Dragonfly, Arthur Hayes Again $6M Spherical for New Stablecoin, Ethena

“Ethena is constructing the holy grail of stablecoins: a coin that’s really secure, decentralized, and capital-efficient,” mentioned Dragonfly normal associate Tom Schmidt within the press launch. “Stablecoins have grown massively in recognition over the previous few years by offering entry to USD-denominated financial savings and remittances for folks all over the world, however they’ve at all times been handicapped by one in every of these three points. Ethena has a breakthrough design that cures these points whereas additionally benefiting a broad user-base. We’re thrilled to be partnering with them to convey their imaginative and prescient to life.”