Summary
Ethena Labs has raised $14 million in a funding round led by Dragonfly, Brevan Howard Digital, and Maelstrom. The stablecoin project, which aims to challenge Tether’s dominance, has attracted notable investors including PayPal Ventures, Franklin Templeton, and Fidelity. Despite receiving commitments of over $50 million, Ethena capped the funding round at $14 million. The project’s stablecoin, USDe, has quickly gained traction and achieved a market capitalization of over $227 million. Ethena was inspired by Arthur Hayes’ vision for a new stablecoin and operates independently of traditional banking systems. Binance’s involvement in the funding round highlights its significance.
Key Points
1. Ethena Labs has secured $14 million in funding from investors such as Dragonfly, Brevan Howard Digital, and Arthur Hayes’ family office, Maelstrom. This funding round has contributed to Ethena Labs’ impressive valuation of $300 million.
2. The stablecoin project has received support and participation from notable entities including PayPal Ventures, Franklin Templeton, and Fidelity through Avon Ventures. Leading crypto exchanges such as Binance, Deribit, Gemini, and Kraken have also contributed to the project, providing credibility and expertise.
3. Ethena’s USDe stablecoin has experienced significant growth, accumulating over $227 million in market capitalization. Arthur Hayes, an early supporter and founding advisor, predicts that USDe could surpass a $1 billion market capitalization and become a strong competitor to stablecoins like Tether’s USDT.