Coinbase Ventures has purchased ENA on the open market as Coinbase and Ethena prepare to launch new onchain finance and savings products. The partnership could bring Ethena’s products to Coinbase’s user base of more than 100 million people.
Key Takeaways:
Coinbase Ventures bought ENA as Coinbase and Ethena expand onchain finance products.Ethena products could reach Coinbase’s 100M+ users, boosting USDe and ENA adoption.Coinbase and Ethena plan a new growth initiative next week focused on digital savings.Coinbase Ventures has taken a position in Ethena’s ENA token through an open market purchase, marking a closer relationship between Coinbase and one of the fastest-growing projects in onchain finance.
Ethena founder Guy Young said the tie-up will support Coinbase’s dollar savings products. He also said changing U.S. legislation, including the evolving Clarity Act, could create further demand for onchain products such as USDe, especially from idle balances held on exchanges.
Coinbase Ventures described Ethena as a key player in onchain finance and said it is looking forward to deeper collaboration with Coinbase and USDC.
Source: CoinbaseThe deal comes after a busy month for Ethena. The protocol surpassed $500 million in total white-label supply across Jupiter, MegaETH, and Sui. It also launched dedicated Ethena markets on Jupiter and Kamino Finance, with the combined market size surpassing $1 billion within days.
USDe supply increased by more than 15% over the past 30 days. USDtb supply also climbed back above $1 billion, rising more than 70% over the same period.
At the same time, Ethena has scaled back some operations. The team deprecated USDe and sUSDe bridging on several chains, saying it will focus security and operational resources where activity is strongest.
