Ethena’s synthetic dollar USDe has expanded rapidly across Base and Robinhood Chain. Its supply on Coinbase’s Base network rose from roughly $1.3 million to $337 million in 90 days, a 25,645% increase, while supply on Robinhood Chain surpassed $300 million and represented more than 42% of the network’s stablecoin market. Base holds approximately 8.27% of USDe’s global supply of about $4.08 billion across 21 chains, and USDe is now the second-largest stablecoin on Base and the largest external stablecoin on Robinhood Chain. Ethena also plans to add equity perpetuals, which it calls real-world-asset (RWA) tokenization perps, to USDe’s backing within the next few weeks. It said equity-perpetual open interest has grown tenfold to $6 billion since March and expects RWA perps to overtake crypto allocations in USDe’s backing within 12 to 24 months. The strategy remains exposed to funding-rate, market, DeFi security and exchange-counterparty risks, and it is uncertain whether diversification will increase USDe demand.