Mega Matrix Bets $20B on Ethena's Stablecoin Gambit

Mega Matrix Inc. has filed for a $20 billion general shelf registration, signaling a strategic move to capitalize on growing interest in the stablecoin market by targeting Ethena’s USDe stablecoin as a key component of its future capital structure. The firm aims to accelerate its efforts to integrate a stablecoin governance token into its DAT (Digital Asset Token) reserve strategy, aligning with recent momentum in the Ethena ecosystem.

Ethena’s USDe, a synthetic dollar stablecoin, has rapidly gained traction, surpassing $1 billion in supply on centralized exchanges within months of its launch this year. This milestone highlights growing adoption and confidence in the Ethena protocol, particularly as the stablecoin has climbed to the third-largest stablecoin by market capitalization, trailing only Tether’s USDT and Circle’s USDC. The supply of USDe has surged by approximately 42% in a month, with its market cap now exceeding $12.4 billion [3].

USDe operates through a delta-neutral strategy, hedging user deposits with perpetual and deliverable futures contracts against a basket of backing assets, including Bitcoin and Ethereum, while also holding liquid stablecoins like USDC and USDT. This mechanism enables the stablecoin to maintain a stable value despite fluctuations in the underlying crypto assets. The design also allows for potential yield generation, particularly through the strategic use of derivatives and liquidity pools, which has attracted both retail and institutional users [1].

Ethena’s governance token, ENA, has experienced a notable price rally, surging over 8% in the past 24 hours following the USDe milestone. The token has moved from $0.6774 to $0.733, with analysts suggesting that further appreciation is possible if the stablecoin continues to gain traction. According to recent market analysis, ENA is now up approximately 5% on its daily chart, with key resistance levels around $0.8401 and $0.9314. However, maintaining increased trading volume is crucial to support continued gains [2].

Ethena’s governance model is also evolving, with a key milestone being the activation of a “fee switch” mechanism that will enable ENA token holders to share in the protocol’s revenue. This initiative, approved in November 2024, requires the stablecoin to achieve three key targets: surpassing $6 billion in USDe supply, reaching cumulative protocol revenue of at least $250 million, and securing listings on four of the top five centralized exchanges by derivatives trading volume. Ethena has already met the first two of these targets, with the final hurdle being centralized exchange integration [3].

The growing interest in yield-bearing stablecoins, particularly in the wake of U.S. regulatory developments, has positioned Ethena’s USDe as a viable alternative to traditional stablecoin models. Unlike fiat-backed counterparts such as USDT and USDC, USDe’s reliance on derivatives and digital tokens offers a unique approach to capital efficiency and risk management. On-chain integrations with protocols like Aave and Pendle have further enabled recursive lending structures that enhance returns for large market participants, contributing to a flywheel effect that has drawn in both retail and institutional investors [3].

Mega Matrix Inc.’s strategic alignment with USDe and its governance model reflects broader market dynamics where stability and yield are becoming increasingly intertwined. As the firm moves forward with its $20 billion registration, it will likely focus on structuring its DAT reserve to leverage the advantages of Ethena’s synthetic dollar framework, while navigating the risks associated with derivative exposure and liquidity volatility. The outcome of these efforts could have significant implications for the evolving landscape of stablecoin governance and digital asset integration.

Source:

[1] Ethena Overview | Ethena (https://docs.ethena.fi/)

[2] ENA rallies 8% as Ethena’s USDe stablecoin tops $1B on centralized exchanges (https://cryptorank.io/news/feed/cf9f6-ena-rallies-8-as-ethenas-usde-stablecoin-tops-1b-on-centralized-exchanges)

[3] Ethena's USDe has become the third-largest stablecoin, ... (https://www.mitrade.com/insights/news/live-news/article-3-1089738-20250903)