Stablecoin Ethena Secures $100M Funding

Ethena Raises $100 Million for TradFi-Targeted Stablecoin

• Ethena raised $100 million to develop a token for traditional financial institutions.
• The funding round was completed in December with backers including Franklin Templeton and F-Prime Capital.
• USDe, Ethena’s synthetic stablecoin, is not backed by fiat but maintains its peg through collateralizing stablecoins and futures positions.
• USDe’s market cap reached approximately $6 billion, ranking third behind Tether’s USDT ($142 billion) and Circle’s USDC ($57 billion).
• Arthur Hayes of Maelstrom increased exposure to USDe amid market volatility.

Ethena secured $100 million from investors like Franklin Templeton to launch a new token aimed at regulated financial institutions. Their existing stablecoin, USDe, has grown significantly, achieving a market cap of around $6 billion.