Coinbase (NASDAQ:COIN) Ventures invested in Ethena by purchasing ENA (CRYPTO: ENA) tokens on the open market Tuesday, with a partnership bringing USDe to Coinbase’s 100 million users.

USDe Integration Goes Live Next Week For 100 Million Coinbase Users

Ethena founder Guy Young confirmed the integration launches next week, marking the first time Ethena products become available to Coinbase’s full user base. 

The partnership centers on dollar savings products and includes Circle’s (NYSE:CRCL) USDC stablecoin, but the companies have not disclosed the exact structure of the collaboration.

“Given the evolving nature of the CLARITY Act, we expect further potential tailwinds for onchain native products like USDe from idle balances on exchanges, and Ethena is well-positioned to support this transition,” Young posted on X. 

The CLARITY Act will determine whether platforms like Coinbase can reward users for holding stablecoins, a provision banks are actively fighting.

ENA jumped roughly 6% following the announcement. USDe is a synthetic dollar that holds its peg by pairing dollar assets with delta-hedged crypto exposure via perpetual futures, making it structurally different from traditional stablecoins. 

The project counts Arthur Hayes‘ family office Maelstrom, Dragonfly, Brevan Howard, and Franklin Templeton among its backers.

USDe Has Been Losing Market Cap Since Late 2024

The partnership comes as USDe has experienced sustained outflows and declining market cap since late last year. 

Bringing 100 million Coinbase users into the ecosystem is a direct effort to reverse that trend through distribution rather than product changes.

COIN Breaks Recovery Channel As Bitcoin Bleeds Below $70K

COIN broke below the rising channel that held since February’s $140 lows, with the full EMA stack now overhead as resistance. 

The 20 EMA sits at $188.54, 50 EMA at $191.67, 100 EMA at $203.43, and 200 EMA at $225.35, all pointing down as Bitcoin (CRYPTO: BTC) trades below $70,000.

The next visible support sits at $165, with February’s absolute lows at $140 below that. 

A bullish recovery requires Bitcoin to stabilize above $70,000 and COIN to reclaim the channel base above $182, targeting the $188 to $191 EMA cluster. 

Until then, the broken channel and broader crypto selling remain the dominant forces on the stock.

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