Ethena Raises $6M to Launch Ethereum-based Stablecoin: A New Face of Crypto Stability or Overhype?

Ethena, a Portugal-based startup, recently raised $6 million in seed funding to develop a novel Ethereum-based stablecoin and an online savings bond. Influential contributors involved include BitMEX founder Arthur Hayes and crypto derivatives exchanges like Deribit and Bybit. Ethena’s unique stablecoin features on-chain custody, settlement, and user-provided collateral in perpetual swaps against Ethereum.