Stablecoin developer Ethena completes $6 million seed round financing, led by Dragonfly

ChainCatcher news, according to Axios, the crypto startup Ethena has completed a $6 million seed round financing, led by Dragonfly. The company is developing a new type of stablecoin backed by Ethereum derivatives. It is understood that Ethena's financing also received support from exchanges Deribit, Bybit, OKX, Gemini, and Huobi.

Ethena has developed a stablecoin called USDe, which maintains its peg to the US dollar by using users' collateral to short hedge Ethereum through perpetual swaps. The company hopes to fully launch its stablecoin and bond assets in the coming months after completing the testnet phase in the third quarter.