Ethena, developer of the synthetic stableecoin USDE, has collected $ 100 million to finance a similar gutter targeting traditional economic (tradfi) institutions, reported Bloomberg on Monday.
The financing round was completed in December, with the Franklin Templeton and Fidelity Investment-associated F-Prime capital among the backers, the report added, citing a person familiar with the case.
Founder Guy Young said in a blog post in January that Ethena is planning to roll out Iusde, a token tailored to regulated financial institutions.
Known as a synthetic stableecoin, usde differs from other tokens, as it is not backed up 1: 1 of Fiat assets. Instead, it maintains its stick by the collateral of stableecoins and taking futures positions with great open interest.
USD’s market capital has jumped to around $ 6 billion this month and became the third largest stablecoin behind Tether’s USDT and Circle’s USDC, which is worth $ 142 billion and $ 57 billion.
Some observers see usde as a potential safe sky during periods of greater volatility at the wider crypto market. Arthur Hayes, Chief Investment Officer for Maelstrom, has said that the Digital Asset Fund has raised its exposure to USDE “to registration levels.”
“We will be placed with copious amounts of dry powder ready to buy dip on Bitcoin,” added Hayes, an investor in and an adviser to Ethena.
Ethena did not immediately respond to Coindesk’s request for a comment for $ 100 million financing round.
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