- Ethena Labs to hire 10 engineers and product experts
- Company preparing to launch two new products
- Notable partners include YZi Labs and Dana Hou
- Plans to enhance institutional collaborations
Ethena Labs, the issuer of the USDe stablecoin, is expanding its team by hiring 10 new engineers and product specialists to support the launch of two new products.
This expansion signals significant growth for Ethena and could impact the stablecoin market by increasing liquidity and enhancing DeFi engagement.
Ethena Labs, responsible for the issuance of the stablecoin USDe, is set to expand its workforce. Under the leadership of CEO Guy Young, the company plans to hire 10 engineers and product experts. This move comes as Ethena prepares to launch two new products with development potential comparable to USDe.
Guy Young, who has successfully steered the company with a team of 20–25 employees for two years, emphasizes the growth strategy. Notable partners include Changpeng Zhao of YZi Labs and Dana Hou, who financially support Ethena’s goal to broaden its stablecoin and cross-chain initiatives.
The recruitment drive is expected to influence markets, especially surrounding the planned fiat-backed stablecoin USDtb and the Converge settlement layer. This aligns with the company’s aim to enhance institutional collaborations. Ethena’s TVL reached $13.2 billion, marking USDe as a significant competitor in the stablecoin market.
“We are now initiating our first large-scale team expansion since our establishment—recruiting 10 new members in engineering and product fields for two brand new business lines and products set to launch in the next three months. Both new projects have development potential on par with USDe.” — Guy Young, Founder & CEO, Ethena Labs
Guy Young anticipates a larger crypto integration, stating the embedding of stablecoins in core financial operations is materializing. Ethena’s alliances, notably with Binance, suggest rigorous listing processes. The GENIUS Act plays into these efforts, potentially bolstering regulatory frameworks for Ethena’s offerings.
In summary, Ethena’s initiatives signal an evolving landscape, enhancing USDe adoption with large-scale buybacks planned for ENA tokens. Such strategies reflect a broader industry trend towards compliance, institutional engagement, and technological advancement.
