Ethena Labs, which manages the stablecoin project, plans to launch two new products and business lines comparable to USDe within the next three months.
Ethena Labs is also the developer of Ethena (ENA).
Guy Young, founder of Ethena Labs, announced on the X Platform that the company is expanding its team for the first time since its founding. The company plans to hire 10 new engineering and product development team members to focus on these two new projects.
Mr. Young issued the following statement:
“Ethena has operated with a team of approximately 20-25 people for the past two years. We are now significantly expanding our team over the next three months to cover two completely new business lines and products. Both initiatives have the potential to reach up to $100,000 in size.”
Ethena’s algorithmic stablecoin project, USDe, quickly gained traction within the cryptocurrency ecosystem. However, it is worth noting that TerraUSD (UST) is also an algorithmic stablecoin, and its collapse had a significant negative impact on the cryptocurrency market.
*This is not investment advice.
