Ethena Labs, the issuer of the USDe stablecoin, is expanding its team by hiring 10 new engineers and product specialists to support the launch of two new products.
This expansion signals significant growth for Ethena and could impact the stablecoin market by increasing liquidity and enhancing DeFi engagement.
The recruitment drive is expected to influence markets, especially surrounding the planned fiat-backed stablecoin USDtb and the Converge settlement layer. This aligns with the company’s aim to enhance institutional collaborations. Ethena’s TVL reached $13.2 billion, marking USDe as a significant competitor in the stablecoin market.
“We are now initiating our first large-scale team expansion since our establishment—recruiting 10 new members in engineering and product fields for two brand new business lines and products set to launch in the next three months. Both new projects have development potential on par with USDe.” — Guy Young, Founder & CEO, Ethena Labs
Guy Young anticipates a larger crypto integration, stating the embedding of stablecoins in core financial operations is materializing. Ethena’s alliances, notably with Binance, suggest rigorous listing processes. The GENIUS Act plays into these efforts, potentially bolstering regulatory frameworks for Ethena’s offerings.
In summary, Ethena’s initiatives signal an evolving landscape, enhancing USDe adoption with large-scale buybacks planned for ENA tokens. Such strategies reflect a broader industry trend towards compliance, institutional engagement, and technological advancement.
