TechFlow reports that crypto startup Ethena has raised $6 million in a seed funding round led by Dragonfly, with participation from Deribit, Bybit, OKX, Gemini, and Huobi. The company is developing a new type of stablecoin backed by Ethereum derivatives.
Ethena has developed a stablecoin called USDe, which maintains its dollar peg by using users' collateral to short hedge Ethereum via perpetual swaps. The company aims to fully launch its stablecoin and bond assets in the coming months, following the completion of its testnet phase in Q3.
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