Public company positions itself as first proxy for ENA ecosystem amid stablecoin regulation shift
Mega Matrix (MPU) has doubled down on the Ethena stablecoin ecosystem, positioning its stock as the first public vehicle for exposure to the project. Executives believe the synthetic dollar initiative could rival Circle’s dominance in the expanding stablecoin market.
Strategic bet on Ethena
Colin Butler, Mega Matrix’s executive vice president and head of markets, said the firm sees massive potential: “We think Ethena can do $150 million in the next 6–12 months. That would imply a 6x upside to Ethena.”
Unlike USDC and USDT, Ethena’s synthetic stablecoin USDe offers holders yield by combining staking and hedging strategies. Butler argued that this makes it “more attractive collateral and better positioned to capture share in a fast-expanding market.”
First public proxy for ENA
To provide investors access, Mega Matrix has structured its reserves around Ethena’s governance token, ENA, effectively making its stock a public proxy for the ecosystem. Butler emphasized, “This also opens the door for retail investors to get direct exposure to the stablecoin thesis for the first time. Until now, the only way to play it was through Circle, or indirectly via Coinbase.”
The move comes as the U.S. GENIUS Act introduces federal oversight for stablecoin issuers, setting capital and liquidity standards. With regulation tightening, companies offering diversified models like Ethena may have a competitive edge.
Growth drivers ahead
Mega Matrix is backing its strategy with a $2 billion shelf registration, allowing it to gradually increase ENA holdings. The company highlights Ethena’s “fee-switch” mechanism, which could eventually redirect protocol revenues to token stakers. Although approved by governance, no activation date has been set.
Market observers note that Ethena’s metrics are accelerating: USDe’s market cap has already surpassed $13 billion, making it the world’s third-largest stablecoin. Cumulative revenues also appear near qualifying levels for the fee-switch, though timing remains uncertain.
The bet positions Mega Matrix at the center of one of the most competitive races in crypto — the battle for stablecoin dominance.
Disclaimer
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