ENA Price Has Risen by 72% in the Last Two Weeks as Ethena Labs Prepares to Launch New Stablecoin UStb

The ENA price surged by 16.2% overnight following news about the upcoming launch of its new stablecoin, UStb.

The price of Ethena (ENA) has surged by 16.2% overnight following news about the upcoming launch of its new stablecoin, UStb.

On Sept. 26, several reports confirmed that Ethena Labs is preparing to introduce UStb, a stablecoin that will be supported by Securitize and backed by BlackRock.

We are thrilled to announce Ethena's latest product: UStb

UStb will be fully backed by @Blackrock BUIDL in partnership with @Securitize, enabling a separate fiat stablecoin product.

Here's why this is a big deal: pic.twitter.com/jOIoMef7W3

— Ethena Labs (@ethena_labs) September 26, 2024

The price of ENA has been rising steadily for the second consecutive week. According to CoinGecko data, the Ethena was trading at $0.20 on Sept. 14. After a brief consolidation, the coin began its ascent on Sept. 18.

By Sept. 22, the ENA price had increased to $0.29. It continued climbing and crossed the $0.30 mark on Sept. 25, eventually reaching $0.33.

The ENA Price History for the Last 30 Days. Source: CoinGecko

At the time of writing, the Ethena is priced at $0.36.

UStb will not be the first stablecoin released by Ethena. The platform already offers Ethena USDr (USDe), which currently ranks 5th in total value locked (TVL) in Decentralized Finance (DeFi).

USDe’s market capitalization in DeFi is $733.75 million. With this value, the stablecoin from Ethena has overtaken PayPal USD (PYUSD), which has a market capitalization of $699.31 million, according to DeFiLlama.

Ethena is an Important Player in DeFi

The Ethena has established itself as a key player in the DeFi space. It acts as a liquidity provider and is currently building a synthetic dollar, known as USDe. This stablecoin can be used for yield generation with an APY of 10%.

With the upcoming launch of UStb, which will be backed by BlackRock’s BUILD tokenized fund, the Ethena will be providing access to US treasury bills, increasing its appeal in the DeFi market.

The BUILD is the largest tokenized fund in the United States and it mainly invests in US Treasury bills.

According to DeFiLlama, the Ethena is currently ranked 10th in TVL among DeFi protocols, with $2.54 billion in total value locked.

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