Dragonfly, Arthur Hayes Back $6M Round for New Stablecoin, Ethena

“Ethena is constructing the holy grail of stablecoins: a coin that’s really steady, decentralized, and capital-efficient,” stated Dragonfly common accomplice Tom Schmidt within the press launch. “Stablecoins have grown massively in reputation over the previous few years by offering entry to USD-denominated financial savings and remittances for individuals around the globe, however they’ve all the time been handicapped by certainly one of these three points. Ethena has a breakthrough design that treatments these points whereas additionally benefiting a broad user-base. We’re thrilled to be partnering with them to deliver their imaginative and prescient to life.”