Ethena Announces Roadmap for 2025: Hacking the TradFi Market

The Ethena team expects that the project will be available in most markets and will meet the needs of traditional financial institutions in 2025.

Ethena's USDE is the Fastest Growing Stablecoin in 2024

The Ethena Project has just published an article in the Mirror, sharing all the outstanding plans and achievements in 2024, and the development direction in 2025.

Within 10 months, USDE, Ethena's flagship stablecoin product has reached a supply of 6 billion tokens, becoming the third largest stablecoin in the crypto market, behind only USDT and USDC.

USDE is also the stablecoin that has reached the fastest 5 billion token supply mark in crypto history, confirming the product's potential in meeting the growing demand for stablecoins.

Ethena is the second fastest $100 million revenue protocol in the market. Source: Ethena

In the last month of 2024, Ethena reached an estimated annual revenue of more than 1.2 billion, making Ethena the second fastest crypto startup to reach 100 million in revenue, second only to pump.fun. In addition, Ethena set a new record with the highest revenue per employee in the crypto sector in December.

Accordingly, Ethena began to expand to CeFi. USde is already integrated in about 60% of CEX exchanges, now USde supply has surpassed USDC's balance on Bybit.

In December 2024, Ethena launched USDTB, a stablecoin backed by BlackRock's BUIDL, specifically designed to share economic benefits with partners such as centralized exchanges.

USDE is the fastest $5 billion stablecoin of all time. Source: Ethena

In addition, Ethena also claims an important role in supporting other protocols. More than 50% of Pendle's total locked asset value (TVL) came from Ethena, while about 30% of Morpho's TVL was built from Ethena's assets. Similarly, protocols such as Sky and Aave have also achieved significant growth thanks to integration with Ethena's products.

2024 is the year Ethena demonstrates its ability to grow, and lays the foundation for the development steps in 2025, when the company begins to enter the traditional financial market and continues to expand its onchain ecosystem.

Source of funds into spot BTC ETF funds versus USDE.

The team developed iUSDE, a new version of SusDE, adapted to meet the legal requirements and needs of traditional financial institutions. The development of IUSDE comes with partnerships within TradFi to ensure wide distribution of this product.

Ethena's Roadmap for 2025

In 2025, Ethena plans to expand its activities into traditional financial markets through its iUSDE product. This is an upgraded version of SusDe, designed to meet the legal and technical requirements appropriate to the TradFi environment.

Ethena plans to partner with asset management funds, private credit funds, prime brokers and investment institutions to introduce IUSDE, expanding the reach of this product in the traditional market.

Profit potential of the market.

In addition to TradFi, Ethena will develop the ecosystem through the Ethena Network, supporting developers to build new financial applications around SusDe.

The first two applications announced were Ethereum, a spot trading platform, perpetual, and Derive, a project about options markets. Ethereum is expected to open the testnet in early 2025, while Derive will launch the token in the coming weeks.

Profit potential of SusDe compared to other stablecoins.

Ethena is expected to launch the SusDe app on Telegram, which integrates sending, spending and saving features in a mobile digital banking platform. The app will connect with Apple Pay to reach more than 900 million users on Telegram to use the project's USDE assets.

Ethena will expand to DApp on Telegram.

With strategic plans and infrastructure in place, Ethena is expected to expand its scale and impact significantly in both the crypto and traditional finance sectors by 2025 and beyond.