@arsenbaza

Ethena plans major expansion with Telegram payments and institution-focused iUSDe token in bid to become a ‘neobank’ Synthetic stablecoin protocol Ethena ENA +18.49% is looking to become a “neobank” — a traditional financial institution operating entirely online — according to an announcement on Friday. The protocol, launched in early 2024, manages the third-largest U.S. dollar-pegged stablecoin, USDe. With a market capitalization of over $6 billion, it is one of the fastest-growing blockchain projects ever. According to a blog post, Ethena accounted for approximately 85% of onchain USD asset growth in 2024, excluding rival stablecoins USDT and USDC. Additionally, in December, the protocol hit an annualized run-rate (ARR) of over $1.2 billion, making it the second-fastest crypto startup to reach $100 million in revenue after Solana-based Pump.fun.

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