Ethena Labs Raises $100M to Build New Blockchain, TradFi-Focused Token

Ethena, the issuer of the USDe stablecoin, raised $100 million in a private token sale to develop a new blockchain and a TradFi-focused token.

Stablecoin issuer Ethena raised $100 million in a private token sale to develop a new blockchain and a TradFi-focused token, according to a Bloomberg report on Feb. 24.

The sale, which was completed in December 2024, saw investors purchasing Ethena’s governance token, ENA, at an average price of $0.40. Notable participants in the sale included Franklin Templeton, Fidelity Investments-affiliated F-Prime Capital, Dragonfly Capital Partners, Polychain Capital, and Pantera Capital Management.

Following the announcement, ENA’s price surged to $1.30 in mid-December, reaching a multi-month high before dropping 70%, according to CoinGecko data.

World Liberty Financial Joins Ethena’s Expansion PlansDeFi project World Liberty Financial (WFLI), which is linked to U.S. President Donald Trump, partnered with Ethena in late 2024.

As part of the partnership, Ethena integrated sUSDe, a staked version of USDe, with WFLI’s Aave instance. This allows users to deposit USDe and earn rewards in both sUSDe and World Liberty’s WLF token.

The collaboration came at a time when Ethena was securing major investments and expanding its reach into traditional finance. Other investors in the token sale included Dragonfly Capital Partners, Polychain Capital, and Pantera Capital Management.

Ethena Introduces iUSDe Stablecoin for Institutional InvestorsEthena Labs founder Guy Young announced plans to launch iUSDe, a TradFi-focused stablecoin, in January 2025.

This product is designed for regulated financial institutions and will add transfer restrictions at the token level.

“Our focus for Q1 is making iUSDe available to traditional financial institutions, expanding our synthetic dollar ecosystem with blockchain-based financial solutions in a fully regulated market,” Young said.

Ethena did not respond to requests for comment on the funding reports.

The expansion into regulated finance follows a series of investments and partnerships, indicating a shift in Ethena’s strategy toward institutional adoption.