RedStone has expanded its support for Ethena Labs’ stablecoins USDe and sUSDe to the BNB Chain, triggering a 14% price surge.
RedStone (RED) has officially announced the launch of USDe and sUSDe price feeds—stablecoins from Ethena Labs—on BNB Chain, expanding access to Ethena’s $5B+ stablecoin ecosystem.
The launch marks a new milestone in RedStone’s partnership with Ethena Labs, which began in March 2024. RedStone was the first oracle provider to support USDe and sUSDe. Venus Protocol and Pendle Finance were the first to integrate these price feeds, allowing users to borrow and lend against these assets, and to trade or lock in future yields with precise, real-time pricing.
The integration of USDe and sUSDe price feeds on BNB Chain significantly increases their accessibility thanks to BNB Chain’s fast and low-cost transactions and a growing developer base. Plus, the demand for accurate price feeds of Ethena’s stablecoins on BNB Chain is increasing rapidly. In just one week since its launch, USDe on BNB Chain already surpassed an $8.5 million market cap.
RED price is up 14% on the news, currently trading at $0.44 with a trading volume of over $28 million — up by 152% in the past 24 hours. However, the overall trend has been bearish since mid-March, following a strong bullish push that had sent the price up to $0.95. Since the decline began, several horizontal support levels have been broken, including the $0.70, $0.60, and $0.50 zones.
Most recently, the local support level at $0.40 gave way as selling pressure intensified on April 25–26, as evidenced by the spikes in red volume bars. The price then plunged to its lowest-ever of $0.32, recorded just three days ago. Then, buyers stepped in, pushing the price back above $0.40, and now up to $0.44.
The recent price action on the 4-hour chart shows signs of building bullish momentum, with a series of green candles forming consistently since yesterday. The price has also managed to bounce back above the 20-period Exponential Moving Average — a potential early sign of a trend shift.
