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.
Also Read: SHIB News: Massive 2.7 Tln Accumulation Fuels Hope For Shiba Inu To $0.0000386
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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