In the wake of Ethena’s new stablecoin, the ENA token has skyrocketed this week. Let’s take a look at this performance.
ENA soars thanks to Ethena’s new stablecoin
This week, Ethena announced a major new development, with its new USDtb stablecoin becoming the first to comply with the GENIUS Act.
In this context, the price of the ENA token has been propelled upwards, to the point where it is now trading at just over $0.59, up nearly 50% over the last 7 days. What’s more, the asset has risen by more than 115% since the beginning of the month:
With a market capitalization of $3.77 billion, ENA now ranks 42nd in the cryptocurrency rankings, joining the top 50.
Meanwhile, the new stablecoin USDtb has a market capitalization of $1.45 billion. While this amount is still far behind the giants in the sector, it nevertheless allows the stablecoin to climb to 8th place in its category, just ahead of FDUSD. By way of comparison, USDe, Ethena’s other stablecoin, has a market capitalization of $7.4 billion.
