Ethena is going after the distribution it could not achieve on its own. Firstly, with @coinbase and now @JanusHenderson, a $480bn asset manager. Both of these partnerships are mutually beneficial 👇 - USDe becomes accessible to a wider range of users and investors, along with strategic investments in - Coinbase secures another client for its Custody & Institutional Lending, reduces its reliance on Circle and gains a potential new savings product in sUSDe - Janus Henderson gains capital in its JAAA fund For Ethena, new initiatives and partnerships have been commonplace over the past year. Ultimately, they want USDe and its use cases to grow and expand, serving as a yield-bearing dollar product distributed through exchanges, wallets and institutional rails. So as expected, they are pushing in every direction they can, with Coinbase and Janus Henderson the latest expansion surfaces. However, not all of their endeavours have achieved strong starts. - Ethena’s Hyperliquid push has not really worked yet and, given @TradeXYZ’s dominance, may never succeed. @hyenatrade was meant to be a strong player in the Hyperliquid ecosystem, giving traders access to yield on their collateral, but Blockworks’ HIP-3 data from @shaundadevens shows HYENA producing just 0.4% deployer APR, barely above Felix Perps at 0.3%, with Felix announcing their HIP-3 deployment shutdown just yesterday. - @Convergeonchain, Ethena and @Securitize’s chain, purpose-built for onchain finance, also remains a roadmap mystery, with no word from the X account or blog for nearly a year. - MegaUSD (USDm) has had some success, using Ethena’s USDtb rails to direct reserve yield toward sequencer costs. This was an example of Ethena experimenting with whitelabel stablecoin infrastructure that other ecosystems can package. MegaUSD now sits at around $200m in circulation, down from highs of more than $560m one month ago. Ethena’s first few distribution experiments outside of Binance and Bybit, while credible, have been patchy in outcomes. But that could well change with these two partnerships. They are more intentional and mutually beneficial, providing access to a much larger TAM.