StablecoinX jmenovala bývalého výkonného pracovníka Franklin Templeton pro digitální aktiva Christophera Jensena do funkce CEO. Firma je největším korporátním držitelem ENA a drží asi 3,03 miliardy tokenů.
Franklin Templeton digital asset veteran takes helm at StablecoinXLatest NewsPublishedSep 8, 2026
Former Franklin Templeton digital asset executive Christopher Jensen will lead StablecoinX, the largest corporate holder of Ethena’s ENA token.
StablecoinX appointed former Franklin Templeton digital asset executive Christopher Jensen as CEO, putting him in charge of the largest corporate holder of Ethena’s ENA token.
Jensen succeeds Ted Chen, who led StablecoinX through its public listing in June and will remain chairman of the company’s board.
StablecoinX, which trades on Nasdaq under the ticker USDE, is a publicly listed company focused on the Ethena ecosystem. Ethena issues USDe, a synthetic dollar that ranks as the fifth-largest stablecoin with nearly $4.4 billion in circulation, according to DefiLlama data. ENA, Ethena’s governance token, gives holders voting rights over changes to the protocol.
StablecoinX holds about 3.03 billion ENA tokens, roughly 20% of the token’s total supply, which the company says makes it ENA’s largest corporate holder.
Before joining StablecoinX, Jensen was a portfolio manager and director of digital asset research at Franklin Templeton, where he helped build the firm’s digital asset group after its launch in 2018. The asset manager’s blockchain venture fund participated in Ethena’s seed round, giving Jensen exposure to the protocol from its early stages.
The appointment comes about a week after Ethena launched Ethena Pay, a self-custodial app that lets users spend, save and transfer its USDe synthetic dollar.
The ENA token remains down about 20% year to date but has rebounded sharply in recent weeks, gaining more than 80% over the past month to trade around $0.16, according to CoinGecko.
ENA token price over the past month. Source: CoinGecko
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Aave’s newly launched V4 protocol on Ethereum is now distributing USDe rewards through its dedicated Ethena ecosystem market, giving DeFi users a fresh set of incentives to park capital in one of the most actively used synthetic dollar systems in crypto.
The activation marks a significant operational milestone for both protocols. Aave V4 rolled out with a purpose-built Ethena environment featuring two “Spokes,” the largest ecosystem-specific deployment at launch, supporting USDe, sUSDe, PT-sUSDe, and PT-USDe as collateral assets.
What the Ethena Spokes actually do Inside those Spokes, users can deposit Ethena’s synthetic dollar USDe and its staked variant sUSDe to borrow against, earn rewards, or engage in what the community has affectionately dubbed “Aavethena” strategies. These are recursive borrowing loops where a user deposits USDe, borrows against it, converts the borrowed funds back into USDe, and repeats the cycle to stack yield.
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USDe is designed as a delta-neutral synthetic dollar, meaning Ethena Labs backs it with productive assets hedged through perpetual futures positions. The net exposure stays close to zero while the underlying positions generate yield.
During peak periods, Aave has supported over 50% of the total USDe supply, making Aave the single most important liquidity venue for Ethena’s flagship asset.
USDe’s growth trajectory USDe supply recently surpassed $12 billion. USDe reportedly crossed the $10 billion mark in under 500 days from its inception, a pace of growth driven in large part by the leveraged looping strategies enabled by Aave’s lending infrastructure.
Ethena distributes discretionary incentives that accrue to sUSDe holders through a token vault structure. As rewards accumulate, they increase the USDe value backing each unit of sUSDe, creating a compounding dynamic that draws in yield-seekers.
New features reduce friction One of the notable additions accompanying the V4 launch is Liquid Leverage, a feature that allows users to make 50/50 USDe/sUSDe deposits. The practical upside: it enhances liquidity and rewards while reducing the cooldown period that typically applies when unstaking sUSDe.
Aave’s governance has also implemented structural safeguards for the partnership. Whitelisted redemption mechanisms are in place to manage inter-protocol risk, essentially creating controlled exit channels that prevent a bank-run scenario where mass redemptions could destabilize either protocol.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Komunita Ethena jednomyslně schválila návrh na využití výnosů protokolu k programatickým zpětným odkupům ENA. Token za posledních 24 hodin vzrostl asi o 15 % na 0,172 USD.
A significant governance decision has been made within the Ethena ecosystem that could directly impact the ENA token. According to a statement from the Ethena Foundation, the “fee conversion” proposal, which envisages using protocol revenues for ENA buybacks, was approved with 100% support.
Following the decision, it was announced that programmatic ENA buybacks would be launched. The foundation stated that the buyback program would be gradually expanded as specified performance metrics and milestones are met. Thus, it is planned that a portion of the revenue generated by the Ethena protocol will be used to directly purchase ENA from the market.
This development also had a positive impact on the ENA price. According to market data, ENA rose by approximately 15 percent in the last 24 hours, reaching $0.172. The token ranks 45th in market capitalization.
This latest decision is a continuation of the broader token economic changes announced by the Ethena Foundation on August 27. In that announcement, the Foundation revealed four significant changes, including the buyback of locked tokens held by early investors, increased economic alignment between the ENA token and company equity, the initiation of a governance process for ENA buybacks using protocol revenues, and the cancellation of future monthly token unlocks for venture capital investors.
*This is not investment advice.
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Ethena spustila Ethena Pay na Avalanche, mobilní aplikaci pro každodenní platby, držení a posílání USDe. Aplikace je dostupná na iOS ve více než 50 zemích.
Ethena has launched Ethena Pay, a mobile financial application that brings its USDe digital dollar into everyday use, from holding and sending money to making purchases and earning savings. According to an announcement from Ava Labs, the product is built exclusively on Avalanche, which handles USDe transfers, payments and settlement behind the scenes while users see a familiar consumer experience.
A Digital-Dollar Account for Daily Spending Ethena Pay combines a traditional account with a digital-dollar balance held in USDe, letting users move between fiat and digital dollars locally and globally, transfer funds and make purchases. Balances can be spent through Visa’s network of more than 130 million merchants. The launch builds on Ethena’s earlier work bringing USDe into payments and gives the protocol a direct channel to put the stablecoin to work in recurring activity rather than leaving it confined to trading and DeFi platforms.
Avalanche as the Settlement Layer The launch leans on Avalanche for the speed, low transaction costs and scalability needed to move value inside a consumer app, with users never required to select a network or interact directly with blockchain infrastructure. Ethena founder Guy Young framed the move as a bet on tokenized assets. “Avalanche was focused on RWAs and tokenized assets before almost anyone else was talking about them,” he said, adding that Ethena Pay can plug into liquidity and applications already live in the Avalanche ecosystem.
Why Digital Dollars Are Moving Beyond DeFi The product is positioned as part of a broader shift in which digital dollars stop behaving like crypto assets and start functioning like money that consumers can earn, hold, move and spend. Ava Labs argues that many neobanks and fintechs still depend on fragmented banking and payment infrastructure, while Ethena Pay runs on a single programmable layer that stays out of view. Digital-dollar balances in the app are held in USDe, creating a path from issuance into holding, sending, spending and saving.
What Comes Next Ethena says the app is available on iOS in more than 50 countries, with Android access, availability in the United States and European Union, and multi-currency accounts expected to follow. The rollout extends an existing business that has already processed more than $30 billion through its mint and redeem systems, integrated USDe across more than 100 platforms and protocols, and secured a USDe backing facility with FalconX, a scale the company now aims to direct toward everyday payments and savings.
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TLDR Ethena launched Ethena Pay, a consumer finance app combining stablecoin savings, card spending, transfers, and fiat onramps. The app offers a 6% dollar savings rate and 5% cashback on eligible card purchases. ENA rose about 9% after the announcement, outperforming a broadly flat crypto market. Ethena selected Avalanche as the exclusive settlement network for payments, transfers, and money movement on the app. Ethena Pay supports dollar, pound, and euro onramps, local currencies, and fiat IBANs linked to self-custodial stablecoin accounts. Ethena has launched Ethena Pay, a consumer finance app that brings stablecoin savings, payments, transfers, and fiat access into one platform. The product expands Ethena beyond its yield-focused dollar products and gives users a way to manage digital dollars.
The app went live on Apple’s App Store on Tuesday. Ethena said the service offers a 6% dollar savings rate and 5% cashback on card purchases. ENA, the protocol’s native token, rose about 9% after the announcement while the wider crypto market stayed flat.
Ethena Expands Beyond USDe Savings Ethena Pay connects savings with daily spending. Users can hold funds, earn rewards, make card purchases, and transfer money without moving assets between several platforms. The app supports free dollar, pound, and euro onramps. It adds local currency access and international bank account numbers linked to self-custodial stablecoin accounts. These features make stablecoins easier to use for financial needs.
Ethena has expanded its product range during 2026. The protocol previously focused on USDe, a synthetic dollar token with $4 billion in circulation. Its yield model relied mainly on crypto basis trades. Ethena Pay also includes a feature called “Buy Now Pay Never.” The system uses rewards earned on savings to cover purchases while leaving the user’s main balance untouched.
This setup links the app’s savings and payments functions. A user can keep funds in one account, earn returns, and use those rewards for spending without transferring money elsewhere. Earlier this year, Ethena introduced a savings product with Coinbase. That agreement gave Ethena another distribution channel through a crypto exchange with more than 100 million users.
Avalanche Handles Ethena Pay Settlement Ethena selected Avalanche as the exclusive settlement network for Ethena Pay. Avalanche will process transfers, payments, money movement, and settlement across the app. The choice expands Ethena’s infrastructure beyond the Ethereum-focused systems that supported its earlier growth. Avalanche will now serve as the core network behind the consumer finance product.
Ethena has limited initial access to 400 users. The project plans to add more users each week as it moves the app out of beta during September. The launch gives Ethena a consumer product combining stablecoin savings with payment tools. The company is positioning Ethena Pay as an “internet money neobank” built around digital dollars and self-custodial accounts.
Ethena Foundation navrhuje automatické zpětné odkupy ENA z 95 % čistých příjmů, ale až po růstu USDe na 7,5 miliardy USD v oběhu. Hlasování končí 2. září.
Ethena’s foundation just dangled a carrot in front of ENA holders: automated buybacks funded by nearly all of the protocol’s net revenue. The catch is that USDe, Ethena’s synthetic dollar, needs to roughly double its circulating supply first.
The proposal, put to a governance vote that closes September 2, would activate a “fee switch” once USDe reaches $7.5 billion in circulation. At that point, 95% of net revenue from Ethena’s operations would flow into automated ENA purchases on the open market. Current USDe supply sits somewhere around $4 billion to $4.6 billion, meaning the trigger requires approximately 85% growth from where things stand today.
Markets responded before the ink was dry. ENA surged roughly 16-23% intraday to around $0.17, capping off a broader rally that saw the token climb more than 70% over the preceding week.
The full restructuring package The buyback proposal is the flashiest piece, but it sits inside a larger restructuring effort the Foundation unveiled on August 27. The package addresses three distinct pressure points that have weighed on ENA’s price trajectory.
First, the Foundation is conducting OTC buyouts of locked ENA from seed investors who hold allocations greater than 0.25% of total supply. These are investors who had already sold their stakes after ENA hit a peak on October 10, 2025. Buying out their locked positions removes a known overhang of future selling pressure.
Second, upcoming investor token unlocks are being consolidated and accelerated into a single phase on October 5, 2026. Rather than letting unlocks drip out over multiple months, the Foundation is compressing the pain into one event. Team tokens, notably, remain locked.
Third, an in-principle agreement expected in October 2026 would secure Ethena’s protocol intellectual property and economic benefits primarily for the Foundation itself, creating separation from Ethena Labs’ equity holders.
The math behind the fee switch The fee switch operates on an incremental model. At the $7.5 billion USDe threshold, the Foundation estimates approximately $22.5 million in annualized revenue would be available for buybacks, assuming a 6% APY on the protocol’s underlying positions. Higher USDe supply milestones would unlock progressively larger buyback allocations.
There is a trade-off baked into this structure. Routing 95% of net revenue toward ENA buybacks means reducing USDe distributions, the yield payments that have been one of the protocol’s primary draws for stablecoin holders.
USDe’s circulating supply peaked at around $15 billion in October 2025, roughly three times higher than where it sits now. The subsequent contraction, losing more than two-thirds of its supply, is a reminder that synthetic dollar demand can evaporate quickly when market conditions shift. Getting back to $7.5 billion would still represent just half of that prior peak.
What this means for ENA holders and DeFi broadly The conditional nature of the buyback is worth sitting with. Unlike protocols that simply announce buybacks and execute them regardless of conditions, Ethena is making its token holders root for the underlying product’s growth. If USDe doesn’t expand, the buyback never activates.
The OTC buyout of seed investors addresses one of the most reliable sources of selling pressure in crypto markets. By proactively purchasing locked allocations from investors who have already demonstrated willingness to sell — they offloaded positions after the October 2025 peak — the Foundation is trying to remove the most motivated sellers from the equation before they ever hit the open market.
The consolidation of remaining unlocks into a single October 2026 event eliminates months of drip-feed uncertainty but concentrates potential selling pressure into one window.
One risk worth flagging: the entire buyback mechanism depends on Ethena’s revenue, which itself depends on the basis trade that underpins USDe’s yield. In periods where funding rates compress or turn negative, that revenue shrinks. A scenario where USDe reaches $7.5 billion but funding rates have collapsed would produce buybacks too small to meaningfully support ENA’s price — a possibility the annualized $22.5 million estimate doesn’t fully capture since it assumes a steady 6% APY.
The governance vote concludes September 2. For a protocol that once commanded $15 billion in synthetic dollar circulation, reaching half that number would still require approximately 85% growth from current supply levels.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ethena rozšiřuje USDe do akciových perpů, zatímco uzavírá HyENA; všechny trhy skončí 2. září. Současně přepracovává tokenomiku ENA a navrhuje přepínač poplatků pro buybacky po návratu nabídky USDe nad 7,5 mld. USD.
Ethena is expanding USDe into equity perps as it overhauls ENA tokenomics and looks to reignite ecosystem growth.
Ethena is expanding USDe’s yield engine beyond crypto while overhauling ENA’s tokenomics as momentum returns to the ecosystem.
What’s the Scoop?From HyENA to Equities: Ethena is expanding USDe’s basis trade into equity perps just as HyENA, the USDe-margined HIP-3 exchange it backed, shuts down, stifled by Hyperliquid’s increasing alignment with USDC. All HyENA markets will be shuttered by Sept. 2.ENA Gets an Overhaul: Yesterday, the Ethena Foundation announced a series of changes aimed at tightening ENA’s economics. It bought out locked tokens from certain seed investors, shifted protocol IP and economic value toward the Foundation, pushed remaining original investor unlocks to Oct. 5, and proposed an ENA fee switch that would begin buybacks once USDe supply returns above $7.5B.Momentum Returns: USDe supply has climbed back above $4B over the last month while ENA has rallied alongside the announcements. The token is up roughly 15% over the past week and over 100% the past month.
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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
Ethena plánuje v příštích týdnech rozšířit zajištění USDe o equity perps, které od března vzrostly 10× na 6 mld. USD v otevřeném zájmu. Firma očekává, že tento segment RWA časem předstihne krypto basis.
Ethena’s yield product, USDe, will receive another expanded collateral backing from basis on equity perpetuals (perps).
According to the project, equity perps, also known as RWA (real-world asset) tokenization perps, have grown 10x to $6B in Open Interest since March.
The project added that the RWA perps market could grow 100x bigger, offering scalable basis yield opportunity that’s not tied to the cyclical crypto market.
The underlying asset base is >$150 trillion compared to ~$2.5 trillion of crypto, making this the most scalable extension of the basis allocation to date. We expect RWA perpetuals to eclipse crypto allocations in USDe’s backing within 12-24 months.
The protocol expects its RWA perps backing to outpace crypto basis in a year or two. Currently, most of the collateral backing (32%) is in liquid stablecoins (e.g USDT, USDC). DeFi lending is the second largest reserve category with a 31% share across Aave and Morpho.
Source: Ethena Ethena’s aggressive USDe diversification Basis trade involves locking a spread between the spot price of an asset and its futures contract (in this case, perps).
But the strategy only works during the bull market. At the height of the 2024-2025 bull run, USDe market supply peaked at nearly $15B with over 80% in yield. But the supply contracted to $4B and yield slipped below 0% in the crypto winter.
Source: USDe market supply (Ethena) To diversify away from the cyclical crypto market, the project started with traditional credit (powered by Janus Henderson). Currently, this category accounts for 12% of the USDe backing.
The latest RWA perps plan, set to be deployed in the next few weeks, would mark the second wave of diversification.
Speaking on why it delayed USDe expansion in RWA perps, Ethena founder Guy Young said,
We took a cautious approach to what was a nascent market and waited until we saw deep, liquid markets with a data history we could study before moving into the opportunity at scale.
Source: X Guy added that the segment is “one of the very few 100x left” and could surpass global crypto’s volume and Open Interest (OI) in 24 months.
Compared to its main yield rival, the short-term U.S Treasury bond, USDe offered a 1.6% spread. In short, one would expect more yield from USDe than U.S T-bills, before factoring DeFi security risks.
Source: Ethena Ethena has been aggressively upgrading its ecosystem ahead of the next bull run. Whether this round of yield diversification will boost demand for USDe remains to be seen.
Final Summary After expanding USDe yield backing into traditional credit, Ethena now eyes a 100x basis trade opportunity in equity perps Ethena founder said that they delayed the RWA perps expansion to allow the nascent market to develop deeper liquidity
Ethena Foundation odkoupila uzamčené ENA od raných investorů, kteří prodávali po říjnovém vrcholu 2025, a tím předčasně ukončila budoucí měsíční odemykání. ENA po zprávě vzrostla o 11 % za 24 hodin.
Ethena (ENA) jumped 11% after its Foundation bought out seed investors who sold after the October 2025 peak. The move capped a near-100% monthly rally as an ENA buyback vote went live.
The token has carried the same weight since launch, with early investor tokens unlocking every month. That supply drip just ended.
Ethena (ENA) Price Performance in August. Source: TradingViewEthena Buys Out Investors Who Sold After the PeakThe Ethena Foundation announced the deal Thursday, indicating that they spent the past two weeks buying locked tokens directly from early backers. Each was originally allocated more than 0.25% of ENA supply.
We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below:
1. Buyout of early investors:
The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any…
— Ethena Foundation (@EthenaFndtn) August 27, 2026 The Foundation split those backers into two groups:
Investors who sold any ENA after the October 10, 2025, peak had their locked tokens bought out. Only one wallet said no.
Investors who never sold got a full-price offer. None accepted.
“As a result, the investors who have been selling into the market during the relevant time frame now hold no unvested ENA which could be sold into the market in the future,” the Foundation wrote in its blog.
Follow us on X to get the latest news as it happens
The rest of the investor calendar now ends early. All remaining investor tokens unlock on October 5, 2026, and the monthly calendar disappears. Team tokens stay locked on their original schedules. Roughly 12% of supply stays locked, all of it team, ecosystem, and Foundation holdings.
The pressure this fixes was real. Ethena released 171.88 million tokens in early August alone. BitMEX co-founder Arthur Hayes bought 9.05 million ENA days before that release.
One large holder sits outside the deal. StablecoinX, an ENA treasury company, still holds about 20% of supply under a separate lockup disclosed in SEC filings.
ENA Buyback Vote Ties the Fee Switch to USDe GrowthThe fee switch is the second piece. A Snapshot governance vote, open through September 2, would send protocol revenue into ENA purchases. Ethena’s Risk Committee has already approved the design.
There is a catch. Buybacks only start once USDe circulating supply reaches $7.5 billion. At that level, 5% of protocol revenue buys ENA. The share scales up to 20% if supply reaches $20 billion.
USDe sits near $4.6 billion today, down from a 2025 peak of about $15 billion. So the switch stays off until supply climbs roughly $3 billion. The Foundation says it wants USDe above $100 billion within five years.
Once that first threshold hits, 95% of net revenue paid to the Foundation funds the purchases. Each buy will be tracked on Ethena’s public dashboard.
The playbook has precedent. Uniswap’s fee switch proposal sent UNI to a two-month high last November.
Ethena also addressed a second old doubt. A Master Framework Agreement, due in October, hands protocol intellectual property and residual value to tokenholders. Ethena Labs equity investors get neither. The Foundation says Labs equity has never taken a dollar of protocol revenue.
Will the ENA Rally Hold?ENA trades near $0.155 after gaining 11% in 24 hours. The token is up 56.5% in a week and 84.6% over the past 30 days. Its market cap stands near $1.52 billion.
ENA Price Performance. Source: BeInCryptoThe bull case is simple. The sellers are gone, the unlock calendar dies in October, and a buyback pipeline is on the ballot. The bear case is just as clean. Buybacks stay off until USDe nearly doubles, and StablecoinX’s 20% stake sits outside the deal.
The Snapshot vote still needs quorum. From there, the signal to watch is USDe supply. Every dollar it climbs brings the ENA buyback switch closer.
CME Group spouští pro ENA od Ethena single-asset referenční hodnoty s cenami v reálném čase a denními referenčními sazbami pro Londýn, New York a APAC. Platit mají od 24. srpna 2026.
CME Group, the world’s largest derivatives marketplace, is rolling out single-asset benchmarks for Ethena’s ENA token, effective August 24, 2026. The new products will deliver real-time pricing and daily reference rates calibrated to London, New York, and APAC trading sessions.
It’s the latest addition to CME’s growing menu of cryptocurrency pricing tools, all administered by CF Benchmarks.
What CME is actually launching The new suite includes three distinct reference rate variants: ENAUSD_RR for the London close, ENAUSD_NY for the New York close, and ENAUSD_AP for the APAC close. Each will publish at 4 p.m. local time in its respective region.
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The rates will be published daily, including weekends and holidays. Alongside the reference rates, CME will also release associated real-time indices for ENA. The pricing data will be sourced from aggregated trading activity across multiple spot exchanges, a methodology designed to reduce the influence of any single venue.
Why Ethena, and why now Ethena operates a synthetic dollar, USDe, that’s collateralized by cryptocurrencies and maintained through delta-neutral hedging strategies. The protocol holds crypto assets while simultaneously shorting them on derivatives exchanges to cancel out price risk, creating something that behaves like a dollar-pegged stablecoin without relying on traditional bank deposits or treasury bills.
ENA is the governance token for this system, giving holders a say in protocol decisions. It’s this token, not the synthetic dollar itself, that CME is now benchmarking.
CME has been steadily expanding its cryptocurrency pricing toolkit throughout 2026, adding various tokens to its CF Benchmarks suite.
What this means for the broader market Portfolio managers and fund administrators need recognized reference rates for net asset value calculations. OTC desks need reliable settlement prices. And product developers, whether they’re building ETFs, structured notes, or lending products, need pricing anchors that regulators and auditors will accept.
The availability of standardized reference rates across three global time zones addresses a practical challenge in crypto markets. Unlike equities, which settle against a single closing auction, crypto trades around the clock. Having London, New York, and APAC reference points gives institutions the ability to mark positions at times that align with their existing operational workflows.
While daily reference rates serve valuation and settlement purposes, real-time pricing feeds are what trading desks need for intraday risk management and algorithmic strategies. Offering both in a single package makes the product useful across the full spectrum of institutional activity, from back-office accounting to front-office execution.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ethena (ENA) za sedm dní vzrostla asi o 65 % na 0,142 USD po oznámení úvěrové facility v objemu 1 miliardy USD od FalconX a býčích komentářích Arthura Hayese. Trh sleduje rezistenci na úrovni 0,1465 USD.
Ethena price extended its weekly gain to about 65% on Aug. 21, reaching $0.142 after a $1 billion lending deal with FalconX and bullish calls from Arthur Hayes fueled demand for ENA.
Summary
Ethena price gained about 65% in seven days and reached an intraday high near $0.145. A $1 billion FalconX facility will fund overcollateralized loans using assets backing USDe. 4-hour RSI reached 93.97, warning that the near-vertical rally is overheated. A break above $0.1465 could expose $0.1587, while $0.1343 is the first support. Ethena price action today According to data from crypto.news, Ethena (ENA) price traded near $0.140 at press time, up about 20% on the daily chart. The token briefly reached $0.1448 after opening the session at $0.116, extending a rally that began near $0.082 on Aug. 18.
The move carried ENA through several resistance levels in less than three days. Buyers first reclaimed $0.10, which had limited previous recovery attempts, before breaking through $0.1099, $0.1221, and $0.1343.
ENA’s 4-hour chart shows that most of the advance occurred through consecutive large green candles. The token has gained more than 70% from its Aug. 18 low, leaving little consolidation between the previous trading range and its current price.
The breakout also reversed a longer period of weakness. ENA had fallen from above $0.21 at the start of 2026 and spent much of June through mid-August between $0.07 and $0.10.
What is driving the ENA rally? The immediate catalyst was a $1 billion secured warehouse facility announced by FalconX and Ethena.
Under the arrangement, assets backing Ethena’s USDe synthetic dollar can fund overcollateralized loans to institutional borrowers. FalconX will originate and service the loans while also managing the collateral, which will be held with qualified custodians.
Ethena will hold a first-priority security interest over the assets in the lending vehicle. The structure gives the protocol another potential source of returns beyond crypto basis trades, whose yields can weaken when demand for leveraged futures positions declines.
The $1 billion figure describes the facility’s total capacity rather than confirmed capital deployed on its first day. Interest rates, eligible collateral, borrower requirements, and the initial amount drawn have not been disclosed.
Bullish commentary from BitMEX co-founder Arthur Hayes added to the momentum. Hayes wrote in an Aug. 21 X post that an “$ENA 5 bagger is just too easy,” alongside a chart pointing toward roughly $0.50.
Hayes had previously argued that stronger US dollar liquidity could lift Bitcoin, improve derivatives basis yields, and attract capital back into USDe. On-chain reports earlier in August also linked him to purchases totaling 22.64 million ENA worth about $2 million.
Trader Daan Crypto Trades separately identified $0.14 as an important level after ENA gained more than 30%.
“Could see some resistance there. If it breaks higher we’re off to the races,” the trader said in an Aug. 21 X post.
ENA has now reached that area, making its reaction around $0.14–$0.1465 central to the next move.
ENA indicators warn the rally is overheated Momentum remains strongly bullish, although the 4-hour indicators show a growing risk of short-term profit-taking.
Ethena price 4-hour chart — Aug. 21 | Source: crypto.news ENA’s 4-hour Relative Strength Index reached 93.97, far above the 70 level commonly associated with overbought conditions. Its RSI moving average stood at 75.97, confirming that momentum has remained elevated across several candles rather than during one brief spike.
The Moving Average Convergence Divergence indicator also supports the uptrend. The MACD line rose to 0.0114, above the 0.0062 signal line, while the positive histogram expanded to 0.0052. The widening gap shows that buying momentum was still accelerating when the chart was captured.
Daily Aroon readings provide another bullish signal. Aroon Up stood at 100%, consistent with ENA recording a fresh high, while Aroon Down was at 64.29%. The readings favor buyers but also reflect the speed and volatility of the reversal from ENA’s earlier lows.
Ethena price daily chart — Aug. 21 | Source: crypto.news Overbought readings do not guarantee an immediate decline. However, an RSI near 94 means traders entering after the vertical move face a greater risk if momentum slows or early buyers begin taking profits.
ENA price targets $0.1587 if $0.1465 breaks The daily chart places $0.1465 at the next major resistance. ENA traded just below that level after its intraday high reached approximately $0.1448.
A daily close above $0.1465 would confirm a breakout from the current trading range. The next technical targets would be $0.1587 and $0.1709, followed by $0.1831 if momentum remains strong.
Failure to clear $0.1465 could produce a retest of $0.1343, which previously acted as a reversal level. Lower support sits at $0.1221, followed by $0.1099 and the former breakout area around $0.0977–$0.10.
CoinGlass’ three-day liquidation heatmap shows substantial leverage concentrations below the current price. The strongest nearby clusters appear around $0.118–$0.120, with additional liquidity between $0.104 and $0.116.
Ethena liquidation heatmap | Source: CoinGlass A decline through $0.1343 could therefore accelerate as leveraged long positions face pressure. Holding that level would allow ENA to consolidate without breaking the short-term bullish structure.
US market context remains tied to risk appetite ENA’s rally has also benefited from a broader recovery across the crypto market as Bitcoin moved toward multi-month highs. Rising demand for higher-risk DeFi tokens often follows strength in Bitcoin and Ether, although such assets can also record sharper losses when market sentiment reverses.
FalconX’s US presence gives the lending agreement an institutional connection for American markets. FalconX Bravo, an affiliate of the prime broker, is registered with the Commodity Futures Trading Commission as a swap dealer focused on crypto derivatives.
The warehouse facility does not remove the risks attached to USDe or ENA. Borrower defaults, collateral declines, custody arrangements, smart-contract exposure, changing derivatives yields, and future token unlocks could still affect the protocol and its governance token.
For now, ENA’s breakout remains intact above $0.1343. A close above $0.1465 would support another leg toward $0.1587, while a rejection combined with the extreme RSI reading would raise the probability of a pullback toward $0.1221.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Ethena uzavřela s FalconX revolvingový zajištěný úvěrový rámec ve výši 1 miliardy USD, který má diverzifikovat krytí USDe směrem k institucionálním půjčkám zajištěným kryptoměnami.
Ethena Labs just cut a deal that fundamentally reshapes what sits behind its synthetic dollar. The protocol has partnered with digital asset prime broker FalconX to launch a $1 billion revolving senior secured credit facility, channeling stablecoins into overcollateralized institutional loans rather than the perpetual futures trades that originally defined USDe’s yield engine.
The facility operates through a bankruptcy-remote vehicle, specifically a Cayman Islands segregated portfolio company called FalconX International Lending Opportunities SP 1. That vehicle acquires crypto-backed institutional loan receivables, with Ethena holding a first-priority security interest on the assets. In plain terms: Ethena lends money to institutions through FalconX’s infrastructure, and if anything goes sideways, Ethena is first in line to get paid back.
From basis trade darling to diversified lender When Ethena first launched USDe, its delta-neutral strategy was the whole pitch. The protocol would hold spot crypto positions and short equivalent perpetual futures contracts, pocketing the funding rate differential.
But funding rates are fickle. They swing with market sentiment, and during bearish stretches they can turn negative, squeezing yields or even generating losses. By early July 2026, perpetual futures basis positions had shrunk to roughly 1% of USDe’s total backing.
Institutional lending has been filling the gap. As of early July 2026, the segment represented 6.9% of USDe’s backing, worth approximately $310 million. The FalconX facility is designed to scale that number considerably, with capacity up to $1 billion.
The estimated annual percentage yield on the institutional lending portion sits between 4% and 7%.
Why FalconX, and why now This isn’t a cold call partnership. FalconX and Ethena have been working together since September 2025, when the prime broker began supporting USDe trading, custody, and collateral services. The new credit facility deepens that relationship into something more structural.
The overcollateralized structure is key to the risk pitch. Every loan in the facility is backed by crypto collateral worth more than the loan itself, and the bankruptcy-remote vehicle means Ethena’s capital is legally walled off from FalconX’s own balance sheet risks. If FalconX hit financial trouble, the segregated portfolio company’s assets wouldn’t be swept into a general creditor pool.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ethena oznámila partnerství s FalconX, v jehož rámci se stane jeho institucionálním úvěrovým partnerem a bude prostřednictvím kolateralizace investovat do půjček krytých stablecoiny.
USDe issuer Ethena announced it has partnered with digital asset prime broker FalconX to become its institutional lending partner. As part of FalconX Global’s institutional lending allocation, Ethena will invest in its stablecoin lending facilities via overcollateralization. The collaboration enables FalconX to expand its balance sheet, while Ethena benefits from FalconX’s expertise in lending and secured loans, securing more favorable risk-adjusted terms than alternative channels.
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Maple Finance zařadila USDtb od Ethena do své rezervy likvidity v USD. Rezerva tak stojí na stablecoinu krytém převážně podíly ve fondu BlackRocku BUIDL a drží zhruba 400 milionů dolarů v likvidních aktivech.
Maple Finance, one of the larger institutional lending protocols in DeFi, has integrated Ethena’s USDtb stablecoin into its USD liquidity buffer. The move adds a BlackRock-backed stablecoin layer to a reserve pool holding approximately $400 million in liquid assets.
What USDtb actually is and why it matters USDtb is not Ethena’s flashier product. That distinction belongs to USDe, the synthetic dollar that uses derivatives-based hedging strategies to maintain its peg. USDtb is the quieter sibling: a fully reserved stablecoin backed predominantly by shares in BlackRock’s BUIDL tokenized US Treasury fund.
Ethena launched USDtb in December 2024, positioning it as the conservative option for protocols and institutions that want stablecoin exposure without the complexity of synthetic mechanisms. For a lending protocol like Maple, which manages overcollateralized loan pools, that risk profile matters enormously.
Maple’s conservative playbook Maple Finance has built its reputation on a specific promise: institutional-grade lending with institutional-grade risk management. The protocol has reported zero losses across billions of dollars in loans issued through April 2026.
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The platform has issued over $15 billion in overcollateralized loans as part of its lending operations. Maintaining a $400 million liquid asset buffer against that kind of loan book isn’t just prudent. It’s table stakes for any protocol trying to attract serious institutional capital.
Adding USDtb to that buffer fits neatly into Maple’s broader strategy of layering its reserves with low-volatility, high-quality assets. The protocol already offers products like SyrupUSDC and a cash management vault, both designed to provide yield while keeping risk profiles conservative. USDtb slots into this lineup as a liquidity-layer asset rather than a yield-generating one.
The Maple-Ethena relationship runs deeper This integration isn’t a cold outreach that turned into a partnership announcement. Maple and Ethena have been building a strategic relationship since early 2025, and the connections run deeper than a single stablecoin selection.
Maple has been involved in initiatives around Ethena’s Converge chain, a purpose-built blockchain designed to bridge traditional finance and DeFi infrastructure. The USDtb integration into Maple’s liquidity buffer is best understood as one piece of a broader collaborative architecture between the two protocols.
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Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Arthur Hayes koupil dalších 10,9 milionu ENA za zhruba 985 000 USD a za pět dní navýšil pozici na 22,64 milionu ENA. Ethena přitom 5. srpna uvolnila 171,88 milionu ENA v hodnotě přibližně 15,36 milionu USD.
Hayes Deepens His Ethena PositionBitMEX co-founder Arthur Hayes has purchased another 10.9 million $ENA tokens worth approximately $985,000, according to on-chain tracking platform Lookonchain. The latest buys bring his total accumulated position over the past five days to 22.64 million ENA, valued at nearly $2 million.
The sustained buying spree has caught the market's attention because it reflects growing conviction from one of crypto's most closely followed investors. Instead of chasing short-term momentum, Hayes appears to be steadily building exposure while ENA continues trading below its previous highs. Hayes' family office, Maelstrom, has previously backed Ethena's ENA token as part of its broader venture-stage investment strategy.
Ethena Under Pressure Despite Smart-Money InterestThe renewed accumulation comes as $ENA trades well below its historical highs. The token's all-time high was $1.52, with an all-time low of $0.07. It has since recovered modestly but remains under supply-side pressure from a regular unlock schedule. Ethena released 171.88 million ENA tokens on August 5, worth approximately $15.36 million, accounting for 1.97% of the released supply. Of that tranche, 93.75 million tokens were awarded to core contributors, with investors receiving 78.13 million ENA.
Despite the price weakness, Ethena's underlying protocol continues to attract institutional interest. USDe supply stands at $4.7 billion with consistent backing above 100 percent and integrations across Morpho, Pendle, and Hyperliquid. Janus Henderson has also taken a position in ENA to explore regulated products tied to the ecosystem.
Whale activity from prominent figures like Hayes can serve as a market sentiment indicator, though consistent accumulation by a well-known trader does not always predict future price movements. Whether Hayes' steady buying at current levels signals a longer-term conviction play or a tactical repositioning remains to be seen, but it has put $ENA firmly back on the radar of both retail and institutional watchers.
Sources:
BeInCrypto: Here's Where Arthur Hayes Is Putting His Money in 2026
Coinpedia: ENA Price Surges on Fresh Arthur Hayes Buy
Yahoo Finance: 3 Token Unlocks to Watch in the First Week of August 2026
Arthur Hayes během posledních 24 hodin nakoupil více než 7,289 milionu ENA za zhruba 1,2 milionu USD. Ethena se zároveň chystá na odemknutí 171,88 milionu ENA v hodnotě 15 milionů USD.
Despite Ethena’s [ENA] rising dominance in the stablecoin business, the market cap of the altcoin remains well below $1 billion. Its daily trading volume is down to around $150 million, but whales are still going long on the token.
However, this buying is happening right before a massive token unlock, which is in two days. Can the buying pressure from whales outweigh the selling pressure and push ENA higher?
Arthur Hayes buys ENA, but selling pressure remains In the past 24 hours, the co-founder of BitMEX, Arthur Hayes, has made another purchase to increase his ENA position. As per Arkham data, Hayes bought 3 million ENA worth $262.77K from Flowdesk.
A few minutes later, Hayes added another 3 million ENA from the Binance exchange worth $262.11K. The total for both positions was above $525K, with an average price of $0.09.
Source: Arkham Moreover, the ENA builder added an eighth consecutive buy of 1.287 million ENA from Binance. The total across these eight transactions was 8.997 million ENA, valued at roughly $739.7K from the same exchange.
Both whales’ positions amounted to more than 7.289 million ENA, valued at over $1.20 million.
However, this activity was happening amid an upcoming token unlock scheduled for August 5. As per Tokenomist, 171.88 million ENA worth $15 million would hit the market. The amount is equivalent to 1.97% of the released supply.
Source: Tokenomist This unlock adds to the 95.31 million ENA worth $8.38 million released on the 2nd of August. The unlock meant that the selling pressure for this month was at its peak during the first few days.
As such, will whale positioning overpower selling pressure from token unlocks and a bearish technical outlook?
Can ENA escape the range market? The price action was stagnant around $0.09, the level where the whales went long. This movement came after surging by more than 14% from $0.0788 to $0.0904.
This level has resulted in two bearish breakdowns previously. And the RSI Divergence appeared to confirm this projection, printing a bearish signal even though it was rising at 55.
On top of that, the transfer count of ENA was declining on Binance, indicating less trading activity. The transfer count was 2.38K, down from 4.17K in late July.
Source: ENA/USDT on TradingView However, if the bulls can keep the altcoin above $0.0875 with more buying, ENA could break past the top of the range at $0.0924. Otherwise, it may drop to $0.0789, which is the demand level that initiated the 14% rally.
Final Summary Arthur Hayes and the ENA builder accumulated over 7.287 million ENA in the past 24 hours, despite looming selling pressure from unlocks. Ethena’s price action was consolidating around $0.09, with more bearish signals forming despite whales positioning.
Největší pozornost míří na PROVE: 5. srpna se odemkne asi 208 milionů tokenů, tedy zhruba 104,17 % současné cirkulující nabídky. To může výrazně zvýšit volatilitu.
Kripto para piyasasında yatırımcıların yakından takip ettiği token kilit açılışları (token unlock) yeni haftada da gündemin önemli başlıklarından biri olacak. 3-9 Ağustos tarihleri arasında PROVE, HYPE ve ENA başta olmak üzere birçok projede milyonlarca dolarlık token dolaşıma girecek. Özellikle dolaşımdaki arzın büyük bölümünü etkileyecek PROVE unlock’u, yatırımcıların en dikkatle izlediği gelişmeler arasında yer alıyor.
PROVE Tokenında Dev Kilit Açılışı Yeni haftanın en dikkat çeken token unlock’u Succinct Labs ekosistemine ait PROVE tokenında gerçekleşecek. Paylaşılan verilere göre 5 Ağustos’ta yaklaşık 208 milyon PROVE tokenının kilidi açılacak. Bu miktar, mevcut dolaşımdaki arzın yaklaşık %104,17’sine denk gelirken, güncel piyasa değeri yaklaşık 35,4 milyon dolar olarak hesaplanıyor. Dolaşımdaki arzın tamamından daha büyük bir miktarın serbest kalacak olması, PROVE fiyatında yüksek volatilite yaşanabileceğine işaret ediyor.
İlginizi Çekebilir: Arthur Hayes Ethereum ve Bu 2 Altcoin’i Sattı!
Haftanın dikkat çeken diğer iki token kilit açılışı ise Hyperliquid (HYPE) ve Ethena (ENA) projelerinde gerçekleşecek. HYPE tarafında 6 Ağustos’ta yaklaşık 433 bin token dolaşıma girecek. Kilit açılışının değeri yaklaşık 22,67 milyon dolar olurken, bu miktar dolaşımdaki arzın yalnızca %0,19’una karşılık geliyor. Öte yandan Ethena (ENA) için 5 Ağustos’ta yaklaşık 171 milyon token serbest bırakılacak. Yaklaşık 15,1 milyon dolar değerindeki unlock, dolaşımdaki arzın %1,97’sini oluşturuyor.
Token Unlock’lar Neden Önemli? Token kilit açılışları, daha önce belirli süre boyunca kilitli tutulan tokenların dolaşıma girmesi anlamına geliyor. Bu tokenlar genellikle ekip üyeleri, erken dönem yatırımcılar, danışmanlar veya ekosistem teşvik programları için ayrılıyor. Kilit açılışı sonrasında yatırımcıların satış yapması durumunda piyasadaki arz artabileceği için fiyat üzerinde kısa vadeli baskı oluşabiliyor. Ancak unlock miktarı, dolaşımdaki arz oranı ve piyasa likiditesi gibi faktörler fiyat üzerindeki etkinin büyüklüğünü belirleyen en önemli unsurlar arasında yer alıyor.
Piyasa analistleri, özellikle dolaşımdaki arzın tamamını aşan büyüklükte token unlock’u gerçekleştirecek projelerde volatilitenin belirgin şekilde artabileceğini belirtiyor.
Değerlendirme 3-9 Ağustos haftasında gerçekleşecek token kilit açılışları arasında en dikkat çeken proje PROVE olarak öne çıkıyor. Dolaşımdaki arzın %104’ünü aşan unlock miktarı, fiyat hareketlerinin sertleşmesine neden olabilir. HYPE ve ENA tarafındaki kilit açılışları ise daha sınırlı arz etkisine sahip olsa da yatırımcıların yakından takip etmesi gereken gelişmeler arasında yer alıyor. Token unlock dönemlerinde yatırımcıların yalnızca açılacak token miktarını değil, ekip cüzdan hareketlerini, işlem hacmini ve piyasa likiditesini de birlikte değerlendirmesi daha sağlıklı kararlar alınmasına yardımcı olabilir.
Son dakika kripto para haberleri için hemen tıkla
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Whaleové stáhli z burz přes 102,1 milionu ENA za zhruba 8,49 milionu USD a část ihned zamířila do stakingu. ENA přitom dál klesá, ale drží support u 0,0800 USD.
Whale accumulation continued reinforcing confidence in ENA despite its recent price weakness, as more than 102.1 million ENA worth roughly $8.49 million left centralized exchanges within hours.
The latest buying activity involved 60 million ENA valued at $4.97 million, another 35 million ENA worth $2.92 million that immediately entered staking, and an additional 7.108 million ENA valued at $600.7K purchased through Binance.
However, ENA still traded lower, highlighting the disconnect between large investor behavior and short-term market sentiment.
Such activity reflected a preference for self-custody and staking instead of immediate distribution. As a result, whales reduced the liquid supply available for trading, while their actions suggested stronger long-term conviction than recent price performance indicated.
Spot outflows kept exchange supply under pressure Exchange flow data continued supporting the accumulation narrative despite ENA’s ongoing decline.
The latest daily Spot Inflow/Outflow reading showed -$450.98K, extending the series of negative netflows visible throughout recent sessions.
Unlike exchange inflows, persistent outflows reflected tokens leaving trading venues instead of entering them for potential selling.
This behavior aligned with the whale withdrawals recorded from Coinbase and Binance.
However, the relatively modest size of the latest outflow also showed that aggressive buying had not yet translated into broad market participation.
Retail demand remained restrained even as larger holders accumulated. Even so, shrinking exchange balances often reduced immediate sell-side liquidity.
If buyers continue absorbing available supply, those conditions could gradually improve ENA’s broader market structure over the coming sessions.
Source: CoinGlass ENA revisits channel support as conviction gets tested Ethena’s [ENA] latest pullback shifted attention away from the recent rally and back toward the strength of its underlying trend.
Instead of breaking below structure, price retreated into the lower boundary of the ascending channel and found support around $0.0800, an area that has repeatedly attracted buyers throughout July.
That reaction kept the broader pattern intact, although upside conviction weakened after another rejection below $0.0900.
Meanwhile, the RSI fell to 47.61, slipping beneath its moving average at 53.52 and below the neutral threshold, reflecting fading buying interest rather than aggressive selling.
The market now sits at a decision point. A strong rebound from channel support could place $0.0900 back within reach and reopen the path toward the upper channel boundary.
However, losing $0.0800 would invalidate the current structure and could shift focus toward the $0.0700 support zone.
Source: TradingView Final Summary Whale buying and exchange outflows continued reducing liquid ENA supply despite the recent decline. ENA held key channel support, while $0.0870 remained the next major upside liquidity zone.
Ethena Labs has now distributed over $751 million in rewards to users since its synthetic dollar protocol went live. That’s a number that would make most DeFi protocols blush, and it underscores just how much yield a delta-neutral staking strategy can generate when conditions are right.
But here’s the thing. While the rewards counter keeps climbing, the protocol’s USDe supply has fallen to roughly $4.3 billion, down from a peak north of $10 billion.
How Ethena prints yield without a money printer For the uninitiated, Ethena’s USDe isn’t your typical stablecoin. It doesn’t sit on a pile of Treasury bills like USDC or claim to be backed 1:1 by cash in a bank vault.
Instead, it uses a delta-neutral strategy. In English: the protocol takes staked ETH derivatives as collateral, then opens short perpetual futures positions against them. The long exposure from holding the collateral and the short exposure from the futures cancel each other out, keeping the value stable.
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The yield comes from two places. First, the funding-rate payments that flow to the short side of perpetual futures markets when conditions are favorable. Second, the staking yields generated by the underlying collateral itself.
It has delivered an average APY of 10.9% on sUSDe, the yield-bearing staked version, since January 2024.
Founded in 2023 by Guy Young, a former hedge fund manager, Ethena Labs launched the USDe protocol in early 2024.
The supply question nobody wants to answer Dropping from over $10 billion to approximately $4.3 billion represents a decline of more than 55%. Reports point to shifting market conditions following significant events in October 2025 as the catalyst.
The delta-neutral model depends heavily on funding rates remaining positive. When the market flips bearish or funding goes negative for extended periods, the yield engine stalls, and capital tends to rotate elsewhere.
Governance moves and the ENA token economy The Season 5 ENA airdrop kicked off in May 2026, distributing roughly 300 million tokens, or about 2% of the total 15 billion ENA supply.
More consequentially, Ethena activated a fee switch in Q1 2026 that directs between 10% and 20% of protocol revenue to stakers of the ENA governance token.
What this means for investors watching the synthetic dollar space For investors evaluating Ethena, the key metric to watch isn’t past rewards. It’s the trajectory of funding rates across major perpetual futures venues. When funding is positive and elevated, Ethena’s engine hums. When it compresses, the protocol’s competitive advantage narrows considerably against simpler, lower-risk alternatives like tokenized Treasuries.
The fee switch activation adds another dimension. A 10–20% revenue share on declining volumes is still a declining payout.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Coinbase označila Centrifuge za preferovanou tokenizační infrastrukturu a zároveň investovala do CFG. New York Life Investment Management navíc přesunula svůj první tokenizovaný fond onchain na Centrifuge a spravuje zhruba 807 miliard USD v aktivech.
Q2 was a breakout quarter. Coinbase named Centrifuge a preferred tokenization infrastructure and took an equity stake in CFG. Kraken Institutional and OKX followed with partnerships of their own. Ethena selected Centrifuge after a competitive RFP and allocated $250M to JAAA. New York Life Investment Management, one of the world's largest active managers at roughly $807B in AUM, brought its first tokenized fund onchain with us. Underneath the announcements, our assets moved deeper into DeFi across new chains, venues, and integrations.
Total Value Locked: $1.6B (-6% QoQ)
CFG Token Holders: 10,988 (+16% QoQ)New York Life brings its first tokenized fund onchainNew York Life Investment Management tokenized its U.S. High Yield Corporate Bond Strategy (HYB) on Centrifuge. NYLIM manages around $807B in AUM. HYB is its first tokenized fund and one of the first high yield corporate bond strategies to come onchain. A 180-year-old institution choosing to build on Centrifuge is a signal about where tokenization infrastructure is consolidating.
Coinbase names Centrifuge preferred infrastructureCoinbase selected Centrifuge as a preferred tokenization infrastructure and backed the decision with a strategic investment in CFG. The partnership brings Centrifuge's tokenization framework to Base, with Coinbase's distribution behind it.
Ethena allocates to JAAAEthena selected Centrifuge as a strategic tokenization partner following a competitive RFP, allocating $250M to JAAA as one of the first real-world assets backing USDe. One of the largest allocators in crypto joins the JAAA holder base.
Kraken Institutional adds JAAA to qualified custodyKraken Institutional added JAAA as its first RWA in qualified custody, extending institutional-grade custody to Centrifuge's flagship credit product.
Grove Basin commits $1B for instant JTRSY redemptionsCentrifuge partnered with Grove Basin on a $1B redemption facility for JTRSY, committing daily liquidity for 24/7 USDC instant redemptions. Holders can move out of JTRSY into USDC around the clock, backed by committed liquidity rather than a redemption queue.
IOSG partnership across AsiaCentrifuge and IOSG Ventures entered a strategic partnership to advance institutional tokenization across Asia, targeting Hong Kong, Singapore, Japan, and South Korea. IOSG first backed Centrifuge in 2021 and has now increased its position through open market purchases.
ERC-7540 merged into OpenZeppelinOpenZeppelin merged an implementation of ERC-7540 into its Community Contracts, making the async vault standard co-authored by Centrifuge part of the toolkit most of DeFi builds on. Async settlement is how real-world assets work onchain. What was proven in Centrifuge vaults is now a public building block.
Core assets now live on MonadCentrifuge's core assets went live on Monad, leading with JTRSY, JAAA, and Apollo's ACRDX. The corresponding deRWAs, deJTRSY, deJAAA, and deCRDX, launched alongside them as freely transferable wrappers, giving the assets 24/7 access and onchain liquidity across the Monad DeFi ecosystem.
Centrifuge V3.2 audits completeCentrifuge V3.2 completed audits, with the Onchain Portfolio Manager as its headline feature. The Onchain Portfolio Manager lets an asset manager run a single vault holding tokenized treasuries, credit, equities, and onchain lending positions, rebalancing across all of them with unified accounting and onchain execution.
Deeper DeFi integration for assets on CentrifugedeSPXA gained traction on Uniswap and was added as collateral on Euler, curated by Clearstar. JAAA became the first asset to support leveraged trading on 3F. JTRSY was integrated into Grvt, expanding retail distribution. deJTRSY and deJAAA went live on Sushi on Stellar and arrived on X Layer at launch, part of a broader distribution partnership with OKX.Centrifuge in the PressCoinDesk: New York Life's $800 billion asset manager makes tokenization debut with Centrifuge fundThe Block: New York Life Investment Management makes first tokenized move partnering with Centrifuge on high-yield corporate bond strategyThe Defiant: New York Life Partners with Centrifuge on Tokenized Corporate BondsDecrypt: New York Life Investment Management Debuts First Tokenized Bond FundMarkets Media: 180-year Old New York Life Adds to Tokenized FundsPYMNTS: New York Life Investment Management Bets on TokenizationCoinDesk: BlackRock, Janus Henderson tokenized funds get instant redemptions with new $1 billion facilityThe Block: Janus Henderson takes ENA position, eyes regulated investment products tied to EthenaCrypto Briefing: Centrifuge partners with Ethena to issue $200M in JAAA tokens on SolanaThe Defiant: Coinbase Taps Centrifuge as Preferred Tokenization PartnerCoinDesk: Coinbase taps Centrifuge as preferred tokenization backbone, takes equity stakeThe Block: Coinbase doubles down on Centrifuge investment, taps platform as tokenization partner for BaseCrowdfund Insider: Centrifuge Launches DeFi Compatible Tokenization Framework On Base, Backed By Coinbase PartnershipBlockonomi: Coinbase Backs Centrifuge Tokenization Rollout on BaseCrypto Briefing: Centrifuge integrates tokenization with DeFi on Base, backed by Coinbase investmentInvezz: Grvt expands wealth platform with Centrifuge yield integrationCentrifuge PerspectivesTokenization: From Exploration to Execution: A joint webinar with S&P Dow Jones Indices and Janus Henderson on real-world asset tokenization strategies and execution.DeFi Drip is back with the first three episodes of season 2, recorded at the RWA Summit.
Bhaji Illuminati, Co-Founder and CEO, Centrifuge LabsPaul Frambot, Co-Founder and CEO, MorphoSebastian Pulido, former Director of Institutional & DeFi Business, Aave LabsUnlocking Tokenized Fund Composability: a joint report from LayerZero and Centrifuge.From Tokenization to Vaults: a five-article series on Centrifuge V3.2 walking through the vault stack design, by Jeroen Offerijns, CTO, Centrifuge Labs.Coindesk Live at Consensus, interview with Bhaji Illuminati, CEO, Centrifuge LabsCoinbase, Tokenized T-Bills, and The Future Of Onchain Finance, interview with Bhaji Illuminati, CEO, Centrifuge LabsDesigning Onchain Utility for RWAs: Infrastructure, Vaults, and Curation, panel with Bhaji Illuminati, CEO, Centrifuge LabsThe RWA Boom and DeFi's Trust Reckoning, interview with Graham Nelson, DeFi Product Lead, Centrifuge LabsPartner InsightsBase: Tokenized S&P 500 exposure from Centrifuge is now live on Base.Serotonin: Centrifuge: Tokenization to UtilityDune: The Rise of Composable RWAsPredicate: Predicate and Centrifuge Partner to Bring Real-Time Compliance to the RWA EcosystemPharos: The RealFi Inflection: Assessing the Strategic Trajectory for the Next DecadeKeyring Network: Keyring Brings Centrifuge’s ACRDX into rwa [un]wind to Power On-Chain LeverageHacken: Q1 2026 Security & Compliance Report
Ethena’s USDe na Morpho nasbíral za necelé čtyři týdny vklady ve výši 323,7 milionu USD, což představuje zhruba 40% růst. Coinbase navíc na Morpho spustila výnosový USDC vault využívající USDe.
Ethena’s synthetic dollar token USDe has accumulated $323.7 million in deposits on the Morpho lending protocol in under four weeks. The number represents a substantial jump from the $225 million to $235 million in Ethena-related total value locked on Morpho that was recorded between March and April 2026. In other words, deposits have grown by roughly 40% in a matter of weeks.
What’s actually driving the growth Morpho’s integration with Ethena dates back to March 2024. That early partnership gave the protocol a head start in building curated lending markets around USDe and its staked counterpart, sUSDe. The staked version acts as productive collateral, meaning it generates yield while simultaneously backing borrowing positions.
In June 2026, Coinbase launched a high-yield USDC vault on Morpho that leverages USDe, giving retail users access to lending strategies that were previously the domain of institutional desks. Ethena has also been strategically allocating its backing assets, including USDT, into Morpho vaults. When the issuer of a synthetic dollar is actively deploying its reserves into the same protocol where users are depositing, it creates a self-reinforcing loop of liquidity and confidence.
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The bigger picture for USDe supply Ethena’s total USDe supply has stabilized between $4.5 billion and $6 billion in 2026. The token previously peaked above $10 billion, meaning current supply levels still represent a roughly 40% to 55% drawdown from all-time highs.
USDe maintains its dollar peg through a delta-neutral strategy: Ethena holds spot crypto positions and simultaneously shorts equivalent futures contracts. The spread between those positions generates yield. When funding rates are positive, this works well; when they’re not, it gets complicated.
Ethena forged a partnership with Janus Henderson in June 2026, bringing traditional asset management credibility to a protocol that lives entirely on-chain.
What this means for DeFi investors The Coinbase USDC vault integration creates a bridge between traditional stablecoin holders and USDe’s yield mechanics. Users deposit USDC, the vault strategy interacts with USDe on Morpho, and retail participants capture returns they couldn’t easily access before.
USDe’s yield depends on funding rates remaining positive across perpetual futures markets. During sustained bearish periods, those rates can flip negative, compressing or eliminating the protocol’s yield advantage. Ethena’s decision to diversify backing assets by deploying USDT into Morpho vaults reflects an awareness of concentration risk.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ethena USDe se stala dominantním kolaterálem v rámci nového Robinhood Crypto Earn a tvoří zhruba 50 % veškeré stablecoinové nabídky na Robinhood Chain, tedy asi 100 milionů USD z více než 200 milionů USD.
Robinhood’s week-old Earn product has a clear favorite, and it’s not even close. Ethena’s USDe synthetic dollar has emerged as the dominant collateral asset in the lending vault powering Robinhood’s new yield offering, with users overwhelmingly routing their deposits through the protocol.
The Earn product, which launched July 1 alongside Robinhood Chain itself, lets users lend USDG, a stablecoin issued by Robinhood, into a Morpho-powered vault curated by Steakhouse Financial. The estimated return: 7% APY from borrower interest.
How the vault actually works Users deposit USDG into the vault, which then lends those funds to borrowers who post collateral. That collateral comes from three sources: Ethena’s USDe, Spark’s spUSDG, and Maple’s SyrupUSDG.
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As of July 8, Ethena accounts for approximately $100 million of the stablecoin supply on Robinhood Chain. The total supply has surpassed $200 million, meaning Ethena represents roughly 50% of all stablecoins circulating on the chain. That’s a commanding position for a protocol that only listed its ENA governance token on Robinhood back in November 2025.
Insurance coverage for the vault has been arranged through Lloyd’s of London and RELM, covering risks associated with smart contracts and cyber threats.
Why Ethena keeps winning distribution battles USDe works differently from traditional stablecoins like USDC or USDT. Rather than holding dollar reserves in bank accounts, Ethena maintains its peg through a delta-neutral hedging strategy, essentially holding crypto assets while shorting equivalent positions in perpetual futures. The yield comes from funding rates that perpetual futures traders pay.
What this means for investors Robinhood had roughly 24 million funded accounts the last time it reported figures. For ENA token holders, more USDe demand generally means more protocol revenue. The token has been trading on Robinhood since November 2025, giving retail users a direct way to express a thesis on the protocol’s growth.
Ethena’s roughly 50% share of on-chain stablecoin supply suggests users and capital allocators are expressing a strong preference over the two other collateral providers, Spark and Maple. The exact asset allocation percentages among the collateral providers have not been disclosed.
The product is progressively rolling out to U.S. users. Smart contract vulnerabilities, funding rate compression, and regulatory scrutiny of yield products remain live concerns.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ethena Labs zavedla bezpoplatkové mintování a vykupování USDe za USDC pro uživatele na whitelistu po KYC/KYB. Dříve se za konverzi platily poplatky, nyní jsou na 0 bps.
Ethena Labs just removed one of the biggest friction points in its synthetic dollar ecosystem. Onboarded mint users can now mint and redeem USDe using USDC at zero fees, eliminating the basis-point toll that previously ate into every conversion.
The change applies exclusively to whitelisted participants who have cleared KYC and KYB checks and signed Ethena’s Mint User Agreement. Everyone else still gets their USDe the old-fashioned way: through secondary markets, exchanges, or partner platforms like Morpho vaults.
What actually changed and why it matters Before this update, direct minting and redemption of USDe was already restricted to vetted counterparties, primarily market makers and institutional participants. But even those approved users were paying fees on the conversion. Now that cost drops to 0 bps.
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Ethena has also indicated it will update fee schedules for transactions involving non-whitelisted assets, with the new rates visible on public dashboards. So while USDC conversions are now free, other collateral types may still carry costs.
USDe’s positioning in the stablecoin landscape USDe is a delta-neutral synthetic dollar built on Ethereum, which means it maintains its peg not by holding dollars in a bank account but by combining crypto collateral with offsetting derivatives positions. The result is a token that tracks the dollar without directly depending on fiat reserves.
This makes it fundamentally different from USDC, which is backed 1:1 by cash and cash equivalents held by Circle.
Ethena’s integrations extend across both DeFi and CeFi. The protocol works with platforms including HTX for direct mint and redeem functionality, and Morpho for vault-based strategies.
What this means for investors and the broader market The restriction to KYC’d and KYB’d users is worth noting. Ethena is clearly threading the needle between DeFi accessibility and regulatory compliance. For institutions and compliant funds, this is a non-issue. For the permissionless-maximalist crowd, it’s another reminder that the biggest DeFi protocols are increasingly operating within traditional compliance frameworks.
A delta-neutral strategy is only as good as the funding rates it captures from derivatives markets. In periods of sustained negative funding, USDe’s value proposition gets tested in ways that free minting can’t solve. Investors eyeing this development should watch not just the fee structure, but the underlying health of the derivatives markets that keep USDe’s engine running.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The sUSDe ARM is now open for external depositors.
The sUSDe ARM is the first ARM Vault deployed for a yield-bearing stablecoin. The same mechanism that has processed over $3B in volume across stETH and eETH now applies to Ethena’s sUSDe.
sUSDe Has a Redemption Path that Standard AMM Pools IgnoresUSDe is redeemable for its full USDe collateral value through Ethena's unstaking process. That creates a predictable secondary-market dynamic: sUSDe trades at a discount to its USDe backing on DEXs because the unstaking queue takes time, and that illiquidity premium reflects in sUSDe pricing.
In a standard stablecoin pool, that discount is captured by arbitrageurs. The LP earns a swap fee, and the spread leaves the system instead of going back to the liquidity providers that support it.
Unlike traditional AMMs, the sUSDe ARM routes the spread back to LPs.
When sUSDe trades at a discount on DEXs, the ARM sells its USDe liquidity for discounted sUSDe, initiates Ethena's unstaking process, and receives USDe when the redemption settles. When no arbitrage opportunity is present, idle USDe routes to Aave V3. The lending rate earns yield for ARM Vault depositors when arbitrage opportunities aren’t present.
That is the mechanism: redemption arbitrage when discounts are present, lending yield when they are not.
USDe Holders Earn Yield Without Taking Directional Exposure.Depositors earn from sUSDe/USDe arbitrage while holding a stablecoin-denominated position. The current trailing 30-day APY is 4.6%. Yield is tied to market conditions: wider sUSDe discounts produce higher spreads and stronger LP returns.
At minimum, idle capital earns Aave V3 lending rates between arbitrage cycles.
Every ARM Cycle Brings sUSDe Closer to Fair Value.The ARM's arbitrage doubles as peg support: it absorbs sUSDe whenever it trades below redemption value, deepening liquidity and reinforcing the peg to USDe. For sUSDe holders across the Ethena ecosystem, that means tighter secondary-market pricing and reduced friction when exiting to USDe.
The ARM Framework Extends Beyond Liquid StakingThe stETH and eETH ARMs demonstrated that routing the arbitrage value to LPs, rather than external arbitrageurs, produces stronger capital efficiency than standard AMM pools. The sUSDe ARM applies the same logic to a stablecoin market.
LSTs, LRTs, yield-bearing stablecoins, and RWAs all share the same structural dynamic: a primary-market redemption value that secondary markets price around. The sUSDe ARM is the first stablecoin deployment of this framework.
The sUSDe ARM is now open to the public.
Explore the sUSDe ARM → https://app.originprotocol.com/#/arm/1:ARM-sUSDe-USDe
Ethena integruje svůj produktový balík do Robinhood Chain, nové Ethereum Layer 2 sítě od Robinhood. Současně Robinhood spouští Robinhood Earn s odhadovaným ročním výnosem kolem 7 %.
Ethena, the protocol behind the USDe synthetic dollar, is integrating its product suite into Robinhood Chain, the newly launched Ethereum Layer 2 network that went live on July 1. The partnership positions Ethena’s yield-bearing assets within Robinhood’s freshly minted collateral ecosystem, bringing decentralized finance tools to one of the largest retail trading platforms in the US.
The collaboration arrives alongside Robinhood Earn, a decentralized lending product that lets users lend USDG stablecoins through self-custody wallets directly within the Robinhood app. The estimated annual percentage yield sits at around 7%.
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How Robinhood Earn actually works The lending infrastructure runs on Morpho, an established decentralized lending protocol, with Robinhood Chain serving as the settlement layer underneath. Ethena joins a roster of supporting partners that includes Steakhouse, Spark, and Maple.
Losses stemming from cyber incidents or smart contract vulnerabilities are covered through policies from Lloyd’s of London and RELM. Users interact with the product through self-custody wallets available in the Robinhood app.
Robinhood Chain and the bigger picture Robinhood Chain itself is built using Arbitrum technology, making it an Ethereum Layer 2 solution. The testnet launched in February 2026, and the public mainnet followed on July 1. The chain’s primary focus is tokenized real-world assets and financial services, with permissionless access and no native token planned.
This mainnet launch is part of a broader push Robinhood has been executing since 2025. The company has rolled out tokenized US equities in Europe, expanded its wallet services, and laid groundwork for perpetual futures offerings.
For Ethena specifically, the partnership extends a relationship that’s been building. Ethena’s ENA token has been trading on Robinhood since late 2025.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
BlackRock v Aladdinu rozšiřuje podporu pro produkty Ethena a zvyšuje likviditu tokenizovaného fondu BUIDL. Součástí je i likviditní úvěrová linka za 100 milionů USD pro převod BUIDL do USDC, USDtb a dalších stablecoinů.
BlackRock and Ethena Labs have deepened their partnership through a new initiative that will provide institutional investors on BlackRock’s Aladdin platform with expanded access to Ethena’s products and enhanced liquidity for the BUIDL tokenized Treasury fund, according to a Monday statement.
The agreement includes a $100 million liquidity facility provided by Ethena through Securitize, enabling eligible BUIDL holders to seamlessly convert BUIDL into USDC, USDtb and other supported stablecoins, with the ability to reverse those transactions outside regular market hours.
The companies said the collaboration is intended to expand digital dollar infrastructure and support the wider institutional use of tokenized real-world assets. BlackRock said the facility enhances the utility of tokenized Treasury funds, while Ethena said it simplifies institutional access to onchain financial markets.
The partnership extends the firms’ prior collaboration involving USDtb, Ethena’s stablecoin backed primarily by BUIDL. BUIDL debuted in 2024 and has grown to roughly $3 billion in total value locked according to DefiLlama, making it one of the largest tokenized US Treasury funds.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
RedStone nyní dodává cenový feed pro JupUSD na Solaně, aby stablecoin mohl fungovat jako kolaterál v DeFi. Jupiter tím zpeněžuje nevyužitý kolaterál z perpetuals.
Launching a stablecoin used to mean building the whole stack: reserves, attestation, custody, redemption, distribution. Stablecoin-as-a-Service from Ethena removes that work. What is left for the issuer is the price feed that lets the token work as collateral in DeFi. For JupUSD, that feed comes from RedStone.
TL;DR: Stablecoin-as-a-Service lets any app launch a branded stablecoin on rented reserve infrastructure. Ethena runs the reserves and the machinery, and the partner brings the name and the distribution. Jupiter launched JupUSD stablecoin, monetizing $400 to $500 million of idle perps collateral. The current stablecoin circulating supply sits at $51 million. RedStone now delivers the price feed for JupUSD on Jupiter’s Solana platform. Stablecoin-as-a-Service: Ethena’s Reserve Model Ethena Whitelabel is a Stablecoin-as-a-Service product that allows partners to launch a branded stablecoin on rented reserve infrastructure, the same infrastructure that also backs USDtb, Ethena’s BUIDL-backed dollar.
When a partner launches a branded stablecoin, Ethena runs the reserves and the mint and redemption process, allowing the issuer to focus on the branding and distribution.
Ethena’s whitelabel offering covers multiple chains and protocols, with partners choosing between Ethena’s underlying reserve models depending on the product they want.
For JupUSD, that reserve asset is USDtb, which has grown to a circulating supply of roughly $889 million as of June 2026, according to DeFiLlama. Partners building on this infrastructure plug into a reserve mechanism already operating at scale.
Why JupUSD Needs Reliable Pricing Data Jupiter is Solana’s largest DeFi platform by total value locked. Founded in October 2021 as a swap aggregator routing trades across Solana DEXs, it has since expanded into a full onchain finance suite providing perpetual futures trading, lending, prediction markets, and a mobile trading app. Jupiter processed over $1 trillion in spot and perpetuals volume in 2025.
JupUSD was launched in January 2026, initially backed entirely by USDtb before the reserve mix shifted to its current 90/10 split with USDC. For Jupiter, the stablecoin solved a balance sheet problem: its perpetuals venue was sitting on roughly $400 to $500 million of idle collateral, and JupUSD puts that capital to work.
It is monetization infrastructure, not a savings account for users. Because USDtb flows through to BlackRock’s BUIDL fund, the yield accrues to Jupiter’s reserves rather than to JupUSD holders. As of June 12, 2026, JupUSD’s circulating supply sits around $51 million, published live on the project’s transparency page with broader metrics on DeFiLlama.
JupUSD is the default stablecoin powering the Jupiter superapp, which means that every venue using it needs reliable pricing data to run smoothly. Perps need it to value collateral, Jupiter Lend needs it to trigger liquidations, and Jupiter Predict needs it to settle markets. RedStone now provides that price feed for JupUSD on Solana.
The RedStone approach for whitelabeled stablecoins A whitelabeled stablecoin arrives with its reserves handled but cannot be used as collateral until a price feed makes it usable. Lending markets, perps, and prediction markets all need a fast, manipulation-resistant feed before they will take it as collateral or settle against it. The more venues the stable reaches, the bigger demand for price feed is.
RedStone’s modular architecture treats each feed as a configuration change rather than a bespoke build, so coverage expands at the pace these stablecoins now launch. On Jupiter that is already live: RedStone provides the JupUSD feed on Solana today, currently serving Jupiter’s perpetual markets.
Ethena handles reserve management as a service. RedStone provides the pricing data that makes each one usable.
Frequently Asked Questions What is Stablecoin-as-a-Service?
A model where the reserve and issuance infrastructure for a stablecoin is provided as a service, so an app can launch its own branded stable without building custody, attestation, and redemption from scratch. Ethena offers it through Ethena Whitelabel, and JupUSD is built on it.
Why does a service-issued stablecoin still need an oracle?
Reserves back the token’s value, but they do not make it usable in DeFi. Lending markets and perpetual venues need a manipulation-resistant price feed to accept it as collateral. Without one, the stablecoin remains a simple coin rather than a productive asset.
What type of price feed is RedStone running for JupUSD?
A push-model market feed for JupUSD on Solana that aggregates the spot price from exchanges and pushes updates onchain on deviation 0.2% or 24h heartbeat triggers.
StablecoinX dokončila fúzi s TLGY Acquisition Corp a v pátek začne na burze Nasdaq obchodovat pod symbolem USDE. Firma je první veřejně obchodovanou stablecoinovou infrastrukturou zaměřenou na ekosystém Ethena.
Stablecoin infrastructure company StablecoinX has completed its merger with TLGY Acquisition Corp, a publicly traded special purpose acquisition company, allowing it to begin trading on Nasdaq on Friday.
StablecoinX is the first public stablecoin infrastructure company focused on supporting the Ethena ecosystem through decentralized verifier nodes and software infrastructure, and will trade under the symbol “USDE,” according to a statement on Thursday.
“We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars,” said Edward Chen, CEO and Chairman of StablecoinX.
The Nasdaq debut is a big bet that stablecoins are becoming the plumbing of global finance, and comes despite a broader crypto bear market and Ethena’s relatively small 1.4% market share of the stablecoin market compared with those offered by its competitors, such as Tether and Circle.
Ethena’s USDe is a yield-bearing synthetic dollar-pegged stablecoin. Unlike USDt (USDT) or USDC (USDC), which are backed by actual dollars, USDe (USDE) maintains its $1 peg through a derivatives strategy.
It is backed by crypto collateral in Bitcoin and Ether and short futures positions on those same assets, enabling the long and short positions to cancel out the price volatility, helping to keep its value at approximately $1.
Ethena’s delta-neutral strategy works well in normal markets but is vulnerable during periods when futures funding rates go negative.
USDe supply fallsWhile stablecoin circulation has grown in recent years, USDe market capitalization has declined by 70% since its peak in October to around $4.5 billion today, ranking it sixth among stablecoins.
USDe supply has fallen since the bull market peak. Source: CoinGecko
StablecoinX’s treasury also holds approximately 3 billion Ethena governance tokens (ENA), or around 20% of the total supply, valued at approximately $275 million. The company announced a $360 million capital raise to purchase ENA on Sunday.
However, the asset is currently trading at $0.08, down 94% from its April 2024 all-time high.
The company has three business lines: a decentralized verifier node (DVN) serving as a cross-chain message verifier for the Ethena ecosystem, a middleware software stack called “Stablecoin Harness” and distribution services, which are currently in development.
The company says the three businesses reinforce one another, though the broader crypto bear market presents a challenging backdrop for its Nasdaq debut.
Crypto SPACs and crypto treasuries have had a tough time this year as the broader market has tanked 52%, with $2.3 trillion leaving the space since October and crypto falling out of favor among investors.
Pre-merger TLGY fell 6.93% on Thursday on OTC markets to end the day trading at $9.40, according to Google Finance data.
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Příští týden čekají altcoiny ALT, Space ID (ID), ENA, GAL, YGG a ACA cliff unlocky v hodnotě 138,8 milionu USD, což zvyšuje obavy z růstu nabídky. Největší je ALT: 684,21 milionu tokenů v hodnotě 111,01 milionu USD.
Altcoins News: The latest update from the Token Unlocks App reveals that six altcoins are readying to take the heat of increased market supply in the upcoming week. This is attributable to massive token unlocks, a phenomenon wherein previously locked tokens are released periodically into the market.
Notably, $138.8 million worth of cliff unlocks are looming to hit certain altcoins in the coming days. These tokens include AltLayer (ALT), Sace ID (ID), Ethena (ENA), Galxe (GAL), Yield Guild games (YGG) and Acala (ACA).
Here’s a brief report on the token unlocks that may serve as important Altcoin news for crypto market participants.
AltLayer (ALT) The AltLayer crypto is set to witness an unlock of a staggering 684.21 million ALT, worth $111.01 million, on July 25. This is equivalent to 42.08% of the circulating supply, raising severe investor concerns over future market implications.
ALT price traded at $0.1619 at press time, up 5.29% over the past day. Its 24-hour lows and tops are $0.1572 and $0.1729, respectively.
Space ID (ID) The Space ID token will witness an unlock of 18.49 million ID, worth $9.01 million, on July 22. This equals 4.29% of the coin’s circulating supply.
ID price traded at $0.4875, an increase of 5.70% from yesterday. The token’s 24-hour lows and highs were $0.4607 and $0.5011, respectively.
Ethena (ENA) Ethena prepares for an unlock of 14.89 million ENA, worth $7.32 million, on July 21. This totals 0.87% of the coin’s circulating supply.
ENA price traded at $0.493 today, an upswing of 6.97% over the past day. Ethena’s 24-hour slumps and peaks were recorded as $0.4699 and $0.5116, respectively.
Yield Guild Games (YGG) The Yield Guild Games crypto will experience an unlock of 14.08 million YGG, worth $7.56 million, on July 27. This amounts to 3.74% of the coin’s circulating supply.
YGG price traded at $0.5369, up 2.97% over the past day. The token’s 24-hour bottoms and tops were $0.5183 and $0.555, respectively.
Also Read: $149 Million of Altcoins Sold By WazirX Hacker to Buy 43,799 Ethereum
Galxe (GAL) The altcoin Galxe readies for an unlock of 1 million GAL, worth $3.60 million, on July 24. This is equivalent to 0.85% of the circulating supply.
The GAL price rested at $3.58 today, a decline of 5.78% over the past day. Its 24-hour bottoms and highs were $3.54 and $3.92, respectively.
Acala (ACA) Acala is set to face an unlock of 4.66 million ACA, worth $340.03k, on July 25. This totals 0.46% of the coin’s circulating supply.
ACA price stood at $0.07291, an upsurge of 2.53% from yesterday. The cryptocurrency’s 24-hour bottoms and peaks were $0.07132 and $0.0759, respectively.
Notably, the abovementioned token unlocks remain much eyed by market participants as investor concerns persist over this altcoin news, primarily due to supply increase.
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LayerZero bridge pro rsETH byl napaden a rsETH na Ethereum mainnetu je plně kolateralizované; na Aave V3 i V4 zůstává zmrazené a rezervy WETH jsou zablokované v několika trzích včetně Ethereum, Arbitrum, Base, Mantle a Linea. Několik DeFi protokolů kvůli incidentu dočasně pozastavilo bridge nebo minting.
Saturday, April 20 — The LayerZero cross-chain bridge for rsETH (a liquidity re-staking token from Kelp DAO) was hacked, marking the largest DeFi hack of 2026 to date. The attacker forged LayerZero cross-chain messages to withdraw 116,500 rsETH directly from the bridge contract, then deposited the tokens into Aave and other lending platforms to borrow WETH—creating significant uncollateralized bad debt risk. Below is a roundup of responses from major DeFi protocols to the rsETH hack: Aave has shared an update on the rsETH incident: rsETH on the Ethereum mainnet is fully collateralized. The token remains frozen on Aave V3 and V4, while WETH reserves are frozen in affected markets including Ethereum, Arbitrum, Base, Mantle, and Linea. Aave is actively verifying details and evaluating potential resolutions. Ethena has officially extended the suspension period for its LayerZero OFT cross-chain bridge. Additionally, the protocol released updated reserve proofs confirming its USDe stablecoin maintains a collateralization ratio above 100%. LayerZero stated it has fully grasped the rsETH vulnerability and has been collaborating with the Kelp DAO team on fixes since the hack occurred, while continuously monitoring the situation. All other applications remain secure, and the protocol will publish a comprehensive post-incident analysis report alongside Kelp DAO once all relevant information is compiled. Fluid announced the launch of its aWETH redemption protocol, which enables ETH borrowers to: redeem for wstETH or weETH (restoring liquidity immediately and reducing liquidation risk); redeem in full if they only borrowed ETH; or seamlessly convert ETH collateral to wstETH/weETH while keeping other debts intact. The protocol’s initial capacity is capped at $1 billion worth of ETH. Morpho has temporarily suspended its MORPHO LayerZero OFT cross-chain bridge on Arbitrum until the root cause of the rsETH incident is identified. The protocol noted its smart contracts are secure and operating normally; risk exposure is limited (only ~$1 million worth of ETH was borrowed using rsETH as collateral, spread across two isolated markets out of thousands total). Thanks to Morpho’s fully isolated market design, all other vaults remain unaffected. Curve Finance announced it has suspended its LayerZero infrastructure, impacting: CRV bridging from BNB, Sonic, Avalanche, Fantom, Etherlink, and Kava (bridging from other chains still uses native bridges); and crvUSD quick bridging (L2 slow bridging remains operational). Reserve issued an official update: Its DTF holders are unlikely to be affected. RSR stakers in the Reserve Protocol’s USD3 and eUSD may qualify for "first-loss capital" protection, though the impact is minimal and RSR’s overcollateralization is sufficient to cover any potential losses. ETH+ and bsdETH contain no rsETH collateral, making them zero-risk. As a precaution, Reserve has temporarily paused minting, rebalancing, and RSR unstaking for eUSD and USD3—redemption functionality remains operational. Maple Finance stated all USDT provided on Aave Mantle using syrupUSDT has been withdrawn. Its syrupUSDC and syrupUSDT products are not impacted by the rsETH exploit. Polygon has been actively monitoring the rsETH exploit. The Polygon chain, Agglayer, and entire ecosystem (including Katana and Vaultbridge) have not been impacted by the incident. EtherFi announced its protocol’s liquidity pool remains unaffected by the Kelp rsETH exploit, and pool users will not suffer any fund losses. Hyperliquid’s DeFi project Hyperwave announced it has temporarily suspended all LayerZero bridging of Hyperwave assets as a precautionary measure.
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