Coinbase invests in Ethena by purchasing ENA through public market, and hints at new collaboration

Odaily Odaily Planet Daily reports that Coinbase Ventures has invested in Ethena by purchasing ENA tokens through the public market. Following the announcement, ENA rose approximately 6% in the past 24 hours.

Ethena stated that the two parties will collaborate to advance on-chain finance and savings products. Coinbase also mentioned that a closer partnership will be established, involving Circle’s stablecoin USDC.

Ethena founder Guy Young said that Ethena’s products will be integrated into Coinbase’s user base of over 100 million for the first time next week, supporting its dollar-denominated savings-type products. The market is watching how the two parties will collaborate around USDC and Ethena’s synthetic dollar, USDe. This move also comes at a time when the U.S. Clarity Act remains in a legislative stalemate. The bill concerns whether platforms like Coinbase can offer rewards for holding stablecoins to users, while banking lobbying groups have consistently opposed similar stablecoin yield arrangements.