Ethena's USDe has gone live on Solana through LayerZero Labs, positioning SOL as a proposed backing asset subject to a community vote.
The protocol's stable dollar launched on Solana on August 7, 2024, enabling Solana users to transact in USDe and earn Ethena's native rewards with sUSDe. Deployment opens access to a $3.5 billion stablecoin market, where fewer than 10% currently offer reward accrual. The team plans to submit a governance proposal next week to back USDe with SOL, which if approved could generate an extra $2-3 billion of open interest across major exchanges.
The community vote will determine whether SOL becomes a formal backing asset for USDe, expanding its scalability and deepening integration within the Solana ecosystem. Approval would strengthen the protocol's censorship-resistant, on-chain backing model and increase adoption for both new and existing users. The outcome will be watched closely by DeFi participants as it signals further cross-chain expansion for synthetic dollars.