Ethena, the fast-rising DeFi protocol behind the synthetic dollar USDe, has secured a $20 million investment from UAE-based M2 Capital.
The move highlights the Middle East’s growing appetite for digital assets and its ambition to become a global hub for crypto finance.
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M2 Capital, the investment arm of M2 Holdings, has put $20 million into Ethena’s governance token ENA. The deal is aimed at giving Middle Eastern investors access to new digital asset infrastructure through regulated channels.
Kim Wong, M2’s head of treasury, said the partnership sets “a new benchmark for trust, security, and integrity in the region’s digital asset market.”
The group’s wealth division, M2 Global Wealth, will now integrate Ethena products into its client offerings, giving investors exposure to DeFi yields in a regulated framework.
Ethena has quickly become one of the most talked-about projects in DeFi. Its USDe synthetic dollar and yield-bearing version sUSDe are both backed by crypto collateral and stabilized through hedging strategies.
The products have pulled in more than $14 billion in deposits since early 2024, showing strong demand for stablecoin-like assets that also generate yield.
Ethena has also introduced iUSDe, a version designed for institutional investors looking for a bridge between traditional markets and DeFi.
M2’s investment follows a wave of institutional interest in Ethena. ArkStream Capital recently invested $10 million in ENA, while Mega Matrix Inc. filed a $2 billion shelf registration with the U.S. SEC to accumulate governance tokens like ENA.
On the exchange side, Binance reported $2 billion in deposits within four days of launching its USDe Earn product. The ENA token itself currently holds a $4 billion market cap and sees around $375 million in daily trading volume.
The UAE has been building out its regulatory framework to attract global crypto firms, and deals like this show the strategy in action.
By backing Ethena, M2 is positioning itself as a gateway for custody, yield, and liquidity services in the region.
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