Ethena’s Coinbase custody wallet transferred 290 million ENA worth $26.41 million to a personal wallet with a history of sending tokens to exchanges. As expected, the transaction revived concerns about another round of market distribution because the receiving address previously moved ENA to Binance and Coinbase.
However, traders did not immediately respond with aggressive selling despite the transaction’s size. Instead, market activity suggested participants waited for confirmation before adjusting their positions.
The transfer also arrived while ENA traded near an important resistance zone, increasing attention on whether buyers could absorb any incoming supply.
As a result, the wallet movement shifted focus towards exchange flows and price structure rather than creating an instant bearish reaction across the market.
Spot outflows offset distribution concerns Despite the large custody transfer, exchange flow data painted a more balanced picture at press time. ENA’s daily spot netflow, for instance, remained negative at -$456.47K, indicating that exchange outflows still exceeded inflows.
The reading suggested that the broader market continued to withdraw tokens instead of sending them to centralized exchanges for immediate selling. Even though the custody transaction raised fresh concerns, aggregate flow data failed to confirm widespread distribution.
In addition, recent sessions showed negative Netflows dominated most observations despite occasional positive spikes.
That trend reduced immediate exchange supply and softened the bearish implications of the 290 million ENA transfer.
Nevertheless, traders would likely require sustained negative Netflows to preserve that advantage because sustained inflows could quickly strengthen selling pressure.
Source: CoinGlass Can ENA break above resistance next? At the time of writing, Ethena [ENA] was trading at around $0.0913 after extending its recent recovery towards the $0.0955-resistance level. Buyers steadily defended higher lows, allowing price to recover from the $0.0788-support established earlier this month.
Meanwhile, the 14-day RSI climbed to 63.83 while its moving average stood at 52.56, reflecting a hike in buying interest without entering overbought territory.
That improvement suggested that bullish participation increased as the price approached its overhead resistance.
Even so, ENA still traded beneath the stronger $0.1120 resistance. It remains the next major barrier if buyers secure a breakout above $0.0955. Failure to reclaim that level would likely encourage another retest of $0.0788, whereas a confirmed breakout could open the path towards $0.1120.
Source: TradingView Where could ENA’s next volatility emerge? Finally, liquidation data highlighted several leveraged positions surrounding ENA’s press time trading range.
The nearest concentration of short liquidations appeared slightly above $0.093, meaning a successful breakout could force bearish traders to close positions and accelerate buying activity. However, substantial liquidity also clustered below $0.087, creating a downside magnet if the price loses its nearby support.
Those opposing liquidation pockets alluded to leverage being balanced, despite the recent recovery.
Rather than confirming a clear directional bias, the heatmap indicated volatility would likely increase once ENA reaches either liquidity zone.
Traders should probably watch those levels closely because liquidation-driven moves often intensify short-term price swings beyond ordinary spot market activity.
Source: CoinGlass Final Summary ENA held firm despite the large custody transfer as exchange outflows continued to outweigh inflows. Buyers approached the $0.0955-resistance while liquidation zones hinted at higher volatility ahead.
Ethena (ENA) is trading at $0.091 after a 4% gain. If momentum holds, $0.13 would be the next major target. Ethena (ENA) has spent weeks doing the work that bull runs are actually built on, holding support, absorbing sell pressure, and slowly shifting the structure in favour of the buyers. A TD Sequential buy signal appeared on the weekly chart and was followed almost immediately by a 17% price rally. ENA is currently trading at $0.09121, up 4.36%.
Both the RSI and ChandeMo Oscillator are forming bullish divergences. That combination of price action still finding its footing while momentum indicators point higher is one of the more reliable early signals that selling pressure is fading and buying interest is building underneath.
The long-term descending trendline that had been suppressing ENA for months has now lost its grip. Rather than falling back below the breakout level, price has spent weeks building acceptance above the former trendline while repeatedly defending the newly established support zone.
Moreover, ENA is now consolidating inside a well-defined rectangle pattern, with buyers defending the lower boundary and price pressing to the upper resistance. Rectangle consolidations of this type precede explosive breakouts. The contraction in volatility is building pressure, and a decisive move above confirms that bulls are reclaiming control.
The Crucial Resistance and Support Levels of Ethena With a potential break above $0.0931, a strong candle opens the path to $0.0950, followed by $0.0985. This threshold can only be achieved by strong momentum without any rejection. Also, if momentum holds and buying interest sustains, $0.13 becomes ENA’s next major target.
If a pullback occurs, it could push the Ethena price toward $0.0860. Further downside invites the $0.0829 zone, before any renewed move higher. A close drop below $0.0812 with stronger bearish momentum could push the price toward $0.078 or lower.
The broader market structure is bullish, and the accumulation pattern is holding. At press time, Ethena needs the key support zone to hold one more time.
ENA’s Technical Momentum Signals a Bullish Move The Moving Average Convergence Divergence (MACD) and the signal lines show that the buying pressure is accelerating. Both lines above zero indicate ENA’s overall uptrend. The short-term price momentum is consistently higher than its long-term average.
The recent price surge is gaining speed. A healthy uptrend with buyers firmly in control, and the current momentum is pushing it further. It’s a favourable environment for holding long positions.
In addition, the ongoing market sentiment for Ethena is bullish as the daily Relative Strength Index (RSI) is at 70.67. The asset is inside overbought territory. Buyers have been driving the price higher with significant intensity over recent candles.
It doesn’t mean the price will crash immediately, but the odds of a short-term pullback are higher as traders take profits. It is appropriate to wait for a slight dip or for the value to pull back and reset before buying.
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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 [ENA] has made some modest gains to get the week off to a good start. Since making the $0.078 low on Monday, July 20, the altcoin has rallied 13%. In the past 24 hours, its Open Interest has expanded by 7%.
Source: Onchain Lens on X On July 21, Onchain Lens observed a 16 million ENA move, worth around $1.37 million. The wallet withdrew this from their Gnosis multisig wallet to Binance. Transfers to centralized exchanges generally point toward sell pressure.
Ethena holders have experienced profits, as seen on the daily transaction volume in profit metric. A rise in average order size also indicated potential whale interest in ENA, AMBCrypto reported.
ENA operates within a downtrend, but a temporary uptrend was underway The $0.085 target presented has been met and cleared. However, the higher timeframe trend remained bearish.
Source: ENA/USDT on TradingView The local highs at $0.098 and $0.118 are the potential price targets in case of a short-term uptrend. As the Fibonacci retracement levels show, the swing structure on this timeframe was bearish.
A rally could rise to $0.123, but the likelihood of this had been in question as ENA repeatedly failed to breach the $0.085 resistance zone over the past three weeks. The gains at the start of this week were a positive sign.
Source: CoinGlass The liquidation heatmap of the past three months agreed. There were two magnetic zones to keep an eye on. The $0.09 and $0.10 had dense short liquidations that traders should keep an eye on.
Traders’ call to action- Cautiously bullish stance warranted Source: ENA/USDT on TradingView The $0.085 zone was flipped to support. The OBV was making new local highs to indicate increased buying pressure. The RSI showed strong bullish momentum, though a bearish divergence warned of a brief dip toward $0.085.
Such a dip would likely present a short-term buying opportunity. As noted earlier, the $0.098,$0.118, and $0.123 levels are viable targets for ENA in a pullback within its higher timeframe downtrend.
Final Summary The $0.085 local resistance zone was flipped to support, though a short-term RSI bearish divergence could cause a minor price dip. Traders can wait for the current upward move to push toward $0.11-$0.12 before looking to take profits. Bitcoin volatility could hurt this short-term setup.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Ethena holders have been floating in profits lately. The ratio of daily transaction volumes in profit compared to volumes in loss surged to 1.41 yesterday, hitting a new level not seen since the month began.
In simple terms, profitable transactions outweighed losing ones. This may be a sign that a large portion of the market was comfortably above its cost basis.
This development matters because profitable holders do not always rush to close open position. Instead, sometimes they do the opposite and choose to hold positions and maximize on more profits. As might be the case with ENA.
Source: Santiment Are ENA whales behind the gains? According to AMBCrypto’s analysis of recent derivative data, Ethena whales have been making moves too. For instance, the Future Average Order Size data hinted at a surging number of whale orders at the press time trading price.
Source: CryptoQuant That’s not all as retail participation has followed a similar path, with buying activity increasing alongside the broader uptrend.
This combination is worth watching as it seemed to highlight an even distribution of market orders. Both retail traders and big players seemed to have the same bias for the market structure at press time.
Such an alignment increases the chances of a follow-up explosive move for ENA.
Source: CryptoQuant Technical indicators align with bullish on-chain developments On the daily chart, the altcoin’s price action still respected the bullish trend by bouncing off from an ascending trend line at $0.0770. It has been on a bullish trend since the Ethena network and Coinbase base partnership was announced back in June.
This price momentum was extended over the last 24 hours after it pushed past a key 20 Simple Moving Average (20EMA). At the same time, its Bollinger Bands divergence widened too, hinting at greater volatility in recent times.
If buyers and holders sustain the ongoing trend , the resistance level at $0.0985 could be the next target for ENA’s price action.
Source: TradingView Next move may depend on holders At the time of writing, the market bias appeared to be tilted in favor of buyers. Profitable transactions continued to dominate daily activity, whales remained engaged, retail traders were still participating, and technical indicators aligned with market bias.
For a trend that began with a venture investment announcement, that is more than a green flag for the network’s bulls and holders.
Final Summary ENA’s transaction volume in profit seemed to outweigh its loss-making volume, indicating that many holders were above their cost basis. Whale and retail participation rose as ENA traded above a key 20-day moving average and volatility began to expand.
Bybit, the prominent crypto exchange, has announced an exclusive facility for verified consumers. In this respect, Bybit has officially eliminated the redemption and minting fees for $USDe. As per Bybit’s official social media announcement, the development comes after the updated fee structure of Ethena. Thus, this move provides simplified access to relatively straightforward institutional and retail participants.
We're excited to announce that USDe minting and redemption with USDC is now completely free on Bybit.
Building on @ethena_labs' updated fee schedule, Bybit continues to lead as the only major exchange offering open access to USDe direct mint & redeem for all verified users… pic.twitter.com/GOz8lR1wvG
— Bybit (@Bybit_Official) July 14, 2026 Bybit Streamlines $USDe Redemption and Minting with Zero-Fee Model The removal of redemption and minting fees for $USDe is set to benefit verified institutional and retail Bybit users. The development permits consumers to accomplish the procedure directly via the user interface of Bybit or the API with no need to interact with DeFi protocols. The exclusive update underscores the wider strategy of Bybit to streamline access to cutting-edge yield-generating digital assets alongside enhancing the trading experience. Additionally, the platform is the only major crypto exchange providing direct redemption and minting of $USDe to recognized consumers via a centralized interface.
Apart from that, the respective approach removes the requirement for consumers to bridge assets, navigate dApps for redeeming or obtaining $USDe, or link external wallets. As a result, users can manage transfers within an acquainted setting while leveraging a relatively streamlined procedure. As part of the revised fee schedule, conversions between $USDe and $USDC occur with zero fees at a 1:1 ratio.
While the crypto exchange has eliminated the network fees for the respective transfers, the internal processing gas fees may still remain intact in line with the type of transfers. Even with the implementation of the respective operational charges, the total redemption and minting expense for $USDe is anticipated to be notably reduced compared with before. At the same time, consumers can gain seamless access to yield opportunities apart from maintaining rapid liquidity.
Growing $USDe Accessibility for Wider Adoption of Synthetic Dollars According to Bybit, unlike products requiring users to commit assets for a specific duration, the latest model permits consumers to redeem or mint $USDe at the time of need. Simultaneously, holders can leverage a dynamic annual percentage rate (APR), enabling returns adjustment in line with the ongoing market conditions. Overall, the fee-free $USDe redemption and minting framework may strengthen wider expansion of synthetic dollar assets, specifically among consumers who prioritize centralized trading entities over straightforward DeFi engagement.
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Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
Ethena [ENA] has been moving upward since the 8th of July. The altcoin has made a 14.11% move from the $0.072 low on that day to the current market prices of $0.082 after reclaiming the short-term resistance zone at $0.08. However, the token has been falling lower since the attempted rally beyond $0.10 in early June. Despite the recent gains, the downtrend has yet to be broken.
The Robinhood Earn feature, launched on the 1st of July, has also been a big plus for Ethena. The network observed in a post on X that Ethena represented over 70% of the asset allocation from Robinhood user deposits. Ethena seeded $50 million into a USDG vault on Morpho, chosen by Steakhouse Financial. This inflow pushed the Robinhood Chain’s TVL up by 160%.
Contrasted against this positive news for the synthetic dollar protocol was the Whale Alerts post on X that showed a 1.231 billion ENA transfer, worth $94 million, between two unknown wallets.
Using ENA price action to sort out the upcoming trends Source: ENA/USDT on TradingView For an altcoin that is down 94% from its all-time high, the weekly chart is expected to be bearish. The OBV has been making new lows for over two years. The ENA price fell below the $0.19-$0.20 support zone at the start of the year. This support level had been defended since September 2024.
Other momentum indicators were neutral or bearish on this timeframe, and the OBV signaled overall bearish dominance. However, a lower timeframe resistance zone has been breached.
Should ENA traders wait before selling? Source: ENA/USDT on TradingView The 1-day swing structure broke bearishly at the start of June (white). The ongoing price bounce from the 0.08 zone requires the OBV to continue going higher to signal steady buying pressure.
Such a bounce is technically possible, but the broader market sentiment needs to support ENA’s bullish shift, if it comes. Even then, the $0.105 round number and 50% retracement level would be a key resistance zone to overcome.
A bounce to $0.105-$0.125 could be sold with conviction. At current prices, neither buying in expectation of a bounce nor selling ahead of a price slide had a good enough risk-to-reward for swing traders.
Final Summary A $94 million ENA token worth alongside the bullishness around the Robinhood Earn news presented mixed signals for market participants. The long-term price action was bearish, and the $0.105-$0.125 pivotal resistance zone was one to watch.
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.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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 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.
Pump.fun added trading for Robinhood Chain tokens and prediction market World said it will migrate from Solana, as CEO Vlad Tenev reversed course to call the RWA-focused chain 'great for memes.' The biggest jump in value locked, though, came from an Ethena stablecoin deposit.
Robinhood Chain's onchain activity surged this week as a memecoin frenzy, a Pump.fun integration and a defecting Solana app converged on the barely week-old network — even as its largest single inflow traced to a stablecoin deposit rather than the meme trade.
Cumulative addresses on the Arbitrum-based Layer 2 climbed toward 200,000 and protocol total value locked reached roughly $234 million, according to a network overview dashboard published by Entropy Advisors on Dune.
The chain went live to the public on July 1, meaning nearly all of that growth was compressed into the past week, with activity accelerating over the last two days.
Robinhood active addresses. Source: Dune AnalyticsTenev's About-FaceThe tone shift came from the top. In a post on X late on July 7, Chief Executive Vlad Tenev wrote: "While we're building robinhood chain to be the best chain for RWA … it works great for memes too."
The comment reversed a position Tenev had staked out days earlier. In a July 2 CNBC interview tied to the mainnet launch, he had described memecoins as largely a dead end, arguing that assets without utility do not serve a lasting purpose and that tokenized real-world assets were the more durable direction for crypto.
Robinhood has marketed the chain as infrastructure for tokenized equities and other RWAs since it switched on the mainnet at a London keynote billed as "Robinhood Presents: The World Is Flat," with day-one integrations from Uniswap, Chainlink, Alchemy and BitGo. The Defiant covered the launch in detail here.
Pump.fun Routes Traders InSolana launchpad Pump.fun added support for Robinhood Chain tokens on July 8, lowering the friction for traders chasing the network's memecoins.
"Robinhood tokens are now available to trade on the Pumpfun app!" the platform wrote on X, citing "no bridging," trading "seamlessly in SOL," and the ability to "trade every trending Robinhood token."
Co-founder Alon Cohen framed the move as an extension of the app's existing multichain tool rather than a standalone feature.
"The pump fun app is not just for pump fun coins; it covers all of your cross-chain trading. trade Robinhood tokens now. 0% fees on Solana," he posted.
World Defects From SolanaRobinhood Chain also notched an ecosystem win at Solana's expense. World, the onchain prediction market that launched on Solana on July 1 and runs inside the Phantom wallet, said it would relocate to the new network.
"world has made the decision to migrate off of solana and onto @RobinhoodCrypto chain," the team posted on X on July 8, describing the move as a "tactful pivot" made "after careful deliberation" over the prior 24 hours and thanking the Solana foundation and community.
CASHCAT Leads the Meme WaveThe token drawing the most attention is CASHCAT, which references "Cash Cat," an early mascot from Robinhood's history as a stock-trading app. CASHCAT trades against Robinhood Chain's Uniswap V3 deployment.
It traded around $0.1373 on July 8, up about 1,320% over 24 hours, with a market capitalization near $137 million and 24-hour trading volume of roughly $194 million, according to CoinGecko. The token swung between $0.0089 and $0.1475 during the session.
Adoption Climbs From a Standing StartBeyond the memecoin trade, the dashboard shows broad-based growth in usage. Daily active addresses spiked to tens of thousands in early July from near-zero during the testnet phase in mid-June, and cumulative unique addresses approached 200,000.
Decentralized exchange volume was a standout, peaking near $400 million in a single day on July 7, with the bulk routed through Uniswap V3 and V4 alongside PancakeSwap V3, per the Dune data. Transaction fees on the chain remained low, averaging about $0.005 per transaction at a gas price near 0.021 Gwei.
Robinhood Chain DEX Volume. Source: Dune AnalyticsEthena Deposit, Not Memes, Drove the TVL JumpDespite the meme activity, the single largest driver of Robinhood Chain's TVL was a stablecoin deposit. Ethena seeded roughly $50 million into a Steakhouse Financial-curated USDG vault on Morpho, the lending protocol that powers Robinhood Earn, the app's onchain yield product offering an estimated 7% APY on USDG.
That inflow pushed protocol TVL up more than 160% in a single day, DefiLlama data showed, with Morpho accounting for the bulk of the network's tracked DeFi liquidity and stablecoins — mostly USDG — making up the majority of onchain value.
Robinhood Chain TVL. Source: Dune AnalyticsThe split points to two stories unfolding on the chain at once: institutional stablecoin and lending flows building the balance sheet, and a retail memecoin rush, now amplified by Pump.fun, driving transaction counts and active users. Conflating the two overstates the role of the meme trade in the headline TVL figure.
RWAs Still a SliverFor all the chain's real-world-asset framing, tokenized RWAs remained a small share of activity. The total tokenized value of assets such as U.S. Treasuries, stocks, ETFs and commodities stood at roughly $12.8 million — a fraction of the stablecoin and lending balances driving headline TVL.
Robinhood's Stock Tokens, tokenized debt securities that track U.S. equities and ETFs without conferring shareholder rights, are available in more than 120 countries but not to U.S. persons.
That gap illustrates the pattern playing out across Robinhood Chain's first week: speculative trading and yield-seeking stablecoin deposits are seeding early liquidity and activity, while the tokenized-securities use case the network was built for is still ramping.
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
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Ethena [ENA] has entered a critical stabilization phase after weeks of persistent selling pressure. At press time, ENA was trading near $0.07127, barely above the $0.06993 cycle low.
This indicated that sellers were losing momentum, instead of accelerating further.
However, buyers still seem to lack conviction to trigger a meaningful reversal. So far, every recovery attempt has stalled below the 23.6% Fibonacci level at $0.07663. Repeated rejections might be evidence that demand remains weak despite slowing bearish momentum.
Source: ENA/USD on TradingView Meanwhile, On-Balance Volume flattened between -75 million and -84 million. The price made a fresh low and yet, cumulative volume failed to follow lower. Such a divergence means that sellers might no longer dominate with the same conviction.
Instead, patient buyers might be absorbing the supply gradually near press time levels. Even so, absorption alone cannot reverse the prevailing downtrend. Buyers must reclaim $0.07663 before sentiment can improve sustainably.
Doing so could expose $0.08413 and later $0.08748 as recovery targets. Otherwise, ENA losing $0.06993 would invalidate the developing base. That outcome could quickly expose the $0.06323 extension, reinforcing the broader bearish structure once again.
Institutional momentum builds around Ethena On the 29th of June, Ethena partnered with BlackRock, bringing its synthetic dollar, USDe, into the institutional spotlight. Additionally, it integrated USDe onto the Aladdin platform, which provides support to institutions whose total managed assets exceed $20 trillion.
Source: X Moreover, with BlackRock’s BUIDL fund becoming the primary backing asset for Ethena’s upcoming white-label stablecoin, this creates additional credibility within the institutional space and increases the accessibility of tokenized financial products.
In fact, whale transactions indicated that there are likely large-scale investors positioning themselves for potential opportunities surrounding the ecosystem. For instance – According to Santiment, $5.7 million in USDe was transferred to Bybit as part of one of the top 10 deposits over the last 24 hours.
Source: Santiment Stablecoins made up most of the largest exchange inflows, indicating there may be available capital to be used for future deployments. Larger, more substantial investors have shown their caution in transferring sizeable amounts of Ethereum [ETH] and stETH.
The mixed flow of these transfers may be a sign that many institutional participants might be positioning themselves for possible market opportunities. It might also mean that they are continuing to manage their downside risk given the uncertainty in the markets.
Final Summary Ethena [ENA] must reclaim $0.07663 to confirm a sustainable recovery and weaken the prevailing bearish structure. Ethena is attracting institutional attention, but cautious whale positioning is evidence of sustained market uncertainty.
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.
The expanded partnership puts Ethena’s synthetic dollar in front of BlackRock’s institutional client base and gives the firm’s tokenized treasury fund round-the-clock liquidity.
Posted June 30, 2026 at 7:11 pm EST.
Ethena Labs and BlackRock announced an expanded collaboration on Monday that adds Ethena’s synthetic dollar USDe to BlackRock’s Aladdin platform and creates a $100 million facility to give holders of BlackRock’s tokenized treasury fund, BUIDL, a way to reach liquidity when traditional markets are closed.
Tokenized treasury funds settle against a banking system that closes on nights and weekends, leaving holders of those funds without an easy way to move into cash when traditional markets are shut. The new facility is built to close that gap. Securitize — which tokenizes BUIDL and serves as its regulated transfer agent — runs the facility, letting approved BUIDL holders trade the fund for USDC, USDtb and other eligible stablecoins and back again, even while markets are dark.
Ethena and BlackRock framed the tie-up as two-way, on-chain plumbing connecting BUIDL and stablecoins — one that, they said, lets holders convert into the fund almost instantly. The setup builds on a round-the-clock atomic swap tie between USDtb and BUIDL that Ethena and Securitize established a year ago.
Separately, BlackRock made USDe a supported asset on Aladdin, the portfolio and risk system that large institutions running upward of $20 trillion in assets rely on to manage their holdings. USDtb anchors the relationship — a stablecoin that Anchorage Digital Bank issues and that holds BUIDL as its main backing — and BUIDL will also back a forthcoming white-label product from Ethena, CoinDesk reported.
“We believe stablecoins and tokenized real-world assets to be inextricably linked,” said Robert Mitchnick, BlackRock’s global head of digital assets. He said the facility “enables a level of frictionless interoperability that is core to the unique utility that tokenizing treasury funds makes possible.”
The deal is the latest in a run of institutional moves around Ethena, following a strategic ENA investment from asset manager Janus Henderson earlier in June. ENA, Ethena’s governance token, rose about 8% in the 24 hours after the announcement, according to CoinDesk.
“The next phase of digital asset adoption will be driven by infrastructure that allows traditional institutions to interact with onchain financial products through familiar systems and workflows,” said Guy Young, Ethena’s founder.
Related Listen: Why You No Longer Have to Choose Between TradFi and Crypto
BlackRock just made synthetic dollars an institutional asset class. The firm announced it is integrating Ethena’s USDe token into Aladdin, the portfolio and risk-management platform that oversees more than $20 trillion in assets for some of the world’s largest institutions.
In practical terms, this means pension funds, sovereign wealth managers, and asset allocators who already use Aladdin can now access and monitor USDe through their existing workflows. No new infrastructure required. No separate onboarding. Just another line item in a system that already tracks a meaningful chunk of global wealth.
What the deal actually involves The partnership has two sides. First, there’s the Aladdin integration itself, which gives institutional clients visibility into USDe positions alongside their traditional holdings. Second, BlackRock’s tokenized Treasury fund, BUIDL, will serve as the primary reserve asset for Ethena’s upcoming white-label stablecoin products. It means future synthetic dollar products built on Ethena’s infrastructure will be backed, in part, by tokenized US Treasuries managed by BlackRock.
Ethena is also providing a $100 million liquidity facility to support BUIDL, creating a reciprocal relationship where both parties have financial skin in the game.
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Here’s the thing about USDe: it’s not your standard stablecoin. Traditional stablecoins like USDC or USDT maintain their peg by holding reserves of cash and cash equivalents. USDe takes a different approach entirely, using a delta-neutral hedging strategy with crypto derivatives to generate yield while maintaining dollar parity. It holds long crypto positions and simultaneously shorts them via futures, capturing the funding rate spread as income while keeping the net exposure close to zero.
USDe currently has a circulating supply of roughly $4.45 billion, making it one of the larger synthetic dollar instruments in crypto.
Why this matters for institutional adoption The market noticed. Ethena’s ENA governance token surged roughly 5-12% following the announcement, while Bitcoin prices held relatively steady. That divergence suggests traders viewed this as a company-specific catalyst for Ethena rather than a broad risk-on signal for crypto.
By positioning its tokenized Treasury fund as the reserve backbone for white-label stablecoins, BlackRock is essentially creating a template for how institutional-grade synthetic dollars get built going forward. Any fintech or DeFi protocol that wants to launch a branded stablecoin through Ethena’s infrastructure would, by extension, be using BlackRock’s tokenized Treasuries as collateral.
What investors should watch The delta-neutral strategy that powers USDe carries its own set of risks. Funding rates in crypto derivatives markets can turn negative during prolonged bear markets, which would compress or eliminate USDe’s yield advantage. During severe market stress, the basis trade that underpins the whole system can behave unpredictably.
There’s also the competitive landscape to consider. Tether and Circle dominate the stablecoin market with combined supplies well north of $100 billion. USDe at $4.45 billion is a fraction of that.
The $100 million liquidity facility from Ethena to BUIDL also creates an interesting dynamic. It aligns incentives but introduces counterparty interdependence. If USDe were to face redemption pressure, the liquidity facility commitment could become a constraint rather than a cushion.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Crypto whales are repositioning for July, and on-chain flows tell the story. Even as several large tokens slipped over the past 24 hours, BeInCrypto analysts tracking big wallets found three altcoins for July drawing fresh accumulation.
The selection rests on whale balance shifts paired with hard protocol data, not price guesses.
Aave (AAVE)Aave anchors this list of altcoins for July because its on-chain base keeps expanding. The whale bid here comes from mid-sized holders, not one large address.
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The 10,000 to 100,000 AAVE wallet cohort, the smaller whales, lifted holdings from 4.09 million to 4.27 million over the past 48 hours. That is roughly 180,000 AAVE added, worth about $16 million. The move reads as broad crypto whale accumulation rather than a single outlier trade.
AAVE Whale Cohort Accumulation: SantimentThis buying makes more sense alongside the protocol numbers. Aave TVL, or Total Value Locked, the value of assets deposited in a protocol, sits near $13.04 billion, with borrowers drawing about $10.25 billion in active loans, according to DeFiLlama. That activity throws off roughly $937 million in annualized fees. Set against AAVE’s market value near $1.4 billion, the protocol generates fees worth about two-thirds of the token’s entire market cap each year.
Aave Value Vs Market Cap: DeFiLlamaFor DeFi tokens, that cash base is what turns the smaller-whale bid into a fundamental call rather than a momentum guess.
AAVE eased about 1.6% over 24 hours to $90.49. Yet the soft session did not stop mid-tier whale wallets from adding. Their willingness to accumulate into weakness suggests they treated the dip as an entry rather than a warning, keeping AAVE among the firmer setups for July.
Uniswap (UNI)Uniswap earns a place among these altcoins for July, though the whale signal is steadier than aggressive. Large holders are adding, but only at the margin.
Supply held by whales, with exchanges excluded, edged up from 778.56 million to 778.94 million UNI just hours ago. The addition is modest, near 380,000 UNI, so this looks like careful on-chain whale activity rather than a rush to load up.
UNI Whale Supply: SantimentThe patient stance makes sense once the fee switch is followed through. Heavy Uniswap trading volume, near $2.2 billion a day on-chain in June, now feeds a mechanism that buys back and burns UNI.
Uniswap DEX Volume: DuneThat sink pulled roughly $22.5 million of UNI out of supply in H1 2026, according to DeFiLlama. So the float tightens as whales add. Their marginal buying lands on a shrinking supply, and that consequence gives the bid weight.
Uniswap Fee Switch UNI Burn: DeFiLlamaUNI slipped about 2.4% over 24 hours to $2.87 and has traded flat for weeks. With whales adding cautiously rather than chasing, the token sits among altcoins to watch where conviction is building slowly. For now the steady flows and heavy volume matter more than the quiet price, leaving UNI a slower-burn name for July.
Ethena (ENA)Ethena delivers the boldest whale move among these altcoins for July, and it arrives against a falling price. That tension makes it the most interesting setup in the group.
Over the past 24 hours, ENA whale balances jumped about 3,166%, climbing from near 0.63 million to 20.63 million ENA. That means whales scooped up roughly 20 million ENA in a single day, worth about $1.5 million. The one-day surge marks the most aggressive accumulation in this group, and it landed while broader sentiment stayed soft.
ENA Whale Accumulation: NansenThe timing tracks Ethena’s recovery. USDe supply on Ethereum, the protocol’s synthetic dollar in circulation, has climbed about 19% off its late-April deleveraging low and held near $4.5 billion for six weeks, according to Dune Analytics. Because USDe is Ethena’s fee base, a rebuilding supply points to returning yield demand and fees accruing to ENA. For whales, a stabilizing stablecoin signals the unwind has passed.
USDe Supply Recovery: DuneHere the signals clash. ENA fell about 4.4% over 24 hours, yet whales expanded holdings sharply. The split suggests large holders are buying the dip while price lags behind on-chain demand. When aggressive accumulation meets a soft tape, the gap usually resolves one way or the other, and for July the whale bid is the stronger signal on this token.
The world's largest asset manager will list the USDe synthetic dollar as an approved asset on its institutional risk platform, while its BUIDL fund becomes the primary backing for Ethena's whitelabel stablecoins.
BlackRock will list Ethena's USDe as an approved digital asset on Aladdin, its institutional portfolio and risk-management platform, the two firms said Monday, opening the synthetic dollar to the asset managers, banks, insurers and pension funds that run money on the system.
Ethena, whose USDe synthetic dollar has a circulating supply of about $4.45 billion, said the integration gives institutional users a familiar interface to hold and monitor the token. As part of the same agreement, BlackRock's tokenized Treasury fund, BUIDL, will serve as the primary backing asset for Ethena's whitelabel stablecoin product, and Ethena will provide a liquidity facility for BlackRock's tokenized products. Ethena said Aladdin is used by financial institutions to manage more than $20 trillion in assets.
ENA climbed about 5% after the announcement, while Bitcoin was little changed, according to CoinGecko data. The token trades around $0.08, with a market capitalization near $740 million, down sharply from levels reached during last year's rally. USDe held its peg, trading at about $0.998.
The deal marks the deepest link yet between the world's largest asset manager and a DeFi protocol built on derivatives trading, and it extends a pattern of traditional finance firms moving capital and infrastructure onchain rather than building competing rails. For Ethena, it adds an institutional distribution channel on top of a flurry of recent tie-ups with regulated players.
What the agreement coversThe arrangement has three parts, according to Ethena's announcement. USDe gets added to Aladdin as an approved digital asset. BUIDL, BlackRock's USD Institutional Digital Liquidity Fund, becomes the main reserve asset for the stablecoins Ethena builds for other applications and networks through its whitelabel service. And Ethena commits a liquidity facility, sized at $100 million and run through tokenization platform Securitize, to support BlackRock's tokenized products.
Under the liquidity facility, eligible BUIDL holders can swap the fund's tokens for supported stablecoins including USDC and USDtb, and convert back into BUIDL outside regular trading hours, according to reports of the announcement. Securitize is BUIDL's regulated transfer agent.
BUIDL holds about $3.06 billion in tokenized U.S. Treasury bills, cash and repurchase agreements, according to DefiLlama, placing it among the largest tokenized Treasury funds onchain. Ethena's whitelabel service, which it markets as stablecoin-as-a-service, already underpins third-party tokens such as Jupiter's JupUSD on Solana, which Ethena launched earlier this year backed primarily by BUIDL.
Delta-neutral StrategyUSDe is not a conventional stablecoin. Rather than holding cash and short-term Treasuries one-for-one, it uses a delta-neutral strategy: pairing spot crypto holdings with offsetting short futures positions and capturing the funding-rate spread to hold a roughly $1 peg and generate yield. Listing that instrument on Aladdin, the system institutions use to track and manage risk across portfolios, gives the synthetic dollar a route into allocations it has not previously reached.
The tie-up also illustrates how BlackRock is using BUIDL as a building block for other firms' products. By making the fund the default reserve for Ethena's whitelabel stablecoins, BlackRock embeds its tokenized Treasuries into stablecoins issued across multiple applications and chains, while Ethena's facility gives BUIDL holders a faster onchain exit.
Institutional DealsThe BlackRock agreement caps a stretch of institutional partnerships for Ethena. This month, $480 billion asset manager Janus Henderson made a strategic investment in Ethena's ENA governance token and said it would allocate treasury cash to USDe and explore exchange-traded products tied to the assets. Days earlier, Coinbase Ventures disclosed its first investment in Ethena alongside a distribution agreement covering Coinbase's user base.
Ethena has also expanded an arrangement with crypto bank Anchorage Digital, named Kraken as institutional custodian for USDe's reserves, and worked with Safe to enable gas-free USDe transfers.
The two firms are not new partners. Ethena's USDtb stablecoin, which launched in December 2024, holds the majority of its reserves in BUIDL and is issued by Anchorage Digital Bank. The Defiant covered the USDtb launch at the time. In June 2025, Ethena and Securitize enabled round-the-clock swaps between BUIDL and USDtb.
BlackRock, for its part, has steadily widened its onchain footprint beyond its spot Bitcoin and Ether exchange-traded funds. It launched BUIDL with Securitize in March 2024 and has since partnered with decentralized exchange Uniswap and taken a position in its UNI token, part of a broader move by large asset managers, including Apollo Global Management, to invest directly in DeFi protocols.
Why Does USDe’s Aladdin Support Matter? Ethena’s USDe is becoming a supported cryptocurrency on Aladdin, BlackRock’s enterprise investment and portfolio management platform, giving institutional users a new route to interact with digital dollar infrastructure through a system already embedded in traditional finance workflows.
The move is part of a deeper collaboration between BlackRock and Ethena Labs, aimed at expanding institutional access to Ethena’s products and improving liquidity around BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL.
The companies said the agreement is designed to “advance institutional adoption of digital dollar infrastructure and the interoperability of digital dollars with tokenized financial assets.” That language points to the broader direction of the deal. The focus is not simply adding another crypto asset to an institutional platform. It is about making tokenized money market products, stablecoins, and synthetic dollar assets easier to move between onchain and traditional portfolio systems.
Aladdin is used by banks, insurers, pension funds, asset managers, and other institutional investors to track portfolios, manage risk, and support investment operations. Adding USDe to that environment gives Ethena greater visibility inside the systems where institutional allocation decisions are reviewed and managed.
How Does The BUIDL Liquidity Facility Work? As part of the agreement, Ethena will support a $100 million liquidity facility through Securitize, the tokenization platform and regulated transfer agent for BUIDL. The facility is intended to make it easier for eligible BUIDL clients to exchange BUIDL tokens for USDC, USDtb, and other supported stablecoins.
Clients will also be able to convert those stablecoins back into BUIDL outside normal market hours. That is an important operational change because tokenized assets are often promoted as 24-hour infrastructure, while the underlying financial products they represent can still carry traditional market-hour limitations.
BlackRock’s global head of digital assets Robert Mitchnick said, “In the case of tokenized treasury funds in particular, this liquidity facility enables a level of frictionless interoperability that is core to the unique utility that tokenizing treasury funds makes possible.”
The statement reflects the practical case for tokenized Treasury funds. Their value depends not only on yield or brand recognition, but also on whether institutions can move in and out of them efficiently across digital settlement environments.
Investor Takeaway The deal strengthens the bridge between tokenized Treasury products and digital dollar liquidity. For institutions, the key development is not only USDe support, but the ability to move between BUIDL, stablecoins, and tokenized cash-like instruments with fewer operational frictions.
Why Is Ethena Becoming More Relevant To Institutions? Ethena’s USDe differs from traditional stablecoins such as USDC and USDT. Those tokens are backed by highly liquid fiat-based reserves, while USDe is a synthetic dollar designed to offer yield potential through Ethena’s structure.
That distinction makes USDe both attractive and more complex for institutional users. It can serve as a yield-bearing digital dollar instrument, but it also requires institutions to understand its collateral, hedging, liquidity, and risk-management model. Integration with familiar systems such as Aladdin could help reduce operational barriers for institutions that are not ready to manage exposure only through native crypto interfaces.
Ethena founder Guy Young said, “The next phase of digital asset adoption will be driven by infrastructure that allows traditional institutions to interact with onchain financial products through familiar systems and workflows.”
That is the core strategic point. Institutional crypto adoption is increasingly being shaped by infrastructure rather than only asset performance. Banks, asset managers, and treasury desks need reporting, risk controls, settlement clarity, and liquidity access before they can use tokenized products at scale.
Ethena has also been expanding its institutional footprint through other partnerships and investments. Asset manager Janus Henderson recently made a strategic investment in ENA and planned to use USDe for treasury management while exploring distribution routes through exchange-traded products. Ethena has also announced plans to allocate $250 million to Securitize’s tokenized AAA-rated collateralized loan obligation fund, increasing its exposure to tokenized credit markets.
What Does This Say About Tokenized Real-World Assets? The BlackRock-Ethena collaboration adds to a wider push by global asset managers and decentralized finance protocols to bring tokenized real-world assets into more usable institutional channels.
BUIDL, launched in 2024 on Ethereum, is one of the largest tokenized U.S. Treasury funds. Tokenized Treasurys account for nearly half of the onchain real-world asset market, with about $15 billion represented onchain, according to RWA.xyz. BUIDL itself has roughly $3 billion in total value locked, according to DeFi Llama data.
BlackRock and Ethena already had a relationship through USDtb, an Ethena stablecoin issued by Anchorage Digital Bank and backed primarily by BUIDL. A year ago, Ethena and Securitize enabled round-the-clock atomic transfers between BUIDL and USDtb. The new agreement extends that structure by adding a larger liquidity facility and placing USDe into a broader institutional workflow.
The market reaction showed how investors viewed the announcement. Ethena’s governance token ENA rose about 8% on the day as traders responded to another high-profile institutional partnership.
Investor Takeaway Tokenized Treasury funds are moving from proof-of-concept products toward liquidity infrastructure. The next competitive layer is interoperability: which issuers can make tokenized cash, stablecoins, and synthetic dollar assets usable inside institutional systems.
What Are The Implications For Digital Dollar Infrastructure? The agreement shows that digital dollar infrastructure is becoming a strategic focus for both traditional asset managers and crypto-native issuers. Stablecoins, synthetic dollars, and tokenized Treasury funds are increasingly being treated as connected parts of the same market rather than separate product categories.
For BlackRock, the deal can increase the usefulness of BUIDL by improving liquidity pathways and linking the fund to more digital settlement instruments. For Ethena, Aladdin support gives USDe a stronger institutional access point and reinforces its effort to move beyond crypto-native DeFi users.
The main question is how institutions will assess the risk differences between tokenized Treasury funds, fiat-backed stablecoins, and synthetic dollar products. They may all serve digital dollar functions, but they do not carry the same structure, liquidity profile, or risk model.
That distinction will matter as tokenized finance grows. The BlackRock-Ethena arrangement gives institutions more tools to move between onchain products, but it also makes due diligence more important. Digital dollar infrastructure is becoming more interoperable, and that makes the quality of reserves, settlement design, and liquidity controls central to institutional adoption.
Ethena says it has integrated USDe, its synthetic dollar, into BlackRock’s Aladdin platform. The move targets the institutions that run portfolios and risk on the system.
The announcement also named BlackRock’s tokenized fund as the white-label backing. BlackRock has not published a matching statement.
USDe Gains a Path to Aladdin’s InstitutionsUSDe is one of the larger dollar-pegged tokens, with a supply near $4.5 billion as of June 29. It holds its peg with a delta-neutral strategy that pairs staked Ether (ETH) with short perpetual futures. That structure sits at the core of Ethena’s synthetic dollar model.
Ethena pitched the integration as institutional distribution. Its post pointed to the scale of capital that Aladdin already touches.
“The integration of USDe on Aladdin provides unique institutional access for the >$20 trillion of assets managed by financial institutions on Aladdin,” Ethena wrote in the announcement.
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BlackRock does not publish a single Aladdin asset figure, so that scale reflects the company’s own claim.
Native support would let those institutions track and analyze USDe inside tools they already run. For now, Ethena has not detailed how deep the integration goes.
BUIDL Deepens an Existing BlackRock TieThe relationship is not new. BUIDL, the BlackRock USD Institutional Digital Liquidity Fund, launched in March 2024 and ranks among BlackRock’s largest tokenized funds.
BUIDL already provides most of the reserves behind USDtb, the stablecoin backed by BUIDL that Ethena launched in late 2024. Naming it the primary asset for a white-label product lets other firms issue branded versions of Ethena’s dollars.
A new liquidity facility will connect BUIDL with USDe and USDtb for on-chain transactions. It builds on earlier work with Securitize that enabled around-the-clock swaps between the fund and Ethena’s tokens.
Ethena’s ENA token rose on the news, rising almost 10% in the immediate aftermath of the news, with the token near $0.0811 as of this wrting.
Ethena (ENA) Price Performance. Source: TradingViewThe bounce stands against a steep slide. ENA has fallen about 17% in a week and roughly 70% over the year.
The reaction echoes earlier institutional deals. An investment from a Wall Street asset manager lifted ENA before.
However, USDe still carries regulatory baggage. In April 2025, Germany’s BaFin ordered Ethena’s local entity to wind down USDe issuance. It was the regulator’s first action under the EU’s MiCA rules.
Whether Aladdin’s institutions allocate to USDe, rather than simply monitor it, will be the clearer test in the coming weeks.
BlackRock is adding Ethena’s USDe to Aladdin while making BUIDL the main reserve asset for Ethena’s whitelabel stablecoins.
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BlackRock is adding Ethena’s USDe to Aladdin, its institutional risk-management platform used by major asset managers, banks, insurers, and pension funds. The deal also makes BlackRock’s tokenized Treasury fund, BUIDL, the main reserve asset for the stablecoins Ethena deploys as a service for companies.
What's the Scoop?More on Aladdin: Aladdin is BlackRock’s portfolio management and risk system. Institutions use it to track assets, model risk, monitor exposure, and manage large portfolios. Adding USDe to Aladdin means institutions using the platform will have a more familiar way to view, track, and manage USDe alongside other assets.The BUIDL Piece: BUIDL, BlackRock’s tokenized Treasury fund, already the default collateral for Ethena's institutional USDtb stablecoin, will now also be the main reserve asset for the stablecoins Ethena builds for other companies. BUIDL holds tokenized exposure to short-term Treasuries, cash, and repo agreements.The Liquidity Facility: Ethena is also committing a $100 million liquidity facility through Securitize, the regulated transfer agent for BUIDL. The facility lets eligible BUIDL holders swap BUIDL into supported stablecoins, including USDC and USDtb, and move back into BUIDL outside normal market hours.Institutional Momentum: Global asset manager Janus Henderson recently made a strategic investment in ENA, Coinbase Ventures disclosed its first Ethena investment alongside a distribution agreement, Kraken was named institutional custodian for USDe reserves, and Anchorage Digital expanded its work with the protocol. All this is to say Ethena's working hard to expand its institutional footprint and it looks like its continuing to pay off.Excited to announce our collaboration with @Blackrock.
→Integration of USDe into BlackRock's Aladdin platform
→BUIDL as the primary asset for our whitelabel product
→Liquidity facility on BlackRock tokenized products
The integration of USDe on Aladdin provides unique… pic.twitter.com/onP6o8hIpp
— Ethena (@ethena) June 29, 2026
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Written by David Christopher
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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.
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TL;DR Around $73 million worth of tokens are scheduled to unlock between June 29 and July 5. ENA, SUI and EIGEN are among the largest unlock events to watch. Token unlocks matter because they can change circulating supply and short-term trading pressure. Token Unlocks Return To The Watchlist Around $73 million worth of crypto tokens are scheduled to enter circulation between June 29 and July 5, with Ethena, Sui and EigenLayer among the biggest names on the calendar.
That total is lower than the prior week’s reported $129.67 million unlock value, but it is still large enough for traders to watch. Token unlocks do not automatically create sell pressure, but they do change the supply picture. In a market already dealing with weak sentiment, even moderate unlocks can become part of the short-term trading conversation.
The reason is simple. When locked tokens become available, holders may sell, stake, hold, hedge, or move them into other strategies. The market does not know in advance which path they will choose. That uncertainty can weigh on price before the unlock even happens.
Why ENA, SUI And EIGEN Matter ENA, SUI and EIGEN are worth watching because they sit in areas of the market where expectations can move quickly.
Ethena has become one of the more closely followed names in the synthetic-dollar and yield-linked corner of crypto. Sui remains one of the major layer-1 ecosystems competing for developer and user activity. EigenLayer is tied to restaking, one of Ethereum’s most important infrastructure narratives.
That means unlocks in these assets are not just mechanical supply events. They also test conviction in some of the market’s bigger themes. If buyers absorb the new supply without much trouble, that can be read as a sign of underlying demand. If prices weaken into or after the unlocks, traders may see it as evidence that liquidity is still too thin.
How Traders Should Read Unlocks The best way to read token unlocks is not to treat them as automatic sell signals.
A large unlock can be bearish if recipients sell into weak demand. But unlocks can also be well telegraphed and already priced in. Sometimes the market sells before the event and stabilizes once the uncertainty clears. Other times, the unlock becomes a catalyst for further downside.
The key is context. Are volumes rising? Is the asset already near support? Are perpetual futures crowded? Are unlock recipients likely to be early investors, team members, ecosystem funds, or community participants? Each of those details changes the risk profile.
For this week, the useful takeaway is that unlock pressure is lighter than last week but still relevant. ENA, SUI and EIGEN give traders three different windows into market appetite: synthetic-dollar infrastructure, layer-1 risk, and Ethereum restaking.
In a strong market, unlocks can be absorbed quietly. In a fragile one, they can become the excuse for another leg lower. That is why this week’s schedule deserves attention.
—
This article was written by the News Desk and edited by Samuel Rae.
BlackRock just made it a lot easier for pension funds and banks to buy into crypto’s synthetic dollar experiment. The asset management giant is integrating Ethena’s USDe directly into its Aladdin platform, the risk management and portfolio system that oversees more than $20 trillion in assets.
Think of Aladdin as the operating system that runs much of traditional finance. Banks, insurers, and pension funds use it to manage portfolios, assess risk, and execute trades. Now those same institutions can allocate to USDe, Ethena’s synthetic dollar, without building any new infrastructure or bolting on unfamiliar tools.
What the deal actually looks like The integration goes beyond simply listing another digital asset on a dashboard. BlackRock’s tokenized money market fund, BUIDL, becomes the primary reserve asset for Ethena’s white-label products.
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A new $100 million liquidity facility is being launched through Securitize. The facility supports swaps between BUIDL and popular stablecoins like USDC and USDtb, specifically designed to facilitate transactions outside traditional banking hours.
This builds on groundwork laid in December 2024, when Ethena launched USDtb, a stablecoin primarily backed by BUIDL. The new announcement deepens that relationship considerably, turning what was a single product collaboration into a platform-level integration.
BlackRock’s Robert Mitchnick framed the move around interoperability. He pointed to the intrinsic link between stablecoins and tokenized real-world assets, suggesting that the liquidity facility creates the kind of frictionless experience institutional clients expect.
Market reaction and what ENA’s price tells us Ethena’s governance token ENA surged as much as 12% following the announcement, eventually closing the day 7-8% higher. The rally also came amid a broader market upswing, so isolating the BlackRock effect requires some caution. But the magnitude of ENA’s move relative to the rest of the market suggests this specific catalyst carried real weight with traders.
Why this matters beyond the headline USDe is not a traditional stablecoin. It’s a synthetic dollar that generates yield through delta-neutral strategies involving crypto derivatives. That’s a fundamentally different risk profile than holding USDC or USDT, which are backed by cash and treasury equivalents.
The $100 million liquidity facility through Securitize is designed to create reliable on-ramps and off-ramps between tokenized treasuries and stablecoins regardless of when New York banks are open, addressing liquidity as a bottleneck for institutional crypto adoption.
For investors evaluating Ethena specifically, the BUIDL reserve backing adds a layer of institutional credibility that most DeFi protocols lack. But the risks inherent in USDe’s synthetic structure, which relies on derivatives positions maintaining their expected behavior, don’t disappear just because BlackRock is involved.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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.
Updated Jun 29, 2026, 2:47 p.m. Published Jun 29, 2026, 2:02 p.m.
2 min read
BlackRock logo on a building (Anthony Quintano/CC by 2.0)Summary
BlackRock, the world's largest asset manager, will integrate crypto protocol Ethena's yield-generating token USDe into its risk management platform Aladdin and create $100 million liquidity facility for tokenized money market fund BUIDL.ENA was up 8% over the past 24 hours following the announcement.The deal follows Ethena's recent partnerships with Coinbase, Janus Henderson and Securitize.Ethena said its yield-generating "synthetic dollar" token will be integrated into BlackRock's (BLK) Aladdin risk management platform as the crypto protocol is deepening its relationship with traditional finance firms.
The Monday announcement sent Ethena's governance token ENA (ENA) up about 8% on the day as investors welcomed another high-profile institutional partnership.
Aladdin is BlackRock's portfolio construction and risk management platform used by banks, insurers, pension funds and asset managers overseeing more than $20 trillion in combined assets.
Ethena also said BlackRock's tokenized money market fund, BUIDL, will serve as the primary reserve asset for a forthcoming white-label product.
The firms also unveiled a $100 million liquidity facility that will allow eligible holders of BlackRock's tokenized Treasury fund, BUIDL, to exchange their holdings for USDC, USDtb and other supported stablecoins outside traditional market hours, and convert those assets back into BUIDL.
"We believe stablecoins and tokenized real-world assets to be inextricably linked," Robert Mitchnick, BlackRock's head of digital assets, said in a statement. "This liquidity facility enables a level of frictionless interoperability that is core to the unique utility that tokenizing treasury funds makes possible."
The announcement is the latest in a series of partnerships between global asset managers and decentralized finance protocols.
Earlier this year, BlackRock expanded its tokenized money market fund through a partnership with Uniswap and also invested an undisclosed amount in the decentralized exchange's UNI token. Private markets giant Apollo Global Management (APO) struck a deal with lending protocol Morpho to bring tokenized private credit assets onchain.
Ethena has been increasingly focused on expanding to institutions as well. Asset manager Janus Henderson, which oversees roughly $480 billion, recently made a strategic investment in ENA and planned to use USDe for treasury management while exploring ways to distribute the token through exchange-traded products. Ethena also announced plans to allocate $250 million to Securitize's tokenized AAA-rated collateralized loan obligation fund, deepening its exposure to tokenized credit markets.
Earlier this month, Coinbase Ventures disclosed its first investment in Ethena and unveiled plans to bring Ethena products to Coinbase's user base. Ethena also expanded its relationship with Anchorage Digital to support institutional lending through Anchorage's collateral management platform.
"The next phase of digital asset adoption will be driven by infrastructure that allows traditional institutions to interact with onchain financial products through familiar systems and workflows," Ethena founder Guy Young said in a statement.
UPDATE (June 29, 14:20 UTC): Adds further detail and comments from Ethena and BlackRock executives.
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@Ethena has confirmed a significant partnership with @BlackRock, integrating the $USDe synthetic dollar stablecoin directly into the Aladdin risk management and portfolio platform. The move marks one of the most high-profile institutional endorsements yet for a DeFi-native stablecoin.
What the Aladdin Integration Means $USDe will be listed on BlackRock Aladdin as an approved digital asset. Aladdin is BlackRock's investment management platform used by institutional investors to track portfolios and analyze and manage risk. The platform serves a broad client base spanning asset managers, pension funds, insurers, and banks, with the assets it oversees running well into the tens of trillions of dollars.
The companies said the move is intended to expand institutional adoption of digital-dollar infrastructure and improve interoperability between digital dollars and tokenized financial assets.
For Ethena, the listing on Aladdin is a meaningful step in its push toward regulated, institutional-grade distribution. As of March 2026, $USDe's circulating supply stood at approximately $5.92 billion, making it the third-largest stablecoin by market cap, behind USDT and USDC.
BUIDL as Primary Reserve and the Liquidity Facility The partnership also deepens the existing financial ties between the two firms. Ethena will provide a $100 million liquidity facility through tokenization platform Securitize to boost liquidity for $BUIDL, BlackRock's tokenized Treasury fund.
Under this structure, eligible BUIDL clients will be able to exchange BUIDL tokens for supported stablecoins including USDC and USDtb, and convert them back outside regular market hours, providing frictionless interoperability.
The partnership also establishes $BUIDL as the primary reserve asset for Ethena's upcoming whitelabel infrastructure. This builds on an existing relationship: BlackRock's BUIDL, launched in partnership with Securitize, is the largest tokenized fund of its kind, traded across blockchains including Ethereum, Arbitrum, Avalanche, and Polygon.
Together, these developments signal a broader convergence between decentralized stablecoin infrastructure and traditional institutional asset management, with Ethena positioning $USDe as a credible building block for the next generation of digital finance.
The world’s largest asset manager, BlackRock, is integrating Ethena’s USDe into its Aladdin investment platform, a move that would boost liquidity on the platform. The ENA price has climbed on the back of this development, bucking the crypto market’s downtrend.
BlackRock Expands Partnership With Ethena With USDe Integration In an X post, Ethena announced its latest collaboration with BlackRock, involving the integration of USDe into the asset manager’s Aladdin platform. The crypto project noted that the integration provides unique institutional access for the over $20 trillion of assets managed by financial institutions on Aladdin.
As part of the collaboration, BlackRock’s BUIDL will serve as the primary asset for the crypto project’s whitelabel product. It is worth noting that both firms already have an existing partnership with the USDtb stablecoin, primarily backed by BUIDL.
Meanwhile, Ethena will support a liquidity facility on BlackRock’s tokenized products. This latest partnership with BlackRock continues a streak of recent deals that the crypto project has struck involving the USDe stablecoin.
As CoinGape reported earlier this month, Ethena signed two major investment deals for the stablecoin. The company selected Centrifuge as its tokenization partner while it partnered with global asset manager Janus Henderson. Janus Henderson is investing in Ethena’s governance token, ENA, as part of the partnership.
ENA Price Climbs Following Announcement The ENA price surged to as high as $0.0854 following the announcement of Ethena’s latest collaboration with BlackRock. The governance token is still up 4%, trading at around $0.0805, according to TradingView data.
Source: TradingView; ENA daily chart The Ethena token is up despite the current downtrend in the crypto market, with the Bitcoin price trading below $60,000. The latest partnership with BlackRock is bullish for ENA as the crypto project features a fee-switch mechanism, in which a portion of revenue generated is used to buy back the token.
The founder of ENA Treasury Company, StablecoinX, Ted Chen, highlighted how massive the USDe integration into Aladdin is. He noted that insurers, pension funds, and asset managers, including financial giants like Deutsche Bank and Citi, use the platform.
“That’s over $20 trillion in assets that these managers have on the Aladdin platform. Now, all of these managers will have the ability to not only allocate to USDe, but also seamlessly integrate it into their existing portfolio management and risk analytics processes,” he added.
Key HighlightsEthena’s USDe Gains Institutional Platform AccessBUIDL and USDtb Receive Enhanced Liquidity InfrastructureAladdin Platform Extends Reach Into Digital Asset Markets BlackRock’s Aladdin platform extends integration with Ethena’s tokenized dollar ecosystem
USDe synthetic dollar product receives institutional access through Aladdin infrastructure
Securitize and Ethena establish $100 million liquidity mechanism for BUIDL token holders
Qualified BUIDL investors gain ability to convert tokens into stablecoins after trading hours
Enhanced partnership solidifies Aladdin’s position in digital Treasury and dollar product markets
On Monday, BlackRock and Ethena Labs announced an expanded collaboration that brings deeper Aladdin platform integration for tokenized dollar offerings. This strategic arrangement connects conventional portfolio management infrastructure with blockchain-based dollar solutions while simultaneously enhancing BUIDL token liquidity. The development creates more accessible pathways for institutional participants seeking exposure to tokenized funds, stablecoins, and synthetic dollar instruments.
Ethena’s USDe Gains Institutional Platform Access Ethena Labs revealed that its USDe offering will integrate with BlackRock’s Aladdin infrastructure for institutional deployment. USDe operates as a synthetic dollar instrument designed to generate returns through cryptocurrency market mechanisms. Consequently, Aladdin platform users will obtain direct visibility into Ethena’s blockchain-based dollar solution.
This connectivity advances Ethena’s expansion into mainstream financial distribution channels and compliant institutional operations. The integration positions USDe within reach of banking institutions, investment management firms, insurance companies, and pension fund systems. Aladdin functions as a critical connector between established finance infrastructure and Ethena’s digital dollar framework.
Unlike USDC and USDT, USDe employs a different architecture that moves beyond traditional fiat-backed reserve structures. Ethena engineers the token using cryptocurrency collateral positions combined with yield-generating strategies. The Aladdin integration provides the product with a recognizable entry point for institutional capital allocators.
BUIDL and USDtb Receive Enhanced Liquidity Infrastructure As part of the broadened agreement, Ethena will facilitate a $100 million liquidity mechanism in partnership with Securitize. Securitize operates as the tokenization infrastructure provider and transfer agent for BlackRock’s BUIDL fund. This arrangement provides qualified BUIDL token holders with expanded options for transitioning between tokenized fund positions and stablecoin holdings.
The liquidity facility enables authorized participants to convert BUIDL tokens into USDC, USDtb, and additional approved stablecoins. The mechanism also permits reverse conversions from stablecoins back into BUIDL positions during off-market hours. Aladdin platform users receive improved operational flexibility when managing tokenized treasury instruments.
BlackRock and Ethena previously collaborated through the USDtb initiative prior to this enhanced partnership. USDtb is issued through Anchorage Digital Bank, with BUIDL serving as the primary underlying asset. With Aladdin now positioned at the center of this broader ecosystem, BlackRock reinforces its tokenized dollar product infrastructure.
Aladdin Platform Extends Reach Into Digital Asset Markets Aladdin serves as BlackRock’s core platform for investment construction, execution, and risk oversight. Leading financial institutions deploy Aladdin to monitor holdings and evaluate portfolio exposures across asset classes. The Ethena integration introduces an additional digital asset dimension to this established institutional framework.
BUIDL debuted on the Ethereum network in 2024 and rapidly emerged as a significant tokenized Treasury vehicle. Tokenized government securities now represent a substantial portion of the blockchain-based real-world asset sector. Aladdin connectivity may facilitate broader adoption of tokenized sovereign debt instruments.
This agreement also signals an evolving relationship between traditional asset management firms and decentralized finance infrastructure. BlackRock has previously extended BUIDL availability through additional digital asset collaborations. Simultaneously, Ethena has deepened its institutional strategy through partnerships with Anchorage, Coinbase Ventures, Janus Henderson, and Securitize.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
Ethena’s governance token ENA has climbed after BlackRock integrated the project’s synthetic dollar USDe into its Aladdin investment platform, extending institutional access to a system used to oversee more than $20 trillion in assets.
Summary
BlackRock has integrated Ethena’s USDe into its Aladdin platform, expanding institutional access to the synthetic dollar. ENA rose as much as 12% following the announcement, outperforming the broader crypto market despite Bitcoin trading below $60,000. StablecoinX founder Ted Chen said the integration opens USDe to institutions managing more than $20 trillion through Aladdin. According to a June 29 X announcement from Ethena, the integration enables financial institutions using BlackRock’s Aladdin platform to access USDe through their existing investment and risk management workflows.
Excited to announce our collaboration with @Blackrock.
→Integration of USDe into BlackRock's Aladdin platform
→BUIDL as the primary asset for our whitelabel product
→Liquidity facility on BlackRock tokenized products
The integration of USDe on Aladdin provides unique… pic.twitter.com/onP6o8hIpp
— Ethena (@ethena) June 29, 2026 The company said the collaboration gives institutions connected to Aladdin a new route to allocate capital to the synthetic dollar while managing positions within the same platform.
BlackRock has expanded its relationship with Ethena Alongside the USDe integration, Ethena confirmed that BlackRock’s tokenized money market fund BUIDL will become the primary reserve asset for its white-label product. The companies already work together through USDtb, Ethena’s stablecoin backed mainly by BUIDL, making the latest announcement an expansion of an existing relationship rather than a new partnership.
Ethena also said it will provide a liquidity facility for BlackRock’s tokenized products. The company did not disclose financial terms or a launch timeline but described the arrangement as another step in connecting tokenized assets with institutional infrastructure.
The announcement follows several deals involving Ethena’s stablecoin business this month. Earlier, the company selected Centrifuge as its tokenization partner and entered an agreement with global asset manager Janus Henderson. As part of that collaboration, Janus Henderson committed to invest in ENA, Ethena’s governance token.
Another recent milestone came after StablecoinX completed its merger with TLGY Acquisition Corp., allowing the Ethena-focused infrastructure company to begin trading on Nasdaq under the ticker USDE.
The company said its public warrants started trading under the symbol USDEW on June 26 following the completion of the business combination a day earlier. The listing provides public-market investors with direct exposure to StablecoinX’s Ethena-focused strategy even as demand for USDe remains below last year’s peak.
ENA has outperformed the broader crypto market As per data from crypto.news, Ethena (ENA) price rose 12% to $0.083 shortly after the BlackRock announcement before easing to around $0.081, leaving the token about 7% higher on the day. The gain came while the wider cryptocurrency market remained under pressure, with Bitcoin trading below $60,000.
Ethena price chart — June 29 | Source: crypto.news Part of the positive reaction may be linked to Ethena’s fee-switch mechanism. Under the project’s design, a share of protocol revenue is allocated toward buying back ENA, meaning increased activity around USDe could benefit the governance token over time.
Commenting on the announcement, StablecoinX founder Ted Chen said the Aladdin integration significantly increases USDe’s institutional reach because insurers, pension funds and major asset managers already rely on the platform. He noted that organizations including Deutsche Bank and Citi use Aladdin to oversee portfolios.
“That’s over $20 trillion in assets that these managers have on the Aladdin platform. Now, all of these managers will have the ability to not only allocate to USDe, but also seamlessly integrate it into their existing portfolio management and risk analytics processes.”
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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StablecoinX has begun trading on the Nasdaq Capital Market after completing its business combination with TLGY Acquisition Corp. It becomes, it says, the first publicly listed stablecoin infrastructure company focused on the Ethena ecosystem.
The company starts trading under the ticker USDE, marking another milestone in the growing convergence of public equity markets and crypto infrastructure firms as investor appetite for stablecoins continues to expand.
StablecoinX launches public market strategy around Ethena StablecoinX announced that its Class A common stock and warrants started trading on Nasdaq on June 26. This follows the completion of its SPAC merger with TLGY Acquisition Corp.
Following the transaction, the company holds approximately 3.03 billion ENA tokens, valued at around $275 million, representing roughly 20% of Ethena’s total token supply. The treasury is central to StablecoinX’s long-term strategy of supporting the Ethena ecosystem while providing public market investors with exposure to ENA.
“Closing this transaction marks an important milestone for both StablecoinX and the broader digital asset industry,” CEO Edward Chen said.
We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars.
Infrastructure business extends beyond token holdings Unlike crypto treasury companies that primarily accumulate digital assets, StablecoinX plans to build operating businesses around the Ethena ecosystem.
The company outlined three core business segments:
infrastructure services through a decentralized verifier node [DVN] middleware software designed to simplify stablecoin integrations institutional distribution services aimed at expanding adoption of Ethena’s USDe and USDtb stablecoins. StablecoinX also expects its ENA treasury to support cross-chain verification services, qualify for ecosystem token airdrops, and benefit if Ethena activates its protocol fee switch in the future.
The launch comes as stablecoins gain increasing attention from regulators and traditional financial institutions. In the announcement, the company noted that the global stablecoin market has surpassed $300 billion. It positions itself as infrastructure connecting traditional finance with digital dollar adoption.
Final Summary StablecoinX began trading on Nasdaq under ticker USDE after completing its SPAC merger with TLGY Acquisition Corp. The company enters public markets with a $275 million ENA treasury. It plans to build infrastructure, middleware, and institutional services around the Ethena ecosystem.
@stablecoin_x began trading on Nasdaq on Friday under the ticker USDE, giving public market investors their first direct route into the Ethena digital dollar ecosystem. The company completed its merger with SPAC TLGY Acquisition Corp. on June 25, with its Class A common stock and warrants becoming available under the tickers USDE and USDEW as of June 26. StablecoinX bills itself as the first publicly listed stablecoin infrastructure firm.
An ENA Treasury Play, Not a Stablecoin The stock is best understood as a leveraged bet on $ENA, not a direct holding of Ethena's USDe stablecoin. At closing, StablecoinX holds approximately 3,029 million ENA tokens valued at approximately $275 million, based on the 30-day VWAP of ENA ending two days prior to closing of $0.0909, with approximately 24 million publicly traded Class A shares outstanding. Its ENA treasury represents roughly 20% of total ENA supply, acquired at discounts under a long-term collaboration with the Ethena Foundation.
The PIPE round backing the transaction included a $60 million contribution from the Ethena Foundation alongside capital commitments from Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, and Wintermute.
Infrastructure Beyond the Treasury StablecoinX describes three business lines: a decentralized verifier node that acts as a cross-chain message verifier for Ethena, a middleware software stack called Stablecoin Harness, and distribution services that are under development. Holding roughly 20% of total ENA supply and building cross-chain infrastructure across more than 10 blockchain networks, StablecoinX is purpose-built to address the fragmented integration stack with a single API through the Stablecoin Harness, positioning it as a connective layer of the stablecoin economy.
The listing arrives at a complicated moment for Ethena's native stablecoin. USDe's circulating supply has fallen roughly 60% from its peak above $14 billion in October 2025 to approximately $5.92 billion by March 2026. For investors, the core question is whether StablecoinX's concentrated ENA position and infrastructure buildout can generate returns as the synthetic dollar market works through its contraction.
Sources:
StablecoinX Inc. Announces Closing of Business Combination with TLGY Acquisition Corp. (GlobeNewswire)
StablecoinX Inc. Form 8-K, FY2026 (SEC Filing)
StablecoinX debuts on Nasdaq (Crypto Briefing)
StablecoinX Inc. (Nasdaq: USDE) began trading Friday after closing its SPAC merger with TLGY Acquisition Corp., becoming the first publicly listed company holding approximately 3.03 billion ENA tokens and building infrastructure for the Ethena ecosystem.
StablecoinX Inc. (Nasdaq: USDE) began trading on the Nasdaq Capital Market Friday after closing its merger with SPAC TLGY Acquisition Corp., becoming the first publicly listed company structured around holding Ethena's governance token and building infrastructure for the Ethena ecosystem.
The company holds approximately 3.03 billion ENA tokens, worth roughly $275 million based on the 30-day volume-weighted average price of $0.0909 at closing, representing about 20% of ENA's total supply of 15 billion tokens, according to a press release filed with the SEC. StablecoinX has approximately 24 million publicly traded Class A shares outstanding, with ENA holdings translating to roughly $11.42 per fully diluted share.
Not a Stablecoin IssuerStablecoinX is an ENA treasury company, not a direct play on Ethena's stablecoins. The company does not issue USDe or USDtb. Its revenue model rests on three lines: a Decentralized Verifier Node (DVN) that is already live and earns fees on cross-chain message volume across every network Ethena currently operates on; a middleware software stack called the Stablecoin Harness that is still under development; and a distribution business for institutional adoption of Ethena products that has not yet launched.
The ENA treasury is also the collateral that secures the DVN, giving the token holding an operational role beyond passive appreciation. Under a long-term collaboration agreement with the Ethena Foundation, StablecoinX can accumulate additional ENA at a discount directly from Ethena.
The Institutional FrameCEO Edward Chen described the company's purpose in the press release: "StablecoinX is designed to serve as the public-market gateway to that ecosystem, providing investors with exposure to ENA while supporting the long-term expansion of Ethena's products, infrastructure, and reach into traditional financial markets."
The listing gives public-market investors a regulated equity instrument for Ethena-ecosystem exposure without requiring direct token custody, a structural first in a category where institutional demand for Ethena products has accelerated this year. Janus Henderson took an ENA stake and began deploying into USDe in a four-part partnership announced in June. Coinbase Ventures bought ENA on the open market as part of a separate distribution deal, and Anchorage Digital became the collateral manager for Ethena's institutional lending vertical.
Backers of StablecoinX include Blockchain.com, Ribbit Capital, Pantera Capital, Dragonfly, Galaxy, Polychain Capital, Haun Ventures, ParaFi Capital, and Wintermute.
ENA Price ContextENA traded at $0.0798 Friday morning, per CoinGecko, giving the protocol a market cap of roughly $742 million on a circulating supply of approximately 9.3 billion tokens. The 30-day VWAP of $0.0909 used to value StablecoinX's treasury at closing sits above current spot, placing the current market value of the holding at approximately $242 million.
Key HighlightsSubstantial ENA Holdings Define Corporate StrategyInstitutional USDe Distribution Services in DevelopmentUSDtb Product and Middleware Platform Address Industry ChallengesGet 3 Free Stock Ebooks StablecoinX launches Nasdaq trading following TLGY merger with $275M in ENA tokens USDE trading symbol provides institutional investors with Ethena ecosystem access Firm connects ENA treasury to verifier node operations and network participation Planned Stablecoin Harness platform targets payments, compliance, and liquidity solutions Company positions itself within the $300B stablecoin sector through Ethena-centric strategy Following the successful completion of its TLGY Acquisition merger, StablecoinX commenced Nasdaq trading operations under the ticker USDE on June 26, 2026. This public listing provides investors with direct exposure to the growing Ethena digital dollar infrastructure. The company brings to market an ENA token treasury currently worth around $275 million.
Substantial ENA Holdings Define Corporate Strategy The firm maintains ownership of approximately 3.029 billion ENA tokens, constituting roughly 20% of the cryptocurrency’s circulating supply. StablecoinX calculated the treasury value using ENA’s 30-day volume-weighted average price of $0.0909 at transaction close. The merger produced around 24 million publicly available Class A shares.
Management intends to deploy these ENA assets to operate a decentralized verifier node within Ethena’s infrastructure. This node will authenticate cross-chain communications throughout blockchain networks supporting Ethena’s product suite. Revenue generation will depend on transaction volume processed rather than simple message counts.
Additionally, StablecoinX maintains preferential purchasing arrangements with the Ethena Foundation for below-market ENA acquisitions. The treasury stands to benefit from ecosystem token allocations and potential value creation when Ethena activates its protocol fee mechanism. This structure creates direct financial alignment between the company’s performance and Ethena’s network growth.
Institutional USDe Distribution Services in Development The company is building distribution infrastructure targeting financial institutions, asset management firms, and qualified market participants. StablecoinX may pursue various capital-raising strategies—including debt, equity, or structured instruments—to acquire USDe inventory. These holdings would generate revenue through distribution services and asset management fees.
USDe represents a synthetic dollar design utilizing cryptocurrency collateral paired with derivative hedging positions. The structure maintains Bitcoin and Ethereum exposure while employing short futures contracts to mitigate price fluctuations. Nonetheless, prolonged negative funding conditions may compromise yields and challenge the model during adverse market cycles.
Ethena oversees approximately $5.4 billion in assets across its USDe and USDtb digital dollar offerings. USDe maintains cross-chain presence spanning over ten blockchain protocols serving both decentralized finance and traditional finance applications. StablecoinX seeks to expand accessibility through infrastructure development, software solutions, and professional distribution networks.
USDtb Product and Middleware Platform Address Industry Challenges USDtb focuses on regulatory-compliant payment and settlement applications, with BlackRock’s BUIDL fund providing reserve backing. This offering diversifies Ethena beyond synthetic dollar mechanisms into institutional-grade stablecoin services. StablecoinX plans to facilitate adoption through its emerging middleware technology.
The Stablecoin Harness platform will integrate payment routing, cross-chain bridging, liquidity management, reporting capabilities, treasury operations, and compliance infrastructure. Currently, the unified software solution remains in development without commercial deployment. Anticipated revenue streams include transaction fees, subscription models, assets under management charges, and automated yield optimization services.
The global stablecoin ecosystem now exceeds $300 billion in market capitalization, with on-chain settlement volumes approaching $33 trillion annually. However, hundreds of distinct stablecoin protocols operate across numerous blockchain networks, generating significant integration complexity. StablecoinX aims to resolve this fragmentation by offering unified access to Ethena products through standardized financial platform connections.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
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.
ENA's Treasury Company StablecoinX to List on Nasdaq Tomorrow, Ticker "USDE"
PANews June 26 news, Ethena posted on X that StablecoinX, the first pure treasury company focused on the Ethena ecosystem, has completed a business combination with TLGY Acquisition Corp and will list on Nasdaq tomorrow under the ticker symbol "USDE".
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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.
Magazine: AI is banking the unbanked in Africa... faster than crypto
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
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.
Magazine: AI is banking the unbanked in Africa... faster than crypto
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
A company built entirely around supporting Ethena’s synthetic dollar ecosystem is now trading on the Nasdaq. StablecoinX Inc. completed its merger with SPAC TLGY Acquisition Corp. on June 25, making its Class A common stock and warrants available under the tickers USDE and USDEW as of June 26.
USDe’s circulating supply has fallen roughly 60% from its peak above $14 billion in October 2025 to approximately $5.92 billion by March 2026. StablecoinX is essentially going public at the moment when the asset it’s built to support has seen its most dramatic contraction.
What StablecoinX actually does StablecoinX bills itself as the first publicly listed stablecoin infrastructure firm. It’s a company designed to sit between traditional capital markets and the Ethena protocol, providing distribution channels for USDe, building infrastructure software, and executing a treasury strategy centered on accumulating ENA, Ethena’s governance token.
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The company secured around $890 million in PIPE (private investment in public equity) financing, a significant chunk of which is earmarked for purchasing ENA tokens. The Ethena Foundation itself contributed $60 million in ENA to support this treasury approach.
The USDe supply problem USDe peaked above $14 billion in circulating supply during the October 2025 bull market. By March 2026, that figure had dropped to roughly $5.92 billion. The culprit was broad market deleveraging, the kind of risk-off environment that tends to hit synthetic assets harder than their fiat-backed counterparts.
Why traditional investors should pay attention StablecoinX’s Nasdaq listing creates something that didn’t previously exist: a way for traditional investors to get exposure to DeFi infrastructure through a regulated equity product. No wallets, no bridges, no liquidity pools. Just a stock ticker.
The $890 million PIPE raise is notable in its own right. That level of financing for a crypto-adjacent SPAC merger signals that a substantial group of institutional investors is willing to bet on this model. PIPE deals involve sophisticated investors committing capital at negotiated terms, so this isn’t retail enthusiasm.
The risk profile, however, is unusual for a public equity. StablecoinX’s treasury strategy means its balance sheet will be heavily concentrated in ENA tokens. If ENA’s price declines significantly, the company’s net asset value takes a direct hit. Investors buying USDE shares are effectively getting leveraged exposure to ENA’s performance, layered on top of the company’s operational revenue from infrastructure services and USDe distribution.
Investors watching this space should track two metrics closely: USDe’s circulating supply trajectory and ENA’s price relative to StablecoinX’s cost basis. The first tells you whether the company’s distribution mission is working. The second tells you whether its treasury strategy is paying off.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
StablecoinX has completed its merger with TLGY Acquisition Corp., giving the Ethena-focused stablecoin infrastructure firm a Nasdaq listing under the ticker USDE.
Summary
StablecoinX reaches Nasdaq as USDe supply sits far below its October peak, testing investor demand. The firm holds about $275m in ENA, linking its public-market story directly to Ethena’s token. Three planned business lines aim to serve Ethena infrastructure, software access and institutional distribution needs. The company said its public warrants will trade under USDEW from Friday, June 26, after the business combination closed a day earlier. The move turns a private Ethena infrastructure bet into a listed equity trade for public investors this week.
The listing gives public-market investors a direct route into StablecoinX’s Ethena strategy.
“We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars,” said CEO and chairman Edward Chen.
The company now enters public markets while demand for Ethena’s main synthetic dollar has cooled from last year’s peak.
StablecoinX, the first pure-play treasury company focusing on the Ethena ecosystem, has announced the closing of its business combination with TLGY Acqusition Corp and it will begin trading on NASDAQ tomorrow under the ticker "USDE". https://t.co/5QE2odIQks
— Ethena (@ethena) June 25, 2026 ENA treasury anchors the plan StablecoinX said it holds about 3.029b Ethena governance tokens, worth about $275m based on the 30-day ENA average used before closing. The holding represents about 20% of ENA’s total supply. The company also has about 24m publicly traded Class A shares outstanding after the transaction.
As previously reported, StablecoinX first outlined a $360m ENA treasury strategy in 2025. The plan later grew through more private financing, making ENA exposure central to the company’s story. That structure ties StablecoinX’s market value closely to Ethena adoption, ENA pricing and demand for USDe-related services.
StablecoinX Inc. @stablecoin_x has announced a $360 million capital raise to purchase $ENA and will seek to list its Class A common shares on the Nasdaq Global Market under the ticker symbol "USDE", which includes a $60 million contribution of ENA from the Ethena Foundation… pic.twitter.com/sgfD8P9m05
— Ethena (@ethena) July 21, 2025 USDe supply drop tests timing USDe is Ethena’s synthetic dollar. It aims to hold a $1 value through crypto collateral and hedged futures positions, rather than cash reserves alone. The model can generate yield, but it depends on market conditions. When futures funding rates weaken or turn negative, the return engine can face pressure.
That pressure is visible in supply data. USDe circulating supply has fallen about 70% from its October peak above $14b to roughly $4.5b. Previously, crypto.news explored how USDe saw $1.1b in net outflows as the broader stablecoin market kept growing. The fall gives StablecoinX a tougher opening setup than the one Ethena had during last year’s expansion.
Infrastructure and regulation remain in focus StablecoinX says its business has three parts. Its live decentralized verifier node checks cross-chain messages for Ethena across supported networks. It is also building Stablecoin Harness, a middleware stack for payment routing, bridging, liquidity access, treasury tools, reporting and compliance needs. Distribution services for institutions are also in development.
In a previous article, crypto.news discussed Coinbase Ventures buying ENA on the open market as Coinbase and Ethena prepared on-chain finance and savings products. As crypto.news reported, Jupiter Lend also added a USDe lending market with Bitwise. These links show Ethena is still building distribution, even as USDe supply has dropped.
StablecoinX’s debut also lands during a wider policy fight over stablecoin yield in the U.S. Yield-bearing stablecoins sit in a different legal area from plain payment stablecoins because they pass returns to holders. In our last update, crypto.news examined how yield-bearing stablecoins work and why the source of yield matters.
The company is entering Nasdaq with a clear Ethena bet, a large ENA reserve and several products still being built. Its early public trading may show whether investors want exposure to stablecoin infrastructure when USDe supply is lower, ENA remains far below its 2024 high and crypto market appetite remains weak.
