YZi Labs, the family office founded by Binance co-founder Changpeng "CZ" Zhao and Yi He, which was rebranded from Binance Labs, has expanded its position in Ethena Labs, the protocol behind USDe, which has become the third-largest U.S. dollar-denominated crypto asset with more than $13 billion in circulation. The investment comes as Ethena enters a new stage of growth, which includes extending its footprint on BNB Chain. This includes rolling out products designed to bridge crypto and traditional finance, ...

Core Insights - YZi Labs is increasing its investment in Ethena Labs, the company behind the synthetic dollar USDe, indicating confidence in Ethena's growth potential [1][2] - USDe has seen significant growth, with over 13 billion dollars in circulation and total value locked exceeding 14 billion dollars, attracting attention from investors [2] - Ethena aims to expand USDe's presence on more exchanges and DeFi tools, and is preparing to launch new products, including a fiat-backed stablecoin and a settlement layer for institutions [3][4] Company Developments - YZi Labs' deeper involvement with Ethena is a strategic move to influence the direction of USDe as it gains traction in the market [4] - The recent integration of USDe into Binance's services, such as futures markets and yield products, has likely prompted YZi to increase its support [4] Industry Trends - The growth of USDe is putting pressure on other stablecoins to enhance their offerings, as the market evolves beyond simple dollar pegs to include yield and flexibility [6] - Ethena's success could potentially reshape the stablecoin sector, pushing it in a new direction [6]

YZi Labs, formerly Binance Labs, a major digital asset investment firm, announced today, September 19, that it has boosted its stake in Ethena Labs following the rapid expansion of Ethena’s synthetic stablecoin, USDe, which recently surpassed $14 billion in market capitalization. The move solidifies YZi Labs’ role as a key institutional backer of Ethena and highlights increasing interest in synthetic dollar solutions within the sector. Strategic Funding Targets Integration and Product Launches With a tota ...

YZi Labs, formerly known as Binance Labs, has deepened its stake in Ethena Labs as USDe hits $13 billion TVL. The $10 billion investment arm is backing the protocol behind the third-largest USD-denominated crypto asset amid mounting regulatory scrutiny and rapid institutional adoption of the synthetic, yield-bearing digital dollars. USDe achieved the fastest growth trajectory to cross the $10 billion milestone in crypto history, surpassing established players like Tether’s USDT and Circle’s USDC in terms ...

（来源：吴说） 吴说获悉，YZi Labs 宣布扩大对 Ethena Labs 的持仓与战略支持。此次支持将推动 USDe 在中心化与去 中心化平台的进一步应用，扩展至 BNB Chain，并推进新产品 USDtb 与机构结算层 Converge 的落地。 目前，Ethena TVL 已超 130 亿美元。 来源：市场资讯 ...

YZi Labs (formerly Binance Labs) is increasing its stake and support in Ethena Labs to expand USDe’s use on both centralized and decentralized platforms, extend into BNB Chain, and advance new products USDtb and Converge. Ethena’s TVL has surpassed $13 billion. https://t.co/38xteXZ38S ...

Core Insights - American Well (AMWL) reported Q2 2025 GAAP revenue of $70.9 million, exceeding analyst expectations by over $7.4 million, with a record gross margin of 56.1% [1][6] - The adjusted EBITDA loss improved significantly to $(4.7 million) in Q2 2025, compared to $(35.0 million) in Q2 2024, indicating progress in profitability [2][6] - The company revised its full-year revenue guidance to $245–$250 million for 2025 due to the planned divestiture of Amwell Psychiatric Care [1][9] Business Overview and Key Success Factors - American Well provides a digital health platform for virtual care delivery, connecting patients, providers, and healthcare systems [3] - The main product, Converge, supports telehealth visits, patient scheduling, and care coordination [3] - Success relies on scaling technology, partnerships with health systems and payers, and transitioning to recurring software subscription revenue [4] Quarterly Highlights and Performance Drivers - Subscription revenue reached $40.4 million in Q2 2025, up from $32.2 million in Q1 2025, reflecting a shift towards a high-margin business model [5] - Total visits decreased to 1.2 million in Q2 2025 from 1.3 million in Q1 2025, indicating a decline in visit volumes [8] Strategic Client Wins - New strategic client wins included Florida Blue and an extension award from the Defense Health Agency (DHA), covering 9.6 million military health system members [7] Guidance and Future Outlook - For FY2025, adjusted EBITDA loss is forecasted at $(50) to $(45) million, with Q3 2025 revenue expected between $53 million and $56 million [9][10] - Subscription revenue is projected to account for nearly 60% of total revenue in 2025, with a focus on platform adoption and government contract renewals [11]