M2 Capital, the funding arm of UAE-based M2 Holdings, invested $20 million in ENA, the governance token for Ethena, a crypto-native artificial greenback protocol constructed on Ethereum.
M2 Holdings, a conglomerate with digital asset publicity throughout custody, funding and wealth administration, plans to combine Ethena (ENA) merchandise into consumer choices by means of its affiliate, M2 Global Wealth Limited, in accordance to a Thursday announcement.
“M2’s funding in Ethena marks one other vital step ahead for the Middle East’s most refined digital asset traders,” mentioned Kim Wong, managing director and head of treasury at M2 Holdings.
Ethena joins M2’s rising listing of strategic bets, which embody its earlier funding in Sui (SUI) Foundation and help for Nasdaq-listed SUI Group Holdings by means of a non-public funding in public fairness (PIPE) deal.
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Ethena’s TVL nears $15 billion
The announcement comes as Ethena’s complete worth locked (TVL) climbed to nearly $14.5 billion, in accordance to DefiLlama knowledge. Over the previous 12 months, the protocol has generated $666.82 million in charges, with $32.32 million in income and earnings.
Ethena’s design combines crypto-backed collateral with delta-neutral hedging methods, aiming to ship a price-stable stablecoin (USDe) and a yield-generating model (sUSDe) for customers.
According to its web site, Ethena’s yield-bearing asset sUSDe is providing an annual share yield (APY) of 6%, down from its 2024 common of 19%. The challenge has attracted over 811,000 customers throughout 24 blockchain networks.
Cointelegraph reached out to M2 Holdings for remark, however had not acquired a response by publication.
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YZi Labs boosts funding in Ethena
Last week, Changpeng “CZ” Zhao-linked funding agency YZi Labs elevated its funding in Ethena to help the stablecoin’s enlargement. The transfer will assist scale USDe on BNB Chain and speed up growth of USDtb, a treasury-backed stablecoin, and Converge, Ethena’s institutional settlement layer for tokenized real-world property.
Ethena’s rising momentum comes as crypto fee corporations draw recent consideration. On Thursday, stablecoin funds agency RedotPay revealed that it had joined the ranks of fintech unicorns after securing a $47 million strategic funding spherical.
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