Ethena’s USDe has reached a supply of $321.1 million eight weeks after launching on Robinhood Chain, accounting for 42% of the network’s total stablecoin supply based on Token Terminal data previously cited via Wu Blockchain. It is the largest externally issued dollar-pegged asset on the chain and ranks second overall behind native USDG, which stands at $425.6 million. Analyst Messi tied the rapid adoption to Robinhood Chain’s infrastructure design for stablecoin issuers and to Steakhouse Financial’s selection of an Ethena collateral issuer for Robinhood Earn. Between 62% and 65% of liquidity in Steakhouse’s USDG vault was allocated to Morpho’s USDe/USDG market, the vault’s largest collateral share, steering borrowers toward USDe deposits and accelerating supply growth.