The native asset of the stablecoin-focused crypto project Ethena (ENA) skyrocketed by more than 28% on Friday, ignoring a wider crypto market pullback.

The price surge materialized after the Arthur Hayes-backed decentralized finance (DeFi) project announced a new strategic partnership with Anchorage Digital, a federally chartered crypto bank.

The partnership aims to bring Ethena’s second stablecoin offering, USDtb, to the US under the regulatory umbrella of the recently enacted GENIUS Act, with Anchorage Digital issuing the asset domestically.

The new law, signed by US President Donald Trump last week, establishes a regulatory framework for stablecoins, cryptocurrencies pegged to the US dollar. The legislation requires each token to be fully backed by liquid assets such as cash or short-term US Treasuries.

USDtb is backed by institutional-grade tokenized treasury funds, including BlackRock’s BUIDL, a tokenized money-market fund designed to offer a stable value of $1 per token. BlackRock’s fund is built on the Ethereum (ETH) blockchain.

Says Guy Young, CEO of 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 asset, ENA, is trading at $0.607 at time of writing and is up more than 56% in the past seven days.

By comparison, the overall crypto market cap is down more than 4% in the past 24 hours.

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Venture capitalists are forming a new firm based on accumulating stablecoin-focused crypto project Ethena (ENA).

Special purpose acquisition company TLGY Acquisition, announced early on Monday that it had entered into an agreement for a business combination with StablecoinX Assets.

The two companies agreed to a roughly $360 million private investment in public equity (PIPE), including a $60 million investment from the Ethena Foundation itself, plus contributions from other high-profile investors in the space like Pantera Capital, Galaxy Digital, Wintermute and more.

According to the press release, the VCs believe in “large-scale ENA accumulation” in order to provide shareholders exposure to the “secular stablecoin supercycle.”

Says Young Cho, CEO of both TLGY and SC Assets,

“As a top issuer of digital dollars alongside Tether and Circle, Ethena is a direct beneficiary of the growth in stablecoin adoption… But it is currently difficult for investors to capitalize on its strong position since the native token ENA is difficult to access in traditional capital markets. This transaction gives public market investors transparent, well-governed access to the Ethena ecosystem.

Deploying capital to accumulate ENA at scale is a deliberate, multiyear capital allocation strategy that will enable StablecoinX to capture the value driven by the secular surge in demand for digital dollars while compounding intrinsic value per share.”

At time of writing, ENA is trading at $0.53, up over 100% in July so far.

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The crypto project backed by BitMEX founder Arthur Hayes is launching a new blockchain with Securitize, a US company geared towards the tokenization of real-world assets (RWAs).

In a new announcement, Ethena Labs says it will launch a new Ethereum (ETH) Virtual Machine (EVM) blockchain called Converge within the next three months in partnership with Securitize.

The blockchain project will be geared toward both retail and institutional investors.

Ethena and Securitize plan to migrate their existing blockchain products onto the Converge blockchain.

Says Ethena Labs,

“Ethena will focus their institutional product offerings on Converge and seek to migrate their existing DeFi (decentralized finance) ecosystem which currently boasts just under $6 billion in assets. Securitize, which has already minted nearly $2 billion in RWAs across multiple blockchains, will look to issue existing and future tokenized assets on Converge, and continue to facilitate interoperability across its many protocol integrations.”

Says Guy Young, Ethena founder,

“We’re developing Converge to fill a clear gap in the market as the go-to settlement layer for institutional-grade DeFi and tokenized assets. We see two core use cases for blockchains: settlement for speculation, and the storage and settlement of stablecoins and tokenized assets. While the first category is important, we view the second as a much larger opportunity over the next decade.”

Carlos Domingo, Securitize co-founder and CEO, says increasing regulatory clarity around digital assets is opening up opportunities for traditional finance institutions to enter the crypto space.

He says Converge aims to “seamlessly bridge traditional finance with the opportunity of DeFi.”

“By combining Ethena’s innovation in DeFi with Securitize’s leadership in tokenizing real-world assets, Converge sets a new standard for how institutions can confidently engage with on-chain financial markets.”

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