Coinbase (COIN) backs Ethena (ENA) ahead of savings product launch for 100 million users
Coinbase Ventures bought Ethena’s ENA token on the open market and Coinbase is partnering with Ethena to launch a new onchain savings product for Coinbase’s 100M+ users, with the first rollout expected next week. Coinbase already serves as Ethena’s primary custodian, wallet provider, and perpetuals venue, and Ethena’s USDe yield token will be distributed across Base and the broader Coinbase ecosystem. The move is a major endorsement for Ethena as it tries to expand beyond crypto-native users. ENA jumped after the news, while Ethena’s assets have fallen from a $15B peak to about $5.3B amid weaker demand and yields. Separately, Ethena deepened its institutional push through a broader partnership with Anchorage Digital, which will help manage collateral for lending via regulated custody.
