Public holding firm Mega Matrix (MPU) has made the Ethena stablecoin ecosystem the centerpiece of its digital asset technique, betting that the artificial greenback venture can seize market share from incumbents like Circle.
The corporate’s push comes on the heels of the US GENIUS Act, a complete stablecoin invoice that establishes federal oversight of issuers, units capital and liquidity necessities and creates a framework for banks and fintechs to situation dollar-pegged tokens underneath regulatory supervision.
Nonetheless, Circle is at the moment the one publicly traded choice to capitalize on the big progress of stablecoins, Colin Butler, Mega Matrix’s govt vp and international head of markets, instructed Cointelegraph.
Circle went public in June, with its shares up 87% since itemizing. The corporate generated $1.68 billion in income and reserve revenue in fiscal 2024, with $155.7 million in internet revenue, pushed largely by curiosity revenue from reserves backing its USDC (USDC) provide.
Supply: Colin Butler
Butler mentioned Mega Matrix sees comparable potential in Ethena: “We predict Ethena can do $150 million within the subsequent 6–12 months. That might suggest a 6x upside to Ethena.”
He credited Ethena’s progress to USDe, its artificial stablecoin that generates yield via a mixture of staking and hedging methods. In contrast to USDC and USDt (USDT), USDe affords holders a return and, Butler argued, “serves as extra enticing collateral,” making it higher positioned to seize share in a fast-expanding market.
To offer traders entry, Mega Matrix has positioned its inventory as the primary publicly traded digital asset treasury devoted to the Ethena ecosystem, concentrating reserves in Ethena’s governance token, ENA.
Mega Matrix is positioning its inventory as a proxy for the Ethena ecosystem, providing traders direct publicity to the fast-growing stablecoin race. Supply: Yahoo Finance
“This additionally opens the door for retail traders to get direct publicity to the stablecoin thesis for the primary time,” Butler mentioned. “Till now, the one actual method to play it has been Circle, or not directly via Coinbase.”
Earlier than shifting into digital property, Mega Matrix operated primarily as an leisure and recreation publishing enterprise. The corporate started exploring blockchain in 2021 and formally repositioned itself as a digital asset treasury in 2025.
The corporate is funding its digital asset technique with a $2 billion shelf registration, giving it flexibility to boost capital over time and steadily construct its holdings of Ethena’s ENA governance token.
Associated: Crypto Biz: Japan’s quiet stablecoin coup
Ethena fee-switch mechanism
When submitting its shelf registration, Mega Matrix highlighted Ethena’s “fee-switch” mechanism as a possible worth driver. As soon as activated, the mechanism would redirect a portion of protocol revenues to ENA stakers, permitting tokenholders to share within the protocol’s earnings.
The proposal was launched by Wintermute Governance in November 2024, requesting that Ethena’s Danger Committee define parameters underneath which tokenholders would profit from income distribution. Elements included USDe circulating provide, common protocol revenues and adoption on centralized exchanges.
Later that month, the final proposal was authorized, with Ethena Labs setting out a sequence of “success metrics” tied to circulating provide, cumulative revenues and change adoption.
Ethena Labs proposed “success metrics” for activating the price change, however no activation date has been introduced. Supply: Ethena Basis
Though these benchmarks have been outlined, no activation date for the price change has been introduced, a spokesperson for the Ethena Basis instructed Cointelegraph.
Market watchers observe that Ethena’s progress has already exceeded a number of the unique thresholds. Cumulative protocol revenues seem near qualifying ranges, and USDe’s market capitalization has surged previous $13 billion, making it the world’s third-largest stablecoin. Nonetheless, the protocol has but to specify when the mechanism will likely be applied.
Supply: Ethena USDe market cap. Supply: CoinMarketCap
Associated: Banks ought to supply higher charges to counter stablecoins: Bitwise CIO
