MakerDAO proposes to allocate $600 million worth of DAI to USDe and sUSDe

MakerDAO, a decentralized finance (DeFi) project, plans to allocate 600 million DAI to USDe and stake USDe (sUSDe) via DeFi lending protocol Morpho Labs.

Both USDe and sUSDe are issued by stablecoin developer Ethena Labs. Although currently in the proposed state, if the MakerDAO community confirms this decision, it would put Etthena’s total value lock growth “on track relative to internal expectations.” wrote Ethena, Head of Growth, Seraphim Czecker on X.

“Using the lower of the thresholds above results in a maximum recommended exposure to USDe of 600 million,” according to the proposal. “This will gradually increase as Ethena grows, but at this time we believe it is prudent to cap the total allocation at this level.”

USDe currently has 1.34 billion tokens, representing 1.74% of Ethereum’s total stablecoin supply, according to The Block’s data dashboard.

Ethena raised $14 million at a total valuation of $300 million in February, The Block previously reported.

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