Compound Adds Ethena’s USDe and Mantle’s mETH, Signaling Growth in Stablecoin and Liquid Staking Markets
In a significant move for decentralized finance (DeFi), Compound Finance has integrated Ethena’s stablecoin USDe and Mantle’s liquid staking token mETH into its lending platform following a successful governance vote on January 8, 2025.
The integration reflects the growing prominence of yield-bearing stablecoins and liquid staking tokens in the DeFi ecosystem.
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Currently managing about $2.7 billion in total value locked (TVL), Compound will let users use both tokens as lending collateral. The platform is also under discussion to add Mantle’s liquid restaking token, cmETH, therefore broadening its products.
“Compound’s proven track record of security fits exactly our vision for the Mantle ecosystem,” remarked Gabriel Foo, DeFi Growth Lead at Mantle. “A major first step in advancing our goal and guaranteeing the sustainability of distributed finance is the integration of USDe and mETH.”
While still below 2021’s peak of $170 billion, the merger comes as DeFi enjoys significant expansion with total TVL hitting $117 billion – a 150% rise year-to- date. Mantle’s mETH currently generates a 2.86% annual yield on staked ETH, with additional yields available through cmETH’s restaking rewards.
Since its February release, Ethena’s USDe has been remarkably popular; lately, it has exceeded Dai to rank third among stablecoins following USDT and USDC. With an average APY of 17.5% since debut and current yields roughly 11.25%, Staked USDe (sUSDe) has produced outstanding returns.
The total market value of USDT, USDC, and Dai rising by more than $25 billion since November indicates notable expansion in the larger stablecoin sector as well. This expansion matches growing institutional interest in bitcoin markets and growing DeFi acceptance.
Combining traditional lending protocols, innovative stablecoins, and liquid staking technology, this combination marks a convergent moment in DeFi. Compound’s collaboration with Ethena and Mantle and cmETH integration could indicate a new phase of maturity and interconnectedness in the DeFi ecosystem.
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