over the past 12 months. This growth is aligned with a broader trend we see in the stablecoin market, where investors are looking for alternatives to tradfi (traditional finance). However, what we look at here in the stablecoin market exists on an even bigger scale—an international scale—as we really see stablecoins being embraced globally as alternatives to both dollarization and as cash in the cashless society.

該公司提供了雙重穩定的產品-USDE和USDTB，該產品在過去12個月中已顯示出快速增長。這種增長與我們在Stablecoin市場中看到的更廣泛的趨勢保持一致，投資者正在尋找Tradfi（傳統金融）的替代品。但是，我們在Stablecoin市場中所看到的內容在更大的範圍內（國際規模）存在，因為我們確實認為，在全球範圍內將Stablecoins視為美元的替代品和無現金社會中的現金。

Ethena’s Strategic Role as Major LP in BlackRock BUIDL Fund

Ethena在BlackRock Buidl基金中作為主要LP的戰略角色

A major part of why Ethena has been so successful lately can be traced back to its partnership with BlackRock. In the case of the USDtb stablecoin, around 90% of its backing comes in the form of liquidity pool (LP) shares of the BlackRock BUIDL fund. This private fund is one of the biggest things going in global finance, and it provides stability and security for the way USDtb operates. But USDtb is also a way for Ethena to indirectly use its partnership with BlackRock to achieve a much larger presence in that private fund.

Ethena最近如此成功的重要部分可以追溯到與Blackrock的合作關係。就USDTB Stablecoin而言，大約90％的支持以貝萊德·布德爾基金的流動性池（LP）股票形式出現。該私人基金是全球金融中最大的事情之一，它為USDTB運作的方式提供了穩定和安全性。但是USDTB也是Ethena間接利用與BlackRock合作以在該私人基金中實現更大影響力的一種方式。

📊ICYMI: @ethena_labs's USDtb is backed to ~90% by LP shares in the BlackRock BUIDL fund.

📊ICymi： @ethene_labs的USDTB在BlackRock Buidl基金中的LP股票備份降至90％。

As a result, Ethena is indirectly the biggest LP in the @BlackRock BUIDL fund, w/ a ~$1.29B investment.https://t.co/zS1G710I3w— Token Terminal 📊 (@tokenterminal) April 4, 2025

結果，Ethena是@BlackRock Buidl基金中最大的LP，w/a〜 $ 1.29b Investment.https：//t.co/zss1g710i3w- token terkin terminal📊（@tokenterminal），2025年4月4日

Currently, Ethena Labs holds approximately $1.29 billion in LP shares in the BlackRock BUIDL fund, making it the largest liquidity provider to that fund from the DeFi space. Effectively, then, Ethena has positioned itself as one of the biggest indirect investors in BlackRock’s BUIDL fund—an incredible feat, given the stature of that fund in traditional finance.

目前，Ethena Labs在BlackRock Buidl基金中持有約12.9億美元的LP股票，使其成為該基金中最大的流動性提供商。因此，埃塞納（Ethena）實際上將自己定位為貝萊德（Blackrock）Buidl基金中最大的間接投資者之一，這是一項令人難以置信的壯舉，鑑於該基金在傳統金融中的地位。

Ethena Labs’ participation in the BlackRock BUIDL fund is a strategic one because it allows the company to benefit from a high-value investment vehicle and at the same time guarantees the stability of its USDtb token. Being associated with such a prestigious and well-established fund also helps to enhance Ethena Labs’ credibility with both institutional and retail investors.

Ethena Labs參加BlackRock Buidl基金是一項戰略性的，因為它允許公司從高價值投資工具中受益，同時保證其USDTB代幣的穩定性。與如此享有聲望和公認的基金相關聯，還有助於提高Ethena Labs在機構和零售投資者中的信譽。

Moreover, this partnership underscores the increasing blending of conventional finance and decentralized finance, where traditional financial establishments are steadily coupling with assets and technologies based on blockchain. BlackRock’s BUIDL fund, which concentrates on blockchain and crypto assets, has emerged as a major channel for substantial investment in the quickly expanding blockchain sector.

此外，這種夥伴關係強調了傳統金融和分散財務的融合，傳統金融機構與基於區塊鏈的資產和技術穩步耦合。 BlackRock的Buidl基金集中在區塊鍊和加密資產上，已成為對快速擴大區塊鏈領域進行大量投資的主要渠道。

Ethena Labs is deeply involved with BlackRock. BlackRock has a substantial stake in the BUIDL fund. This dual relationship really shows us what Ethena is about:

Ethena Labs與BlackRock深入參與。 BlackRock在Buidl基金中擁有大量股份。這種雙重關係確實向我們展示了Ethena的意思：

– Providing liquidity in the DeFi ecosystem

- 在Defi生態系統中提供流動性

– Gleaning upside potential from the financial markets that are the old world in which BlackRock operates.

- 從貝萊德經營的舊世界中收集的上漲潛力。

These two elements of Ethena’s strategy distinguish the company from many other DeFi projects. Add them together, and you get a company that is, in effect, a bridge between the DeFi world and the traditional financial world.

Ethena戰略的這兩個要素將公司與許多其他Defi項目區分開。將它們加在一起，您將獲得一家實際上是Defi世界與傳統金融世界之間的橋樑的公司。

The Future Outlook for Ethena Labs

Ethena Labs的未來前景

Ethena Labs is well beyond a promising startup, with the combined supply of USDe and USDtb reaching new heights and with them the potential for continued and augmented growth. That achievement, to be clear, is a function of the DeFi space streaming more and more users to its services. Access to

Ethena Labs遠遠超出了一家有希望的創業公司，USDE和USDTB的綜合供應達到了新的高度，並有可能繼續增長和增長。可以清楚地看出，這一成就是Defi空間流的函數，越來越多的用戶訪問其服務。訪問