Ethena's USDe Launches on Plasma with $28M TVL Pool

🏔️ USDe meets Plasma

By Balancer
Oct 6, 2025, 4:01 PM
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Ethena's USDe stablecoin has integrated with Plasma's infrastructure through a new USDe/USDT liquidity pool that reached $28M TVL.​

The pool combines three key technologies:

  • Stable pool tech for efficient stablecoin swaps
  • Aave boosting that deploys 100% of liquidity to lending markets
  • StableSurge dynamic fee adjustment

USDe is a synthetic dollar backed by crypto collateral with delta-hedging strategies, eliminating traditional banking dependencies.​ This crypto-native architecture aligns with Plasma's decentralized stablecoin vision.​

How it works:

  • Liquidity providers earn both swap fees and Aave lending yields simultaneously
  • StableSurge automatically adjusts fees based on pool balance
  • Fees increase on trades that destabilize the pool, decrease for balanced flow

The integration showcases how specialized stablecoin infrastructure can achieve maximum capital efficiency on purpose-built chains.​

Explore the pool

Sources

A dive into how we are now able to use Stable LP tokens as collateral, by our mathwiz researcher @Syuhjtman 👀 Read more on our blog in the link below medium.com/@sergio_balanc…

Sergio Yuhjtman
Sergio Yuhjtman
@Syuhjtman

At @Balancer, we solved a problem in DeFi: how to safely use Stable LP tokens as collateral in lending protocols. Balancer stable pools hold ~$300M. Using them as collateral requires tracking their price carefully to prevent manipulation. 🧵

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