Ethena (ENA) Soars Amid Launch of New Stablecoin and Key Partnerships

The price of Ethena’s native token (ENA) has jumped over 45% this week, following the launch of several new offerings.

Ethena is building a synthetic dollar system, aiming to provide a decentralized alternative to traditional banking with its digital dollar, USDe.

In addition to USDe, Ethena offers a savings product called “the Internet Bond,” which is also dollar-denominated.

Currently trading at $0.361, ENA has risen from $0.248 just a week ago, marking a 14% increase in the last 24 hours alone. Ranked 115th by market cap, the token’s growth has been fueled by new partnerships and product launches.

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Earlier this week, Ethena announced its integration with EigenLayer, a restaking protocol on Ethereum. The collaboration introduces USDe as a dollar-backed asset that can now be used as collateral within EigenLayer’s shared security framework. Previously, only Ethereum-based assets were accepted as collateral, but the inclusion of USDe opens up new possibilities for less volatile collateral options.

Additionally, Ethena introduced a new stablecoin called UStb, which is fully backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). This marks BlackRock’s first tokenized fund, which invests in U.S. Treasury bills and similar assets. Ethena explains that UStb will function separately from USDe, offering users a stablecoin with a distinct risk profile.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.