Ethena, the company behind the third-largest stablecoin USDe, is undergoing a significant expansion with a 50% increase in its team size, adding approximately 10 new roles in engineering and product development. Co-founder Guy Young announced this via X, marking the project's first major expansion since launch, after maintaining a steady team of 20-25 contributors over the past two years.
The expansion supports two entirely new business lines and products scheduled to debut within the next three months, which Young stated "have the potential to be the size of USDe." These initiatives aim to complement Ethena's existing synthetic dollar products, including USDe and USDTb, and expand its reach in the stablecoin and yield-bearing asset market.
Strategic partnerships and funding are key to this growth. Ethena has secured a capital injection of $895 million from StablecoinX, with $360 million allocated for acquiring ENA tokens and $310 million for buyback efforts under governance oversight. Partnerships with YZi Labs and BlackRock via Securitize are expected to enhance USDe adoption and integration into mainstream finance.
USDe's supply is currently over $11.8 billion, with a target of reaching $20 billion through increased collateral diversity, a strategy reminiscent of MakerDAO's approach to ensure resilience against market volatility. This expansion signals Ethena's recovery from a turbulent period and its push toward broader DeFi integration and scalability.
