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.
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.
Coinbase has officially rolled out CFTC-regulated futures contracts tied to XRP, marking a significant step forward for institutional adoption of the Ripple-associated token.
A fresh wave of speculation has hit the crypto market following a hefty stablecoin issuance by Tether, which quietly minted $1 billion worth of USDT on the Tron network earlier today.
Binance is adding more firepower to its Spot trading platform, announcing fresh USDC trading pairs and expanded support for auto-trading features set to go live on April 22.
The XRP network is flashing early warning signs, with a steep drop in newly created wallet addresses raising concerns about fading interest.