Ethena (ENA), the governance token behind the synthetic dollar protocol, surged 22% on Friday after a strategic partnership announcement to launch the first GENIUS Act-compliant stablecoin.
ENA Pumps Following Strategic Partnership News
ENA’s sharp rise followed Ethena Labs’ announcement of a partnership with Anchorage Digital to launch USDtb, the first stablecoin fully compliant with the recently passed GENIUS Act.
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Backed by cash and U.S. Treasuries, USDtb offers institutional-grade compliance, including 1:1 reserves, federal oversight, and AML/KYC protocols. The stablecoin is set to launch under U.S. regulation by the end of Q3 2025, marking a major regulatory milestone.
Arthur Hayes Boosts Confidence
Former BitMEX CEO Arthur Hayes further fueled market momentum by purchasing 2.16 million ENA tokens for $1.06 million, bringing his total holdings to nearly 7.76 million tokens valued at $4.43 million, according to Arkham’s data.
ENA’s rally was also supported by StablecoinX Inc.’s recent $360 million fundraising and Nasdaq IPO plans under the ticker USDE. The company intends to use most of the proceeds to buy ENA tokens backing USDe.
The stablecoin market is rapidly expanding, with yield-bearing stablecoins growing 45% in H1 2025 to $12.48 billion. USDe, Ethena’s synthetic dollar, leads the sector with a $3.2 billion market capitalization, according to Messari’s 2025 stablecoin sector report.
On the Flipside
- Despite strong gains, ENA must break the $0.60 resistance level before the larger push up to the next $1.3 resistance. Â
Why This Matters
Ethena’s surge signals growing investor confidence in regulated, yield-bearing stablecoins as they gain mainstream traction. Successful adoption of GENIUS Act-compliant tokens like USDtb could set a new industry standard and accelerate broader stablecoin market growth.
ENA is the governance and value-accrual token of Ethena, a DeFi protocol that issues a synthetic, yield-bearing stablecoin called USDe.
The GENIUS Act establishes federal standards for stablecoins, providing regulatory clarity that supports Ethena’s USDtb stablecoin launch and market trust.
USDe is Ethena’s synthetic stablecoin pegged to the U.S. dollar, designed to offer yield and regulatory compliance through partnerships like Anchorage Digital.
ENA’s price is affected by regulatory developments, partnership announcements, investor activity, stablecoin market trends, and technical resistance levels like $0.60.
Arthur Hayes, former BitMEX CEO, is a significant investor in ENA, signaling confidence and attracting market attention through large token purchases.
