Ethena, the developer of the synthetic stablecoin USDe, has raised $100 million to develop a new token aimed at traditional financial institutions. The funding was secured in December and included notable investors like Franklin Templeton and F-Prime Capital, affiliated with Fidelity Investments. USDe's unique approach involves collateralizing stablecoins while taking futures positions, allowing it to maintain its value peg without being backed 1:1 by fiat assets. The market cap of USDe has surged to approximately $6 billion, ranking it as the third-largest stablecoin after Tether's USDT and Circle's USDC. In addition to its funding success, there are plans to introduce iUSDe, a version specifically designed for regulated financial entities. Arthur Hayes, CIO of Maelstrom, remarked on bolstering exposure to USDe and positioning for potential buy opportunities in Bitcoin. Ethena has not provided official comments about the funding round yet.

Source šŸ”—