Ethena
Ethena has expanded its custody framework with Kraken, Anchorage and Zodia to safeguard about $5 billion in stablecoin assets as backing shifts into treasury assets. The move is designed to add institutional-grade custody and reassure markets amid the protocol's asset transition.
Ethena (ENA) recorded $5.72 billion in outflows amid weakening on-chain activity, casting doubt on the token's near-term recovery. Market participants will be watching liquidity and transaction trends for signs of stabilization.
Ethena's USDe supply plunged 40% as traders pulled back amid thin yields and falling funding rates, squeezing staking returns. Broader macro moves — like Fed rate cuts or a government resolution — could be the trigger for renewed demand.
The Sui blockchain is set to introduce two native stablecoins, USDi and suiUSDe, developed through a partnership between Sui Foundation, Ethena, and SUI Group. These stablecoins aim to boost liquidity and utility in the Sui ecosystem with the launch planned for late 2025.