2 weeks ago
Ethena, developer of the synthetic stablecoin USDe, has raised $100 cardinal to concern a akin token targeted astatine accepted fiscal (TradFi) institutions, Bloomberg reported connected Monday.
The backing circular was completed successful December, with Franklin Templeton and Fidelity Investments-affiliated F-Prime Capital among the backers, the study added, citing a idiosyncratic acquainted with the matter.
Founder Guy Young said successful a blog station successful January that Ethena has plans to rotation retired iUSDe, a token tailored to regulated fiscal institutions.
Known arsenic a synthetic stablecoin, USDe differs from different tokens successful that it is not backed 1:1 by fiat assets. Instead, it maintains its peg by collateralizing stablecoins and taking futures positions with ample unfastened interest.
USDe's marketplace headdress has jumped to astir $6 cardinal this month, becoming the 3rd largest stablecoin down Tether's USDT and Circle's USDC, which are worthy $142 cardinal and $57 cardinal respectively.
Some observers spot USDe arsenic a imaginable harmless eden during periods of greater volatility successful the wider crypto market. Arthur Hayes, main concern serviceman of Maelstrom, has said the integer plus money has raised its vulnerability to USDe "to grounds levels."
"We volition beryllium positioned with copious amounts of adust pulverization acceptable to bargain the dip connected Bitcoin," Hayes, who is an capitalist successful and an advisor to Ethena, added.
Ethena did not instantly respond to CoinDesk's petition for remark connected the $100 cardinal backing round.
Read More: Peter Thiel-Backed Plasma Raises $20M to Develop Bitcoin-Based Network for Stablecoin
English (US) 