其稳定剂的综合供应急剧上升，现在埃塞纳实验室正在偏移空间中波浪。

其稳定剂的综合供应急剧上升，现在埃塞纳实验室正在偏移空间中波浪。

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

其稳定剂的综合供应急剧上升，现在埃塞纳实验室正在偏移空间中波浪。

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.

该公司不仅将公司定位为领先的Stablecoin发行人，而且还使该公司成为世界上最大的投资公司之一BlackRock之一的间接主要投资者。

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现在将其两个稳定的USDE和USDTB的供应结合在一起，达到了67亿美元的历史最高点。这比一年前的供应要多得多 - 实际上，在这个时候，Ethena Labs的稳定供应量约为20亿美元。这几乎使其是去年项目供应任期供应的两倍。当然，这只是对这些产品作为Defi生态系统供应的一部分的需求。

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的总供应量为67亿美元

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

一年前的供应量约为20亿美元

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.

该公司提供了双重稳定的产品-USDE和USDTB，该产品在过去12个月中已显示出快速增长。这种增长与我们在Stablecoin市场中看到的更广泛的趋势保持一致，投资者正在寻找Tradfi（传统金融）的替代品。但是，我们在Stablecoin市场中所看到的内容在更大的范围内（国际规模）存在，因为我们确实认为，在全球范围内将Stablecoins视为美元的替代品和无现金社会中的现金。

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

Ethena在BlackRock Buidl基金中作为主要LP的战略角色

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与Blackrock的合作关系。就USDTB Stablecoin而言，大约90％的支持以贝莱德·布德尔基金的流动性池（LP）股票形式出现。该私人基金是全球金融中最大的事情之一，它为USDTB运作的方式提供了稳定和安全性。但是USDTB也是Ethena间接利用与BlackRock合作以在该私人基金中实现更大影响力的一种方式。

📊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股票备份降至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

结果，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基金中持有约12.9亿美元的LP股票，使其成为该基金中最大的流动性提供商。因此，埃塞纳（Ethena）实际上将自己定位为贝莱德（Blackrock）Buidl基金中最大的间接投资者之一，这是一项令人难以置信的壮举，鉴于该基金在传统金融中的地位。

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参加BlackRock Buidl基金是一项战略性的，因为它允许公司从高价值投资工具中受益，同时保证其USDTB代币的稳定性。与如此享有声望和公认的基金相关联，还有助于提高Ethena Labs在机构和零售投资者中的信誉。

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，这种伙伴关系强调了传统金融和分散财务的融合，传统金融机构与基于区块链的资产和技术稳步耦合。 BlackRock的Buidl基金集中在区块链和加密资产上，已成为对快速扩大区块链领域进行大量投资的主要渠道。

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与BlackRock深入参与。 BlackRock在Buidl基金中拥有大量股份。这种双重关系确实向我们展示了Ethena的意思：

– Providing liquidity in the DeFi ecosystem

- 在Defi生态系统中提供流动性

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

- 从贝莱德经营的旧世界中收集的上涨潜力。

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战略的这两个要素将公司与许多其他Defi项目区分开。将它们加在一起，您将获得一家实际上是Defi世界与传统金融世界之间的桥梁的公司。

The Future Outlook for Ethena Labs

Ethena Labs的未来前景

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远远超出了一家有希望的创业公司，USDE和USDTB的综合供应达到了新的高度，并有可能继续增长和增长。可以清楚地看出，这一成就是Defi空间流的函数，越来越多的用户访问其服务。访问