Major Investment from Leading Crypto Firms
Ethena Foundation, the developer of the synthetic dollar protocol USDe, has raised $100 million in a private sale of ENA tokens. The funding round included major investors like Franklin Templeton, Polychain, Pantera, Dragonfly, and F-Prime (Fidelity's venture capital arm).
The deal was finalized in December 2024, with ENA tokens sold at an average price of $0.40—just below the current $0.42 market price.
Expanding Ethena’s Ecosystem
The newly raised capital will be used to:
- Develop a dedicated Ethena blockchain
- Launch Ethena’s institutional product, iUSDe
- Buy back tokens from early investors to adjust the capitalization table
Ethena’s iUSDe token, announced in January 2025, aims to bring its staked stablecoin model to traditional finance, catering to ETFs, asset managers, and investment funds.
Ethena’s existing stablecoin, USDe, has grown into the fourth-largest stablecoin, boasting a $5.9 billion circulating supply.
Bridging DeFi and Traditional Finance
iUSDe is designed to function similarly to sUSDe (staked USDe) but with added compliance measures for institutional investors. It includes programmable transfer restrictions, ensuring it aligns with regulatory oversight.
With Ethena securing $114 million in funding over the past year, the project is positioning itself as a leading innovator in crypto-stablecoin finance.
