A fake ENA token was exploited on Binance Launchpool, leading to a loss of 480 BNB (~$290,000) shortly after the legitimate Ethena (ENA) token’s debut. The counterfeit token shared the same name, causing confusion and highlighting vulnerabilities in crypto offerings. Security firm PeckShield confirmed the token was fraudulent and unrelated to Ethena Labs. This incident follows broader concerns about DeFi security, including a recent $10M exploit on Prisma Finance and 2023’s $1.8B in crypto hacks. Ethena Labs, known for its USDe synthetic dollar protocol, had marked a milestone as Binance Launchpool’s 50th project before the exploit.
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Ethena Labs and BaFin Agree on USDe Redemption Plan
Ethena Labs and Germany’s BaFin have finalized a 42-day redemption plan for USDe stablecoin holders, ending a prolonged regulatory standoff. The German regulator announced that claims must be submitted by August 6, overseen by a BaFin-appointed representative. After this deadline, Ethena GmbH will be wound up in Germany and the EEA, requiring future claims to be processed through Ethena (BVI) Ltd., the company’s offshore entity. This resolution marks a critical step in regulatory compliance for stablecoin operations in Europe.
read moreBUIDL Token Now Collateral on Crypto.com & Deribit
Securitize has confirmed that BlackRock’s BUIDL token, representing a $29 billion money market fund, can now be used as collateral on Crypto.com and Deribit. The token offers a 4-4.5% annual yield backed by U.S. Treasuries, providing institutional traders with a stable, income-generating alternative to traditional crypto collateral. This development signals growing crypto industry adoption of real-world assets (RWAs) and follows BlackRock’s aggressive crypto expansion, including its $70B Bitcoin ETF. The move could foreshadow broader retail access to tokenized assets in the future, especially as Deribit’s potential Coinbase acquisition looms.
read moreBlackRock’s BUIDL Fund Hits $3B, Triples in 90 Days
BlackRock’s BUIDL fund has experienced explosive growth, expanding by $1 billion between March 26 and June 11, 2024, and now stands at $2.89 billion. This growth represents roughly half of the $2 billion increase in the tokenized US treasuries market during the same period. Notably, this surge occurred even after Ethena Labs stopped using BUIDL to back its USDtb stablecoin, which had previously driven 90% of the fund’s growth. The rapid expansion highlights growing institutional interest in tokenized real-world assets (RWAs), particularly US treasuries. Additionally, BUIDL’s dividend payouts have set consecutive monthly records, with May distributions exceeding $10 million, bringing total dividends to over $43 million since inception. BlackRock’s push into tokenized funds underscores its strategy to bridge traditional finance with digital assets.
read moreEthena’s USDe Staking Now Live on TON Wallets via Telegram
Ethena Labs has launched its USDe stablecoin staking on the TON blockchain, accessible via popular wallets like TON Space, Tonkeeper, and MyTonWallet within Telegram. Users can now convert USDe to tsUSDe and earn up to 18% APY without relying on centralized exchanges or bridges. The integration simplifies DeFi participation for Telegram’s 1 billion users. Additionally, STON.fi supports USDe for trading and liquidity, while Ethena’s sUSDe is now collateral on Aave, surpassing $1 billion in supply. Ethena is also developing ‘Converge,’ a new blockchain for DeFi and asset tokenization, and has partnered with Alchemy Pay for fiat-to-crypto purchases. Despite these advancements, ENA’s price has dipped 13.63% in 24 hours.
read moreEthena Labs’ USDe Stablecoin Now Live on Telegram
Ethena Labs has integrated its USDe stablecoin into Telegram, allowing users worldwide to transact, save, and earn yields directly within the app. The collaboration with TON blockchain enhances accessibility, with USDe now supported across Telegram’s custodial and non-custodial wallets. The integration also embeds USDe into TON’s DeFi ecosystem, offering staking rewards of up to 10% annually. Market reactions were positive, with Toncoin (TON) and Ethena’s ENA token seeing immediate price gains. While short-term impacts are clear, analysts remain cautious about long-term adoption. This move could significantly expand DeFi engagement within Telegram’s massive user base.
read moreEthena Labs Partners with TON to Bring USDe to Telegram
Ethena Labs, the creator of the synthetic dollar USDe, has announced a strategic partnership with the TON blockchain to integrate its stablecoin and yield-generating sUSDe into Telegram. The integration allows users to access USDe via Telegram’s native wallet and earn additional yield through tsUSDe, with an extra 10% APY bonus paid in TON tokens. Ethena is also introducing a ‘USDT Earn’ feature, enabling users to deposit USDT and earn interest based on USDe’s performance. The partnership extends beyond Telegram’s wallet, with plans for broader DeFi integration, payment solutions like Apple Pay, and more tools tailored for the TON ecosystem. This move aims to replicate the success of digital savings products in Asia by embedding financial services within social messaging platforms.
read moreConverge Launches High-Speed DeFi Network for Institutions
Converge is making waves in the DeFi space by launching a high-performance blockchain network designed for institutional use. The platform combines Arbitrum’s Layer-2 scaling with Celestia’s data availability and a G2 sequencer for ultra-fast transaction processing, targeting block times as low as 50ms. A key innovation is the use of stablecoins (USDe and USDtb) for gas fees, bringing predictability to transaction costs. The network will support ERC-7702 account abstraction for batch transactions and enable seamless cross-chain connectivity with major networks like Ethereum and Solana. Backed by Ethena Labs and Securitize, Converge is preparing to onboard over $7 billion in assets, including $5 billion in USDe stablecoins and $2 billion in tokenized assets. This institutional-grade infrastructure also benefits from Ethena’s recent partnerships for fiat on-ramps and liquidity expansion through BlackRock’s BUIDL tokens.
read moreEthena GmbH Shuts Down in Germany Amid Regulatory Hurdles
Ethena GmbH, the German arm of blockchain Ethena, is ceasing operations in Germany after failing to secure regulatory approval under the Markets in Crypto-Assets Regulation (MiCA). The entity, which issues the USDe stablecoin, faced a crackdown by BaFin, Germany’s financial regulator, over compliance issues. Users have been redirected to Ethena BVI, while USDe trading on secondary markets remains unaffected. This shutdown follows broader regulatory actions in Germany, including the closure of 47 crypto exchanges last year. Ethena’s native token, ENA, has seen a significant price drop amid these developments.
read moreFrax Finance Invests in Trump-Affiliated WLFI to Boost US DeFi Ecosystem
Frax Finance has proposed a $5 million investment in World Liberty Financial (WLFI), a DeFi platform associated with Donald Trump, aiming to enhance its presence in the “Made in USA” DeFi ecosystem. The initiative could total $10 million, contingent on the partnership’s success, and seeks to leverage WLFI’s pro-crypto stance and strategic partnerships to drive mass DeFi adoption. Additionally, Justin Sun has increased his investment in WLFI to $75 million, solidifying his role as a major stakeholder and adviser.
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