Journalist
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Key Takeaway
What does Ethena protocol offer?
Ethena powers USDe, a synthetic dollar, and sUSDe, a yield-bearing version, combining stability with potential returns.
How significant is Ethena’s growth?
Since its launch in early 2024, Ethena has surpassed $14 billion in total value locked (TVL), reflecting rapid adoption and investor confidence.
M2 Capital Limited, the investment arm of UAE-based M2 Holdings, has made a bold $20 million bet on Ethena [ENA], the governance token behind the fast-growing Ethena protocol.
M2 Capital’s ENA bet
Ethena powers the synthetic dollar USDe and its yield-bearing counterpart, sUSDe. It has quickly become one of the most talked-about projects in decentralized finance (DeFi).
Since launching in early 2024, Ethena has surpassed $14 billion in Total Value Locked (TVL). This milestone reflects rapid adoption and growing investor confidence in its stablecoin-plus-yield model.
For M2 Capital, the $20 million investment in Ethena marks another strategic move in its digital asset portfolio. It follows recent involvement with the SUI Foundation and backing for NASDAQ-listed SUI Group Holdings Ltd.
Execs weigh in
Remarking on the same, Kim Wong, Managing Director and Head of Treasury at M2 Holdings, said,
“M2’s investment in Ethena marks another important step forward for the Middle East’s most sophisticated digital asset investors.”
He added,
“By combining access to exclusive products with a regulated, institutional framework, we are not only broadening access to unique opportunities, but also setting a new benchmark for trust, security, and integrity in the region’s digital asset market.”
Echoing similar sentiments, Ethena’s Head of Research, Conor Ryder added,
“Stablecoins are the single most important instrument in Crypto. Providing a Crypto-native synthetic dollar is not only the largest challenge in space but the largest opportunity.”
More details!
At press time, ENA was trading at $0.5737, reflecting a 5.66% decline. Despite the drop, investor confidence remains strong.
This is because, recently, YZI Labs, led by former Binance CEO Changpeng Zhao, also renewed its support, reinforcing confidence in Ethena’s crypto-native, bank-independent yield model.
