TechFlow, November 15 — Multicoin Capital announced its liquidity fund has invested in ENA, the native token of Ethena Protocol, stating that USDe is emerging as the only "third force" synthetic dollar after USDT and USDC to achieve large-scale circulation and deep liquidity.
According to Vishal Kankani, Multicoin’s Head of Research and Investment:
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USDe’s circulating supply peaked at $15 billion and currently stands at around $8 billion.
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The protocol has generated nearly $600 million in cumulative revenue, with $450 million earned in the past 12 months.
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USDe has been adopted as core collateral by major exchanges including Binance and Bybit.
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Synthetic dollar yield comes from fully collateralized, delta-neutral basis trades, yielding over 10% annualized returns.
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USDe exhibits a slight negative correlation with interest rates: when rates fall and leverage demand rises, Ethena’s yields increase.
Multicoin noted that Ethena sits at the intersection of three major financial trends, enabling “compounding amplification”:
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Stablecoins: Challenging the USDT/USDC duopoly by becoming the only synthetic dollar successfully distributed at scale;
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Perpification: Perpetual markets now exceed $100 billion in daily trading volume, and fintech’s future lies in distributing leveraged products to broader user bases;
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Tokenization: Democratizing access to institutional-grade basis trade yield strategies by tokenizing them for all users.
Ethena’s risk management capabilities have also been validated, having suffered zero losses during both the $14 billion Bybit incident and the large-scale deleveraging event on October 10.
Multicoin stated that the synthetic dollar market holds immense potential, and Ethena will become the key nexus of “Stablecoin × Perpification × Tokenization.”
