Report: Ethena Labs Secures $100M From Top-Tier Investors

Over the past year, the yield-bearing stablecoin USDe has captured considerable attention, emerging as the third-largest fiat-pegged token by market capitalization. It currently boasts a market capitalization of $5.88 billion, with 5,880,406,676 USDe in circulation.

On Monday, Bloomberg journalist Ryan Weeks reported that the team behind USDe and its native coin ENA, Ethena Labs, has raised $100 million from distinguished investors. A source with insight into the matter informed Bloomberg that F-Prime Capital, a firm associated with Fidelity Investments, and Franklin Templeton took part in the latest funding round for Ethena Labs.

This is not Ethena’s first capital-raising venture, having secured contributions from Arthur Hayes’ Maelstrom, Dragonfly Capital, Bybit, OKX Ventures, Deribit, and Gemini. In addition to Galaxy Digital, Wintermute, Hashed, and Nic Carter’s Castle Island Ventures. The Bloomberg report indicates that U.S. President Donald Trump’s family decentralized finance (DeFi) project World Liberty Financial is said to have formed a strategic partnership with Ethena Labs.

Pantera and Polychain reportedly joined the most recent $100 million round as well. At times, the annual percentage yield (APY) for USDe has exceeded 30%; currently, the variable APY rests at 9%. Ethena’s website further reports that the stablecoin project has 474,780 users. The latest fundraising development illustrates a growing convergence between traditional financial powerhouses and emerging crypto innovations like yield-bearing stablecoin.

Infusing capital and strategic alliances signals a deepening confidence in new market entrants and transformative technologies. On the other hand, yield-bearing and algorithmic stablecoins, while innovative, may harbor inherent risks reminiscent of earlier failures in the stablecoin arena. Ethena’s capital is reportedly being harnessed to develop a new blockchain network, akin to projects like World and Ronin following a similar course.

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