Multicoin Backs Ethena’s USDe: 10% Yield Synthetic Dollar
Multicoin Capital’s liquidity fund has acquired ENA, Ethena’s native token, to support USDe, a synthetic dollar stablecoin offering over 10% annual yield. Unlike USDC and USDT, USDe employs a delta-neutral basis trading strategy on US Treasury futures. In two years, its supply surged to $15 billion, becoming the third-largest digital dollar. USDe is accepted as collateral on Binance and Bybit. Ethena’s convergence of stablecoins, perpetual contracts and asset tokenization, coupled with robust risk controls proven through market shocks, drives its growth. With JPMorgan forecasting interest-bearing stablecoins to claim up to 50% of the market and upcoming governance proposals directing protocol fees to token holders, USDe is well-positioned to capture leverage demand as DeFi and fintech platforms embrace decentralized perpetuals.
Bullish
Multicoin Capital’s investment underscores confidence in USDe’s differentiated yield model and growth trajectory. The rapid supply expansion to $15 billion, exchange collateral listings and robust risk management all support positive price momentum. Upcoming governance mechanisms to share protocol fees with ENA holders and JPMorgan’s bullish outlook on interest-bearing stablecoins further strengthen long-term fundamentals. In the short term, increased leverage demand via decentralized perpetuals could drive trading volume and token appreciation, making this news a clear bullish catalyst for USDe.