The Rise of Ethena (ENA): Stablecoin Project’s Native Asset Surges Amid Strategic Partnership
The native asset of Ethena (ENA), a stablecoin-focused crypto project, experienced a remarkable surge of over 28% on Friday, defying the broader pullback in the crypto market.
Strategic Partnership with Anchorage Digital
The price rally was sparked by a new strategic collaboration between Ethena and Anchorage Digital, a federally chartered crypto bank backed by Arthur Hayes. This partnership aims to introduce Ethena’s second stablecoin offering, USDtb, to the US market under the regulatory framework of the newly enacted GENIUS Act.
The GENIUS Act, signed into law by US President Donald Trump, establishes guidelines for stablecoins pegged to the US dollar, requiring them to be fully backed by liquid assets like cash or short-term US Treasuries.
USDtb, the stablecoin offered by Ethena, is backed by institutional-grade tokenized treasury funds, including BlackRock’s BUIDL. This tokenized money-market fund, built on the Ethereum blockchain, ensures a stable value of $1 per token.
CEO’s Statement
Ethena Labs’ CEO, Guy Young, expressed confidence in the partnership with Anchorage Digital, the sole federally regulated crypto bank in the US. He emphasized that the collaboration would enable partners and holders to expand the use of USDtb across various platforms while maintaining speed, flexibility, and trust.
At the time of writing, Ethena’s native asset, ENA, is trading at $0.607, marking a significant increase of over 56% in the past week. In contrast, the overall crypto market cap has witnessed a decline of more than 4% in the last 24 hours.
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