USDe is already a $4.44B synthetic dollar across 29 chains on DefiLlama, and Robinhood’s last chain push was 200+ tokenized U.S. stocks and ETFs for EU users. Pairing that distribution with a Steakhouse-curated earn vault makes Robinhood a front end for Ethena’s basis trade; the bottleneck is funding capacity in Ethena’s delta-neutral perp basis.

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