Ethena is planning to launch a new product called iUSDe in February 2025, which aims to bridge the gap between traditional finance (TradFi) and cryptocurrency.
Ethena's roadmap for 2025 includes collaborating with distribution partners in the TradFi sector to ensure accessibility of iUSDe to their clients.
The target audience for iUSDe includes asset managers, private credit funds, exchange-traded products, private investment trusts, and prime brokers.
The introduction of a yield-bearing synthetic dollar could potentially disrupt the TradFi landscape, given the size of the fixed-income markets.
Ethena's synthetic dollar, sUSDe, currently offers an attractive annual percentage yield (APY) of 10% and has already attracted over 368,000 investors.
Ethena has demonstrated rapid growth within the cryptocurrency sector and has positioned itself as a significant player.
The company's USDe has emerged as the third-largest US dollar-based product in the cryptocurrency industry.
Ethena aims to build relationships with TradFi distribution partners to facilitate a smoother transition for traditional institutions into the world of cryptocurrency.
The anticipated demand for iUSDe could signal a significant shift in how traditional investors engage with digital assets.