Ethena plans major expansion with Telegram payments and institution-focused iUSDe token in bid to become a ‘neobank’

Synthetic stablecoin protocol Ethena 
 ENA +18.49%
 is looking to become a “neobank” — a traditional financial institution operating entirely online — according to an announcement on Friday.

The protocol, launched in early 2024, manages the third-largest U.S. dollar-pegged stablecoin, USDe. With a market capitalization of over $6 billion, it is one of the fastest-growing blockchain projects ever. 

According to a blog post, Ethena accounted for approximately 85% of onchain USD asset growth in 2024, excluding rival stablecoins USDT and USDC. Additionally, in December, the protocol hit an annualized run-rate (ARR) of over $1.2 billion, making it the second-fastest crypto startup to reach $100 million in revenue after Solana-based Pump.fun.