ENA ethena update 24/2/2025

Key Points

• Ethena released its 2025 roadmap, focusing on traditional finance integration.
• A new token, iUSDe, is launching in February 2025 for financial institutions.
• A Telegram-based payments and savings app is in development.
• USDe supply reached $6 billion, making it a top USD-denominated asset.
• Partnerships include launching USDtb with BlackRock and integrating with stablecoins like Sky and Frax.

Overview

Ethena, a cryptocurrency project, has been making significant strides in the decentralized finance (DeFi) space. Its ecosystem, centered around the synthetic dollar USDe, is expanding with new products and partnerships. Here's a breakdown of the latest developments as of February 24, 2025, that you should know.

2025 Roadmap and TradFi Integration

Ethena Labs unveiled its 2025 roadmap, aiming to bridge the gap between DeFi and traditional finance (TradFi). A key highlight is the launch of iUSDe, a new token designed for financial institutions, expected in February 2025. This move is surprising as it targets a regulated product offering, potentially broadening Ethena's reach beyond crypto enthusiasts.

Telegram-Based Application

Ethena is developing a dedicated application within Telegram for payments and savings using sUSDe, targeting over 900 million users. This app will connect to Apple Pay, offering a mobile banking-like experience, which is a significant step toward mainstream adoption.

Growth of USDe

The USDe stablecoin has seen remarkable growth, reaching a supply of $6 billion. This makes it the third-largest USD-denominated asset in crypto, behind only USDT and USDC, and highlights its rapid adoption since its launch in February 2024.

Partnerships and New Products

Ethena launched USDtb in December 2024, using BlackRock's BUIDL as collateral, designed for centralized exchanges. It also integrated with other stablecoins like Sky, Frax, and Usual, enhancing its ecosystem's composability and DeFi-first properties.

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Comprehensive Report on Ethena Ecosystem Updates

As of February 24, 2025, the Ethena ecosystem, primarily known for its synthetic dollar protocol built on Ethereum, has undergone significant developments. This report provides a detailed analysis of the latest updates, drawing from official announcements, news articles, and market insights. Ethena's mission to create "Internet Money" through its USDe stablecoin and ENA governance token continues to evolve, with a focus on expanding into traditional finance (TradFi) and enhancing user accessibility.

Background and Context

Ethena, often referred to as "Ena ethena" in user queries, is a decentralized protocol launched in February 2024. It offers a synthetic dollar, USDe, which is backed by Ethereum and Bitcoin collateral through delta-hedging derivatives. The protocol also introduces the "Internet Bond," a dollar-denominated savings instrument. The ENA token serves as the governance token, enabling community participation in decision-making. With a current market cap of approximately $1.43 billion and a circulating supply of 3.13 billion ENA, Ethena has positioned itself as a key player in DeFi (Ethena Price Today | ENA USD Price Live Chart & Market Cap & News Today | CoinGecko).

2025 Roadmap: A Strategic Expansion

In early January 2025, Ethena Labs released its 2025 roadmap, outlining ambitious plans to integrate with TradFi and expand beyond its initial DeFi focus. This roadmap, detailed in an official blog post (Ethena 2025: Convergence), includes several key initiatives:

• iUSDe Launch: Scheduled for February 2025, iUSDe is an evolution of the existing sUSDe token, featuring a wrapping contract with transfer restrictions to suit TradFi entities. This token aims to facilitate partnerships with asset managers, private credit funds, exchange-traded products (ETPs), trusts, and prime brokers. The initial distribution partners for iUSDe were expected to be announced in January 2025, as noted in (Ethena Labs Reveals Bold 2025 Roadmap, Focused on Financial Integration and Expansion).
• Ethereal Testnet and Appchain: Ethena is developing its own appchain, Ethereal, with the testnet opening in February 2025. This will support perpetual and spot exchange functionalities, with chain specifications to be released alongside the mainnet in Q1 2025.
• Derive Token Launch: The largest onchain options protocol, Derive, is set to launch its token within two weeks from the roadmap announcement in January 2025, potentially occurring around mid to late January, which aligns with the timeline before February 24, 2025.

This strategic expansion is surprising given Ethena's rapid growth in DeFi, now aiming to capture TradFi markets, potentially increasing its user base and regulatory compliance.

Telegram Integration: Mobile Banking Experience

A notable development is the planned release of a dedicated sUSDe application within Telegram in 2025. This application will enable users to send, spend, and save tokens, leveraging both the Telegram and TON ecosystems. It will connect to Apple Pay, targeting over 900 million users, as outlined in the roadmap (Ethena Releases 2025 Roadmap: Plans to Expand Beyond Crypto | Bitget News). This move is significant for mainstream adoption, offering a mobile banking-like experience and enhancing accessibility for non-crypto users.

USDe Growth and Market Position

Ethena's USDe has seen exponential growth, reaching a supply of approximately $6 billion by early 2025. This milestone, achieved within just 10 months of its public launch in February 2024, makes USDe the third-largest USD-denominated asset in crypto, behind USDT and USDC. According to the roadmap, USDe accounted for 85% of all onchain USD asset growth in 2024, outpacing aggregate ETF inflows for ETH and BTC since October 1, 2024 (Ethena 2025: Convergence). This growth underscores Ethena's role as a critical building block in DeFi, supporting lending, collateral, and other financial applications.

Recent Product Launches and Partnerships

In December 2024, Ethena launched USDtb, a new stablecoin product with reserves invested in BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), in partnership with Securitize (Ethena Labs - Mirror). This product is designed for centralized exchanges, enhancing Ethena's presence in CeFi. Additionally, Ethena has integrated with other stablecoin protocols, including:

• Sky, Frax, and Usual: These decentralized stablecoins have adopted Ethena products, such as USDtb and sUSDe, as part of their offerings, improving composability and DeFi-first properties (Ethena 2025: Convergence).

These partnerships and product launches reflect Ethena's strategy to diversify its ecosystem and strengthen its position in both DeFi and CeFi.

Tokenomics and Community Engagement

Earlier updates include changes to ENA tokenomics, with a forced vesting requirement announced in June 2024, requiring users to lock at least 50% of airdropped tokens to align with long-term ecosystem goals (Ethena updates ENA tokenomics with forced vesting and new use cases). In April 2024, Ethena distributed 750 million ENA tokens (5% of total supply) to eligible Shard Campaign participants, enhancing community engagement (Ethena Labs announces 750 million ENA airdrop for its community: Guest Post by TheBitTimes | CoinMarketCap). These initiatives continue to foster a robust community, with staking capabilities introduced to enhance ENA's utility.

Market Performance and Predictions

While not directly part of ecosystem updates, market insights show ENA's price predictions for 2025, with an average price expected at $1.04 in February and $1.10 in June, reflecting steady growth (Ethena price prediction 2025/2026 - 2031). This information, while speculative, indicates market optimism, with a current price of approximately $0.4598 as of recent data (Ethena Price Today | ENA USD Price Live Chart & Market Cap & News Today | CoinGecko).

Challenges and Controversies

It's worth noting a past controversy in October 2024, where Ethena Labs was accused of misusing 180 million ENA tokens in a farming event, raising concerns about fairness and transparency (Ethena Labs Accused of Misusing 180 Million ENA Tokens). While not directly impacting the latest updates, it highlights the importance of ongoing transparency efforts, especially as Ethena expands into TradFi.

Detailed Timeline of Updates

To organize the information, here is a table summarizing the key updates and their timelines:

Date	Update	Details
December 2024	Launch of USDtb	Invested in BlackRock's BUIDL, designed for centralized exchanges.
January 2025	2025 Roadmap Released	Focus on TradFi integration, iUSDe launch, and Telegram app development.
January 2025	Integration with Sky, Frax, Usual	Decentralized stablecoins adopting Ethena products.
February 2025	iUSDe Launch	New token for TradFi, with transfer restrictions, expected this month.
February 2025	Ethereal Testnet Opening	Perpetual and spot exchange on Ethena's appchain, testnet opening.
Mid to Late Jan 2025	Derive Token Launch	Largest onchain options protocol launching its token, likely completed.
2025 (Ongoing)	Telegram Application Release	sUSDe app for payments and savings, connected to Apple Pay, targeting 900m+ users.

This table encapsulates the timeline and details, providing a clear overview of Ethena's trajectory.

Conclusion

Ethena's ecosystem is evolving rapidly, with a clear focus on expanding into TradFi, enhancing user accessibility through Telegram, and maintaining robust growth in USDe supply. The launch of iUSDe and partnerships with major financial entities like BlackRock and stablecoin protocols underscore its ambition to become a bridge between DeFi and traditional finance. While challenges like past token misuse allegations persist, Ethena's strategic roadmap positions it for significant growth in 2025.

This comprehensive report ensures all relevant details are covered, providing a thorough understanding of the latest updates for stakeholders and enthusiasts alike.

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Key Citations

• Ethena 2025: Convergence detailed roadmap and ambitions
• Ethena Releases 2025 Roadmap Plans to Expand Beyond Crypto
• Ethena Labs Reveals Bold 2025 Roadmap Focused on Financial Integration
• Ethena Price Today ENA USD Price Live Chart Market Cap News
• Ethena Labs official blog posts and updates
• Ethena updates ENA tokenomics with forced vesting and new use cases
• Ethena Labs announces 750 million ENA airdrop for its community
• Ethena price prediction 2025/2026 - 2031 detailed analysis
• Ethena Labs Accused of Misusing 180 Million ENA Tokens controversy