The native asset of the stablecoin-focused crypto mission Ethena (ENA) skyrocketed by greater than 28% on Friday, ignoring a wider crypto market pullback.
The worth surge materialized after the Arthur Hayes-backed decentralized finance (DeFi) mission introduced a brand new strategic partnership with Anchorage Digital, a federally chartered crypto financial institution.
The partnership goals to carry Ethena’s second stablecoin providing, USDtb, to the US underneath the regulatory umbrella of the lately enacted GENIUS Act, with Anchorage Digital issuing the asset domestically.
The brand new legislation, signed by US President Donald Trump final week, establishes a regulatory framework for stablecoins, cryptocurrencies pegged to the US greenback. The laws requires every token to be totally backed by liquid property resembling money or short-term US Treasuries.
USDtb is backed by institutional-grade tokenized treasury funds, together with BlackRock’s BUIDL, a tokenized money-market fund designed to supply a steady worth of $1 per token. BlackRock’s fund is constructed on the Ethereum (ETH) blockchain.
Says Man Younger, CEO of Ethena Labs,
“Whereas we’ve already seen sturdy demand for USDtb, we count on GENIUS compliance to empower our companions and holders to confidently and considerably develop its use throughout new merchandise and platforms. By partnering with Anchorage Digital – the one federally regulated crypto financial institution in the US – we reinforce the inspiration wanted to proceed scaling the product with out compromising on velocity, flexibility, or belief.”
Ethena’s native asset, ENA, is buying and selling at $0.607 at time of writing and is up greater than 56% prior to now seven days.
By comparability, the general crypto market cap is down greater than 4% prior to now 24 hours.
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