According to CoinMeta, based on Token Terminal data, ethena USDE has surpassed $320 million in value just 8 weeks after its launch on Robinhood Chain. It currently accounts for 42% of the circulating supply of stablecoins on that chain, making it the largest external US dollar asset on the network, second only to Robinhood Chain's own usdg. Analyst Mesh believes that this growth is due to the design of the infrastructure. Steakhouse Financial chose ethena as the main collateral issuer when launching Robinhood Earn, and Steakhouse usdg vault allocated 62%-65% of the liquidity to the USDE / usdg mprho markets. Borrowers on these markets deposit their USDE into this market because it represents the deepest collateral slots in the treasury.