Ethena, the crypto-project focused on stablecoins (ENA), saw its native asset soar by over 28% last Friday. This was despite a general crypto market decline.
Price surges were triggered after Arthur Hayes’ decentralized finance project (DeFi), backed by Arthur Hayes, announced a strategic partnership with Anchorage Digital – a federally chartered cryptocurrency bank.
Anchorage Digital will issue USDtb in the US, under the regulatory framework of the newly enacted GENIUS Act.
This new law was signed last week by US President Donald Trump and establishes the regulatory framework of stablecoins (cryptocurrencies tied to US dollars). Each token must be fully backed up by liquid assets, such as short-term US Treasury bills or cash.
USDtb’s backing comes from institutional grade tokenized Treasury funds. This includes BlackRock BUIDL (a tokenized money market fund that offers a constant value of $1 for each token). BlackRock’s Fund is based on Ethereum (ETH).
Guy Young, CEO at Ethena Labs.
We’ve seen a lot of demand for USDtb. However, we believe that GENIUS Compliance will empower both our partners and their holders to expand the use of USDtb across new platforms and products. Anchorage Digital, the United States’ only federally-regulated cryptobank, is the perfect partner to help us scale the product quickly, with flexibility and without compromise.
Ethena’s native asset (ENA) is currently trading at $0.607 and has risen by more than 56% over the last seven days.
Comparatively, the total crypto market capitalization is down over 4% within the last 24 hours.
Join us at X@InvCryptoDaily. Don’t miss a beat – Get email alerts sent directly to your mailbox.
Images Can Be Found on Pixabay Creative Commons & Midjourney
As new information becomes available, this post Arthur Hayes’s Altcoin Outpaces Crypto Market During Launch of New Partnership With Anchorage Digital might be updated.
This site is for entertainment only. Click here to read more
