Coinbase invests in Ethena by purchasing ENA through open market, teases new collaboration

Odaily Odaily 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 the development of on-chain financial and savings products. Coinbase also mentioned that they will establish a closer partnership, which involves Circle's stablecoin USDC.

Ethena founder Guy Young indicated that Ethena's products will be integrated with Coinbase's user base of over 100 million for the first time next week, to support its dollar-denominated savings products. The market is focused on how the two parties will subsequently collaborate around USDC and Ethena's synthetic dollar USDe. This move also comes amid the legislative impasse of the U.S. Clarity Act. This bill involves whether platforms like Coinbase can offer stablecoin holding rewards to users, while banking lobbying groups have consistently opposed similar stablecoin yield arrangements.