Mega Matrix Inc. (MPU), a holding firm buying and selling on the NYSE American Alternate, has filed a $2 billion shelving registration with the U.S. Securities and Alternate Fee to construct the primary publicly traded company treasury division targeted on ENA, the governance token of the Ethena protocol.
The corporate’s technique is mounted in asserting the affect of governance because it captures each the affect of governance on USDE, the stubcoin of Ecena, and continues to develop quickly. Presently, USDE’s market capitalization is over $12.5 billion, a major enhance from the $5.7 billion at first of the summer season.
Since August 2024, this Stablecoin’s market capitalization has elevated by greater than 200%, however has elevated by 87% in Circle’s USDC and 39.5% in Tether’s USDT.
“The USDE protocol has already demonstrated verifiable sustainability, so we selected ENA. It generated cumulative income of over $100 million in simply 250 days. It is among the quickest defi protocols in historical past to achieve that milestone. “In round 500 days by August 2025, USDE expanded distribution to $10 billion and set a brand new file for Stablecoin progress charges.”
MPU Chief Technique Officer Songtao Jia reiterated that it is smart for MPUs to deal with Stablecoins and ENA as Stablecoins have gotten the “spine of digital finance.” “Stablecoins are more and more acknowledged because the ‘infrastructure’ of digital finance, simply as Bitcoin is taken into account ‘digital gold’ and Ethereum,’ as ‘digital oil’,” says Jia.
The information comes as extra businesses are adopting the Division of Digital Belongings Treasury (DAT) technique and the adoption of Stablecoin is increasing beneath new rules. In mid-July, the US Home of Representatives handed the Genius Act, and was then signed into regulation on July 18th by President Donald Trump.
Stablecoins’ complete market capitalization is at the moment over $285 billion, exceeding 5% prior to now week alone. Tether’s USDT holds a market share of 58% from 62% final month, with a market capitalization of $168 billion per Defillama.
The MPU motion comes only a month after Ethena Labs introduced the creation of a brand new ENA-focused finance firm known as Stablecoinx. Its ENA Treasury has raised a complete of $360 million and has deliberate to listing the shares in Nasdaq beneath the longer term image USDE.
“The MPU technique is primarily to get unlocked ENAs from the spot market. “In distinction, Stablecoinx focuses on buying locked ENAs from the Ethena Basis and Insiders.”
ENA Chart
In line with Coingecko, ENA is at the moment down 10% at $0.65, however has risen practically 13% over the previous month.
