Coinbase Ventures Buys ENA, Partners with Ethena to Scale USDe

Coinbase Ventures purchased ENA on the open market and entered a partnership with Ethena to offer on-chain dollar savings and finance products to Coinbase’s more than 100 million users. A growth initiative tied to the collaboration is scheduled to launch next week.

The partnership will make Ethena products available to Coinbase customers, with initial efforts focused on digital savings tools built around USDe and related assets.

Ethena founder Guy Young described the tie-up as support for Coinbase’s dollar savings products and noted that shifting U.S. legislation, including the developing Clarity Act, could raise interest in on-chain dollar products for idle exchange balances.

Coinbase Ventures took a position in ENA and described Ethena as a key player in on-chain finance, indicating plans for closer coordination with Coinbase and the USDC team on product development and distribution.

Ethena reported rapid growth across multiple chains. Total white-label supply surpassed $500 million across Jupiter, MegaETH and Sui. Dedicated Ethena markets on Jupiter and Kamino Finance reached a combined market size above $1 billion within days.

On Solana, ENA launched via Sunrise DeFi and total value locked rose to more than $500 million from about $50 million a month earlier, making Solana Ethena’s second-largest chain outside Ethereum.

Supply metrics for Ethena’s stable and interest-bearing products climbed: USDe supply increased more than 15% over the past 30 days, and USDtb supply returned above $1 billion, up more than 70% in the same period. Cross-chain transfers of Ethena assets exceeded $33 billion via LayerZero.

Product development and risk documentation progressed in parallel. Ethereal DEX expanded testing for Ethereal Predict, a USDe-native prediction market that allows multi-leg positions. Ethena published an analysis of gold perpetual-basis trades as part of USDe backing diversification, updated its transparency page with additional reserve details, and issued a security post addressing a recent rsETH incident.

Ethena also adjusted operations by deprecating USDe and sUSDe bridging on several chains to concentrate security and operational resources on networks showing the strongest user activity.