The native asset of the stablecoin-focused crypto undertaking Ethena (ENA) skyrocketed by greater than 28% on Friday, ignoring a wider crypto market pullback.
The value surge materialized after the Arthur Hayes-backed decentralized finance (DeFi) undertaking announced a brand new strategic partnership with Anchorage Digital, a federally chartered crypto financial institution.
The partnership goals to convey Ethena’s second stablecoin providing, USDtb, to the US beneath 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 absolutely backed by liquid belongings akin to 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 robust demand for USDtb, we count on GENIUS compliance to empower our companions and holders to confidently and considerably broaden 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 pace, 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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