Etena Targets 2025 Roadmap TradFi Adoption in Artificial Dollars
Athena is preparing to launch a new crypto-based product that aims to attract traditional financial institutions (TradFi).
The blockchain platform plans to launch its new iUSDe product in February. According to Etena's 2025 roadmap published on January 3rd, it will introduce a “simple bundle contract” that will increase transaction limits in synthetic dollars, sUSDe, iUSDe.
According to the roadmap, Athena's main goal for the first quarter of 2025 is to make iUSDe available to its customers in cooperation with TradFi distribution partners. Athena plans to announce these partners by the end of January.
“Q1 2025's singular focus will be working with traditional money distribution partners to enable customers to access iUSDe.”
The product's primary target audience includes asset managers, private equity funds, exchange-traded products, private investment fiduciaries and prime brokers.
USDe supply and price. Source: Etena
Etena's SSDE offers a 10% annual percentage yield (API) to more than 368,000 investors who have invested more than $5.85 billion, according to Etena data.
Related: Athena Labs Founder Explains USD Stability Amid High Yield Stress
Artificial dollar can disrupt TradFi markets.
Given the $190 trillion size of fixed income markets, which are the world's largest liquid investment segment, a yield-producing synthetic dollar is likely to attract significant attention from TradFi participants.
The dollar product's wealth-holding potential “could generate demand several orders of magnitude greater than the entire crypto market combined, including bitcoin,” Etena's roadmap added.
“And that's why the next logical step for these entities, following ETFs, is a dollar savings product. The futures base is the only major market in crypto that has the ability to scale their demand in dollar format.”
Ethena's synthetic dollar product is generated by taking profits and shorting Ether (ETH) perpetual futures contracts, Ethena Labs founder Guy Yang told Cointelegraph in an exclusive interview.
Etena Labs, Guy Young exclusive with Cointelegraph. Source: YouTube
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Athena is the second fastest protocol to reach $100 million in revenue.
Etena was the second-fastest protocol to surpass $100 million revenue milestone in crypto history.
It took Athena 251 days to reach its first $100 million in revenue, compared to second place, memecoin launchpad Pump.fun, which topped the rankings in 217 days.
The fastest protocols to reach $100 million in revenue. Source: Athena/Glass
Exemplifying Athena's rapid adoption, USDe became the crypto industry's third largest US dollar-based product in 10 months behind Cryr's USDC (USDC) and market leader Tethers USDT (USDT) stablecoin.
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