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Ethena (ENA) has achieved an impressive 21% performance in a single day, with trading activity ranging from a session low of $0.465 to a six-month high of $0.5885.
This significant movement has propelled the token’s monthly gains to over 113%, raising its market capitalization to around $3.6 billion and placing it among the top 32 cryptocurrencies by market capitalization.
The price increase follows StablecoinX Inc’s announcement of a $360 million funding round intended for the acquisition of $ENA tokens, along with plans to list its Class A common stock on the Nasdaq Global Market under the ticker symbol “USDE.”
StablecoinX Inc. @stablecoin_x has declared a $360 million capital raise to buy $ENA and will aim to list its Class A common shares on the Nasdaq Global Market under the ticker symbol “USDE”, which includes a $60 million contribution of ENA from the Ethena Foundation… pic.twitter.com/sgfD8P9m05
— Ethena Labs (@ethena_labs) July 21, 2025
What Is Ethena USDe? The $7B Synthetic Dollar Revolution
Ethena functions as a stablecoin issuer and asset management protocol built on the Ethereum blockchain, providing a crypto-native financial solution that operates independently of traditional banking systems.
The protocol’s primary offering, USDe, serves as a synthetic dollar mechanism that maintains its stability not through conventional bank-held reserves but via a complex mix of cryptocurrency assets and derivative instruments.
In a recent regulatory update, the crypto investment platform Anchorage Digital has formed a strategic alliance with Ethena to launch USDtb in the United States, positioning it as the first stablecoin to establish a clear regulatory pathway towards full compliance with the U.S. GENIUS Act.
Ethena is poised to become the first stablecoin developer whose product has a clear path to full compliance with the U.S. GENIUS Act
Through our partnership with @Anchorage, the only federally chartered crypto bank, USDtb will move onshore to become a U.S. federally regulated… pic.twitter.com/TVmsIGVZ5Y— Ethena Labs (@ethena_labs) July 24, 2025
Despite the favorable regulatory climate in the United States, Ethena encounters increasing challenges in European markets under the evolving MiCA regulatory framework, as evidenced by its recent exit from German operations due to regulatory conflicts with BaFin.
Nonetheless, leading cryptocurrency protocols continue to adopt Ethena’s synthetic dollar approach.
On July 22nd, Ledger, the well-known crypto hardware wallet manufacturer, integrated USDe stablecoin functionality into its platform, allowing millions of users to effortlessly send, receive, and earn yield on their digital dollar assets.
The Telegram-integrated TON blockchain network has also embraced USDe integration, providing users with attractive yields of up to 19% APY on their stablecoin holdings through TON Wallet services.
New @wallet_tg landing page, who dis
Earn up to 19% APY on USDe from TON Wallet: https://t.co/lovbfpFk2n pic.twitter.com/J2DejHvHSX— Ethena Labs (@ethena_labs) July 22, 2025
Cryptocurrency exchange Bybit has additionally incorporated USDe into its trading platform, offering users zero-fee conversion services between USDe and both USDT and USDC, while presenting competitive 10% APR earning opportunities.
Only Protocol With 10%+ Yields – Ansem’s ENA $1 Prediction
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The broad adoption and utility have driven USDe’s circulating supply back to record levels, surpassing $7 billion, prompting many analysts to propose that ENA’s market valuation should reflect this fundamental growth.
Notable crypto influencer Ansem has shared his analysis, indicating that the $ENA chart pattern confirms a weekly breakout from an extended multi-month consolidation phase.
$ENA chart confirming weekly breakout of multi-month consolidation
tradfi is *just* now waking up to the stablecoin game, now ethena is even more accessible to them + added $260M of buybacks on open market
only stablecoin paying 10%+ yields on billions in AUM https://t.co/EHSfgM11SW pic.twitter.com/7o8sd9or9g— Ansem (@blknoiz06) July 25, 2025
As the only protocol operating a stablecoin that generates yields of over 10% on billions in assets under management, he anticipates ENA trading above the $1 mark in the medium term.
Technical analyst Ali Charts has noted that $ENA requires a daily closing price above $0.54 to build sufficient momentum for the next upward movement targeting the $1 level.
ENA Breaks $0.54 Resistance: Technical $1 Target Activated
From a technical perspective, the ENA/USDT daily chart from Binance indicates a bullish continuation.
Source: TradingView
After a prolonged downtrend that began in February, ENA entered an extended accumulation phase between approximately $0.25 and $0.46.
This sideways movement indicated a halt in bearish momentum, with market participants gradually building positions.
A notable breakout occurred recently as the price moved above the critical resistance level at $0.5433, which is now regarded as a potential entry point.
If the bullish structure remains intact, the next targets are clearly outlined. The first resistance and take-profit level is established at $0.8225, while the second, more ambitious target is set at $1.0045.
Source: Goldfinch_song on TradingView
On the downside, invalidation of the bullish setup would occur if ENA closes below the support range of $0.5350–$0.4940, with a stop-loss indicated at $0.3930.
This scenario would suggest a failed breakout and could potentially resume the downtrend.
The post Ethena Up 21% After $360M USDe Deal – Can ENA Hit $1? appeared first on Cryptonews.
