FinanceShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailCoinbase Invests in Ethena Ahead of Savings Product Launch for 100 Million Users
Coinbase Ventures has acquired Ethena tokens on the open market as they prepare to integrate a new savings product for their extensive user base.
By Krisztian Sandor|Edited by Nikhilesh De Jun 2, 2026, 8:09 p.m. 3 min readMake preferred on Coinbase (appshunter.io/Unsplash)Key Points:
- On Tuesday, Coinbase Ventures disclosed its acquisition of ENA tokens from the open market to support Ethena.
- Ethena's products will soon be accessible to over 100 million users of Coinbase with a new service launching next week.
- The partnership with Anchorage Digital has also been expanded to enhance institutional lending capabilities.
Coinbase Ventures, the investment division of the cryptocurrency exchange Coinbase (COIN), announced that it had invested in Ethena (ENA) by purchasing tokens from the open market, gearing up for the introduction of a new savings product aimed at the exchange's vast user base exceeding 100 million.
Ethena revealed on Tuesday its collaboration with Coinbase to enhance onchain finance and savings options, with the first product set to launch next week.
Guy Young, the founder of Ethena, expressed excitement about the partnership on X, stating, "We are thrilled to collaborate with Coinbase for the first time to support their dollar savings products. The forthcoming integration will mark the initial availability of Ethena products for their 100 million-plus users."
In addition to this, Coinbase confirmed that it is now Ethena's primary custodian, wallet provider, and perpetuals venue, while the USDe yield token will be distributed across the Base network and the broader Coinbase ecosystem.
Following this announcement, ENA, Ethena's governance token, experienced a 20% increase before settling at a 3% rise over the last 24 hours, despite a general downturn in the crypto market.
This investment signifies a significant endorsement from Coinbase as Ethena aims to broaden its reach beyond crypto-centric users. The protocol has quickly risen to prominence, merging stablecoin demand with derivatives-based funding strategies to deliver yield to investors. At the peak of the market in October, total assets on the protocol reached $15 billion but have since decreased to $5.3 billion due to waning demand and yields amid a crypto market slump.
This news arrives as discussions continue among lawmakers regarding the CLARITY Act, a proposed market structure bill that could clarify the regulatory landscape for crypto products in the U.S. Young noted that such legislation could provide favorable conditions for onchain-native assets like USDe, Ethena's synthetic dollar token.
Leveraging Coinbase's User Base
While specific details on the new product remain undisclosed, investors speculate that this partnership could significantly enhance Ethena's distribution.
Access to Coinbase's extensive user base may provide new capital opportunities as Ethena seeks to transition from decentralized finance to mainstream crypto brokerage platforms.
Yan Liberman, managing partner at Delphi Ventures, which has invested in Ethena, mentioned that the collaboration could link Coinbase's approximately $19 billion USDC stablecoin ecosystem with Ethena's yield-generating framework.
Liberman stated on X, "If sUSDe yields meet baseline USDC rates, Coinbase can offer enhanced USDC lending yields. Ethena gains more affordable and deeper funding than what native DeFi could provide."
Expanding into the Institutional Credit Market with Anchorage
Ethena is also making strides in the institutional sector.
On Tuesday, the protocol and Anchorage Digital announced the expansion of their partnership to bolster institutional lending.
Under this agreement, Anchorage will oversee collateral for Ethena's loan investments via its Atlas platform, enabling borrowers to retain custody of their assets rather than transferring them onchain.
This arrangement is designed to facilitate access to crypto-native lending for institutions that require regulated custody and compliance measures.
"Institutions are eager for access to crypto-native capital without sacrificing custody, controls, or operational integrity," stated Anchorage CEO Nathan McCauley.
This announcement builds on an existing collaboration, as Anchorage Digital Bank already serves as the U.S. issuer of Ethena's USDtb stablecoin.
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