The Rise of USDe

Ethena’s USDe differs from traditional stablecoin models by using a combination of “crypto-backed support + delta hedge.” Instead of relying solely on U.S. dollar reserves, it aims to maintain price stability through a strategy that combines crypto collateralization and hedging via futures positions. This structure makes USDe not just a “stable token” but also a “yield-bearing dollar alternative.”

Current Scale and Ecosystem

• USDe has reached a circulating supply valued in the billions of dollars.
• It has climbed to the third position among stablecoin markets.
• Ethena aims to expand beyond the DeFi ecosystem and reach institutional investors. The new product named iUSDe is designed specifically to appeal to traditional finance (TradFi) participants.

Today, Ethena is not only on the radar of DeFi participants but also attracting attention from the broader financial sector.

You may also like this article: What Is Volume in Cryptocurrencies? What Happens When It Rises?

What’s Next for Ethena?

Ethena’s 2025 roadmap has been made public, and it highlights two key upcoming products:

1. iUSDe – A Synthetic Dollar Bridging to TradFi

This product is described as the “wrapped” version of sUSDe (staked USDe). The key difference, however, is that iUSDe is designed to allow traditional financial institutions to earn yield without the need to directly interact with blockchain operations.

According to Ethena’s roadmap, iUSDe is expected to go live in the first quarter of 2025. This product will enable asset managers, hedge funds, institutional investors, and intermediaries to benefit from the yield generated by USDe.

As a result:

• Institutions without blockchain expertise will still be able to access the USDe ecosystem.
• Passive income opportunities will be available without the need for token ownership or wallet operations.
• This move positions Ethena not only within the crypto space but also as part of the broader financial ecosystem.

2. Telegram Payment / Neobank Experience + Payment Integrations

According to the roadmap, Ethena plans to offer payment, savings, and shopping experiences directly through the Telegram app. Users will be able to make payments using their sUSDe balance and seamlessly switch between spending and saving. Additionally, the plan includes Mastercard-supported payment functionality, allowing for USDe/fiat conversions in certain regions. This feature aims to position Ethena as a “crypto wallet / payment application,” enabling users to both save and spend their USDe in daily transactions.

Current Ethena ($ENA) Data

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The company has approved a stock buyback program funded by yield generated from its Ethereum holdings. This program marks a new chapter in GameSquare’s financial strategy. 

Ethereum investments provide GameSquare with an annual yield ranging between 8% and 14%. The company aims to use these yields for stock repurchases to offer higher returns to shareholders. The company previously attracted attention by purchasing a rare “Cowboy Ape” CryptoPunk NFT worth $5.15 million from Robert Leshner, founder of DeFi protocol Compound.

This approach is described as a blockchain-backed hybrid treasury management model. GameSquare integrates crypto assets into its financing tools to improve capital efficiency. 

This move by GameSquare highlights once again the growing importance of digital assets in corporate finance and growth strategies. The company aims to lead in the digital economy. 

Key Highlights: 

• $10 million investment to purchase 2,717 ETH 
• Total ETH holdings increased to 15,630.07 
• Ethereum yield proceeds to fund stock buyback program 
• Hybrid treasury management model improves capital efficiency 
• Annual Ethereum yield targeted between 8%-14% 

GameSquare continues to expand its digital asset strategy, offering significant opportunities for crypto investors and shareholders. 

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ProCap Buys 3,724 Bitcoin Worth $386 Million

ProCap, a Bitcoin financial services firm, announced on Tuesday it has purchased 3,724 Bitcoin for $386 million. The buy comes shortly after revealing a plan to go public later this year through a SPAC merger with Columbus Circle Capital.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

The company acquired the assets at a time-weighted average price of $103,785 per coin. Since the purchase, the value has already risen close to $400 million.

Pompliano explained the firm’s aggressive strategy with a simple phrase: “Bitcoin is the new hurdle rate. If you can’t beat it, you have to buy it.”

Going Public Via SPAC Deal

To go public, ProCap is merging with blank-check company Columbus Circle Capital. The firms have raised more than $750 million to support the deal—$516 million in equity and $235 million in convertible notes.

The merged entity will be named ProCap Financial and plans to use the capital to buy up to $1 billion worth of Bitcoin, joining a growing list of companies building crypto-focused treasuries.

Corporate Bitcoin Buying Trend Accelerates

If ProCap were public today, it would rank 14th among publicly traded companies by Bitcoin holdings, just behind Semler Scientific.

This week alone, firms like Strategy, Metaplanet, Grant Cardone’s company, Panther Metals, and Green Minerals have all added significant Bitcoin holdings. The message from corporate America is becoming clear: Bitcoin is now a core treasury asset.

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Zero-Interest Bonds, One Clear Target: 10,000 BTC

On May 29, Metaplanet announced the issuance of $21 million in zero-interest bonds to Evo Fund, just a day after securing $50 million in a separate funding round. Each bond carries a face value of $525,000 and matures on November 28, 2025. No interest is attached, allowing the firm to borrow without additional cost.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

This back-to-back funding brings Metaplanet‘s total 2025 capital raises to $135.2 million. The company’s goal? To reach 10,000 Bitcoin holdings by year-end. Currently, it holds around 7,800 BTC, placing it 11th among global corporate holders.

US Expansion and GameStop Joins the Race

On May 1, Metaplanet launched a wholly owned subsidiary—Metaplanet Treasury—in Florida, aiming to raise up to $250 million from US capital markets. This move strengthens its global footprint and signals confidence in the US crypto space.

In March, Eric Trump, son of former President Donald Trump, joined Metaplanet‘s Strategic Advisory Board, adding political weight to its strategy.

Meanwhile, other corporations are following suit. On May 28, GameStop revealed its first Bitcoin acquisition, purchasing 4,710 BTC. This milestone underscores growing corporate appetite for crypto and potentially hints at broader adoption.

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BMGL’s management believes Bitcoin will help build a diversified asset base. CEO Dr. Darren Chhoa stated that the expanded balance sheet will allow them to move quickly in Asian markets. However, following the announcement of its Bitcoin acquisition plans, the company’s shares fell by nearly 15%. 

Financial Advantages of the Investment 

• Strong Balance Sheet: BMGL will have one of the most solid balance sheets in the Asian healthcare sector. 
• Financial Flexibility: The Bitcoin investment will strengthen the company’s hand for mergers and acquisitions. 
• Leadership in Asia: BMGL will stand out as a well-capitalized medical group. 

Basel Group Dr. Darren Chhoa commented: 

“This $1 billion USD financial transformation will give us unprecedented capacity to execute our Asia growth strategy while maintaining innovative financial management. Our expanded balance sheet enables us to quickly pursue strategic opportunities as we build a premier health platform in high-growth Asian markets.” 

The Role of Bitcoin and Basel Medical Group’s Strategy 

Bitcoin is currently trading at $103,734. BMGL does not view it solely as an investment vehicle. Basel uses digital assets as a strategic tool to enhance balance sheet diversity. BMGL increases its resilience against market volatility while gaining an edge in Asian merger and acquisition activities. 

Companies often face negative shareholder reactions when announcing Bitcoin treasury strategies. For instance, video game retailer GameStop saw its market value drop by nearly $3 billion in a single trading day in March after announcing its Bitcoin holding strategy. 

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During his presentation, Saylor stressed that Bitcoin represents a once-in-a-century opportunity for Microsoft, branding it as the digital capital of the 21st century. He stated:

“Microsoft cannot afford to miss this technological wave. This wave is Bitcoin. It represents the greatest digital transformation of our time. Acquiring Bitcoin is far more strategic than buying back shares or investing in bonds.”

Saylor projected that by fully adopting a Bitcoin strategy, Microsoft could see a $584 per share increase by 2034, resulting in an astounding $4.9 trillion market cap addition. He also criticized Microsoft’s financial strategy in recent years:

“Over the last five years, you’ve lost hundreds of billions of dollars and exposed shareholders to significant risks. To break free from this destructive cycle, you need an asset with no counterparty risk. By embracing a full Bitcoin strategy, you could achieve a $584 per share gain by 2034, raising your market cap by $4.9 trillion. This requires converting cash flow, share buybacks, and even debt into Bitcoin.”

A Transformative Opportunity

Microsoft, currently the third most valuable company globally with a market cap exceeding $3 trillion, stands behind only Apple and Nvidia. Saylor’s bold proposal comes at a time when tech giants are seeking innovative ways to grow and maintain their market dominance.

This presentation highlights a growing trend among corporations exploring Bitcoin as a hedge against inflation and a transformative tool for financial growth. With MicroStrategy’s own success in Bitcoin investments serving as an example, will Microsoft take the leap?

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