Ethena, a synthetic USDE stablecoin developer, raised $ 100 million to finance a similar token targeting traditional financial institutions (tradfi), Bloomberg reported on Monday.
The financing round was completed in December, with Franklin Templeton and Fidelity Investments-Affiliated Sourné Capital among donors, added the report, citing a person familiar with the problem.
The founder Guy Young declared in a blog article in January that Ethhena planned to deploy Iusde, a token adapted to regulated financial institutions.
Known as a synthetic stablecoin, the USDE differs from other tokens in that it is not supported 1: 1 by Fiat assets. Instead, he maintains his ankle by guaranteeing the stabbed and taking positions in the long term with great open interest.
The USDE market capitalization jumped at around $ 6 billion this month, becoming the third largest stablecoin behind the USDT of Tether and USDC in Circle, which are worth $ 142 billion and $ 57 billion respectively.
Some observers see the USDE as a safe and potential sky during periods of greater volatility on the wider cryptography market. Arthur Hayes, Maelstrom investment director, said Digital Asset Fund increased its exposure to the USDE at registration levels.
“We will be positioned with large amounts of dry powder ready to buy the dip on Bitcoin,” added Hayes, who is an investor and advisor to Ethena.
Ethena did not immediately respond to the request for Coindesk comments on the financing cycle of $ 100 million.
Read more: the plasma supported by Peter Thiel increases $ 20 million to develop a Bitcoin -based network for Stablecoin
