Ethena’s Game-Changing Move: USDe and sUSDe Become Core Dollar Assets as DeFi Expands to Plasma

Ethena just rewrote the DeFi rulebook—launching its synthetic dollar protocol on Plasma with USDe and sUSDe as foundational assets.

Breaking the Chains

This isn't just another bridge deployment. Ethena's architecture bypasses traditional stablecoin limitations by creating native dollar-denominated assets directly on Plasma's scaling infrastructure.

The Synthetic Dollar Revolution

USDe operates as the primary stable asset while sUSDe introduces staking mechanics—creating a dual-token system that could finally give TradFi pipelines a run for their money (which, let's be honest, they've been overcharging for decades).

Plasma's DeFi Moment

The integration turns Plasma into a sudden contender in the L2 wars, offering Ethena users faster settlements and lower fees than mainnet deployments—without sacrificing security.

This expansion proves synthetic dollars can compete beyond Ethereum's mainnet, making traditional finance's infrastructure look increasingly like legacy baggage.

Aave launch with Liquid Leverage

On Plasma, Aave introduced Liquid Leverage markets with $500 million of USDe and $450 million of sUSDe deposit capacity. The pools will benefit from an influx of USDT liquidity from Binance Earn.

Ethena launches today on @PlasmaFDN as a core dollar asset within their DeFi ecosystem.

Liquid Leverage is live on @Aave's Plasma instance, with nearly $1 billion of USDe & sUSDe deposit capacity which will benefit from the supply of USDT from Binance Earn.

More Ethena-powered… https://t.co/sOYqZtw04Y pic.twitter.com/lpBR7M3E0B

USDe and sUSDe deposits on AAVE also earn Ethena Points, while rewards from leverage strategies can be claimed through Merkl. Beyond Aave, users can access USDe across Curve, Balancer, and Fluid, with bridging enabled via Plasma’s UI and Stargate Finance.

Ethena’s rapid cross-chain expansion

The Plasma launch continues Ethena’s push across multiple networks. Earlier this month, USDe and sUSDe went live on Avalanche with AVAX rewards and integrated with the Optimism Superchain through OVaults.

Ethena also raised $530 million through Stablecoin X and launched MegaUSD with MegaETH, bringing the supply of USDe close to $14 billion.

Plasma is positioning itself as a stablecoin-native Layer 1 with sub-second finality and Bitcoin-secured DeFi. Backed by Bitfinex, Bybit, Paolo Ardoino, and Peter Thiel, it entered the market with a $10 billion fully diluted valuation for its native token.

With Ethena’s assets embedded across key venues and Pendle’s yield products set to follow, USDe and sUSDe are anchoring early adoption on the network.