YEREVAN (CoinChapter.com) — Ethena, the issuer of the USDe stablecoin, raised $100 million in a private token sale to develop a new blockchain and a TradFi-focused token. According to Bloomberg on Feb. 24, the sale was completed in December 2024. Investors purchased Ethena’s governance token, ENA, at an average price of $0.40.
Participants in the sale included Franklin Templeton, Fidelity Investments-affiliated F-Prime Capital, Dragonfly Capital Partners, Polychain Capital, and Pantera Capital Management. Following the announcement, ENA’s price surged to $1.30 in mid-December, reaching a multi-month high before dropping 70%, according to CoinGecko data.
ENA Token Price Fluctuations Over 10 Months Reflect Market Volatility. Source: CoinGeckoWorld Liberty Financial Joins Ethena’s Expansion Plans
World Liberty Financial (WFLI), a DeFi project linked to U.S. President Donald Trump, partnered with Ethena in late 2024. As part of the agreement, Ethena integrated sUSDe, a staked version of USDe, with WFLI’s Aave instance. This allows users to deposit USDe and earn rewards in sUSDe and World Liberty’s WLF token.
Ethena Labs and World Liberty Financial Announce Strategic Partnership for sUSDe Integration. Source: Ethena LabsThe collaboration came at a time when Ethena secured major investments, as well as expanded its reach into traditional finance. Other investors in the token sale included Dragonfly Capital Partners, Polychain Capital, and Pantera Capital Management.
Ethena Introduces iUSDe Stablecoin for Institutional Investors
Ethena Labs founder Guy Young announced plans to launch iUSDe, a TradFi-focused stablecoin, in January 2025. This product is designed for regulated financial institutions and will add transfer restrictions at the token level.
Ethena 2025 Convergence: Roadmap for DeFi, CeFi, and TradFi Integration. Source: EthenaAccording to Young, the focus for Q1 2025 is making iUSDe available to traditional financial institutions. In addition, the company aims to expand its synthetic dollar ecosystem by introducing blockchain-based financial solutions to a regulated market.
Crypto Dollar Landscape Overview: Ethena, Tether, Circle, and PayPal’s Market Position. Source: EthenaEthena Remains Silent on Funding Reports
Ethena has not responded to requests for comments regarding the $100 million funding round.
Above all, the expansion into regulated finance follows a series of investments and partnerships, indicating a shift in Ethena’s strategy toward institutional adoption.
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