Ethena, the crypto-project focused on stablecoins (ENAThe price of, which is a cryptocurrency that has been gaining in popularity for a while now, skyrocketed on Friday by 28%.
After the Arthur Hayes decentralized financing (DeFi), project, a price spike was seen. announced Anchorage Digital is a federally chartered cryptocurrency bank.
Ethena’s stablecoin, the second offering from this partnership is expected to be released in 2019. USDtbAnchorage Digital issued the asset in the US.
New law signed The US President Donald Trump announced last week a new regulatory framework that will govern stablecoins (cryptocurrencies tied to the US Dollar). This legislation stipulates that each stablecoin must be fully backed with liquid assets like cash or US Treasuries.
USDtb has institutional-grade tokenized funds backing it, such as BlackRock BUIDL. It is a money-market tokenized fund that offers a $1 stable value per token. BlackRock’s Fund is Built on Ethereum.ETH) blockchain.
Guy Young, CEO at Ethena Labs.
“While we’ve already seen strong demand for USDtb, we expect GENIUS compliance to empower our partners and holders to confidently and significantly expand its use across new products and platforms. By partnering with Anchorage Digital – the only federally regulated crypto bank in the United States – we reinforce the foundation needed to continue scaling the product without compromising on speed, flexibility, or trust.”
Ethena’s native assets, ENA are trading for $0.607 as of the time of this writing, and have risen more than 56% within the past week.
Comparatively, the total crypto market capitalization is down over 4% within the last 24 hours.
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