Ethena Secures $20 Million investment from M2 Capital
Ethena has received a $20 million investment from M2 Capital. This move comes as Ethena’s total value locked (TVL) nears $15 billion. The investment aims to solidify Ethena’s position in the synthetic dollar market.
M2 Capital, part of the UAE-based M2 Holdings, has acquired a stake in Ethena’s ENA token.This token has seen rapid growth since its launch in 2024. The deal also involves integrating Ethena’s synthetic dollar products into M2 Global Wealth’s regulated offerings.
Ethena offers USDe, a stable crypto asset, and sUSDe, its yield-bearing version. These assets are backed by a hedging model that has driven the protocol’s TVL. According to DefiLlama, Ethena’s TVL is close to $15 billion.
M2 sees Ethena’s synthetic dollars as a key reason for the investment. Ethena’s USDe and sUSDe as a strong alternative to traditional finance. The protocol’s hedging strategy has generated double-digit returns, reaching 14% earlier this year.
M2’s investment aligns with its history of backing foundational projects. Kim Wong, Managing Director at M2 Holdings, said, “This investment broadens access to unique opportunities and sets a new benchmark for trust in the region’s digital asset market.”
Ethena’s momentum is evident. YZi Labs, linked to Binance founder Changpeng Zhao, has also increased its stake in Ethena.This supports Ethena’s expansion on the BNB Chain.
Ethena’s financials show why interest is growing. Over the past year, it has generated $666.82 million in fees. In Q3 2025, fees reached $137.67 million, demonstrating sustained user demand for its services.
