Ethena, developer of the USDE synthetic stabloin, has raised $ 100 million to finance a similar token aimed at traditional financial institutions (Tradfi), Bloomberg reported Monday.
The financing round was completed in December, with Franklin Templeton and Fidelity Investments, F-First Capital among the sponsors, the report added, citing a person familiar with the matter.
Founder Guy Young said in a blog post in January that Ethena has plans to implement Iusde, a token adapted to regulated financial institutions.
Known as a synthetic stable, the USDE differs from other tokens, since 1: 1 is not backed by fiduciary assets. Instead, it maintains its PEG collateralizing the stable and taking futures positions with great open interest.
The USDE market capitalization has increased to around $ 6 billion this month, becoming the third largest stable of the USDT and the USDC of Circle, which are worth $ 142 billion and $ 57 billion respectively.
Some observers see the USDE as a potential safe paradise during periods of greater volatility in the broader cryptographic market. Arthur Hayes, Investment Director of Maelstrom, said that the digital asset fund has increased its exposure to the USDE “to record levels.”
“We will be positioned with large amounts of dry dust ready to buy the sauce in Bitcoin,” added Hayes, who is an inverter and advisor to Ethena.
Ethena did not immediately respond to the commentary application of comments on the financing round of $ 100 million.
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