The investment arm of M2 Holdings, M2 Capital Limited, headquartered in the United Arab Emirates, has announced a $20 million investment into Ethena’s governance token (ENA).
According to the fund, the deal is aimed at expanding investor access in the Middle East to regulated digital financial instruments, which are becoming an increasingly vital part of the global market.
Ethena’s Core Products
Ethena is best known for its USDe synthetic dollar and the yield-bearing version sUSDe. Both products are backed by crypto assets and supported by hedging strategies designed to reduce volatility.
Launched in 2024, the protocol has already attracted over $14 billion in deposits, reflecting strong demand for stablecoin-like products with yield opportunities.
Integration and Future Plans
The investment also includes integrating Ethena’s offerings into M2 Global Wealth, an affiliated company of M2 Holdings. This will enable clients to gain regulated access to innovative digital assets within both local and international financial frameworks.
“This agreement sets a new benchmark for trust and security in the regional market,” said Kim Wong, Head of Treasury at M2.
Through its partnership with Ethena, the company plans to expand custodial services, liquidity solutions, and yield-generating tools, accelerating the adoption of digital finance across the Middle East.
Wider Context
Ethena continues to attract significant attention in the industry: recently, StablecoinX raised $530 million to boost its treasury linked to ENA and repurchase around 3 billion tokens ahead of a potential Nasdaq listing.
In addition, Arthur Hayes, co-founder of Maelstrom, purchased over 1.25 million ENA (worth nearly $1 million) ahead of a governance vote on a new stablecoin, USDH, on the Hyperliquid platform, where Ethena competes with Paxos Labs, Frax Finance, and other projects.
