Overview

• M2 Capital confirmed a $20 million purchase of Ethena’s ENA token and said M2 Global Wealth will integrate the protocol’s products into client offerings.
• Ethena issues USDe, a crypto-native synthetic dollar, and sUSDe, a yield-bearing version supported by collateral and delta‑neutral hedging.
• Total value locked across Ethena has climbed to roughly $14–15 billion, according to DefiLlama data cited in the reports.
• Exchange and institutional momentum continues, with Binance reporting over $2 billion deposited into its USDe Earn product and firms like ArkStream, YZi Labs and Mega Matrix signaling support.
• Project data cited sUSDe returns of about 14% in 2025 during favorable periods, while recent reporting notes annual fees exceeding $600 million and Q3 fees of roughly $138 million.