Ethena Secures $100 Million to Develop New Token for TradFi Institutions
Ethena has raised $100 million to develop a synthetic stablecoin, iUSDe, aimed at traditional financial institutions. The funding round included participation from Franklin Templeton and F-Prime Capital.
Key points:
- Funding completed in December 2024
- iUSDe will be tailored for regulated financial entities
- USDe is not backed 1:1 by fiat but maintains its peg through collateralized stablecoins and futures positions
- USDe's market cap reached approximately $6 billion, ranking third among stablecoins behind Tether's USDT and Circle's USDC
- Some investors view USDe as a stable asset during volatile market conditions
- Arthur Hayes, chief investment officer of Maelstrom, increased exposure to USDe significantly
Ethena has not yet commented on the funding details.