Coinbase invests in Ethena by purchasing ENA through public markets, teases new collaboration

Odaily Odaily星球日报讯 Coinbase Ventures has announced an investment in Ethena by purchasing ENA tokens through public markets. 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 they will establish closer cooperation, which involves Circle's stablecoin USDC.

Ethena founder Guy Young indicated that Ethena's products will access Coinbase's user base of over 100 million for the first time next week, to support its dollar-denominated savings products. The market is paying close attention to how the two parties will collaborate around USDC and Ethena's synthetic dollar, USDe. This move comes as the US Clarity Act remains in a legislative deadlock. The bill involves whether platforms like Coinbase can offer stablecoin holding rewards to users, while banking lobbying groups have consistently opposed similar stablecoin yield arrangements.