The public -holding company Mega Matrix (MPU) has created the Ethhena Stablecoin ecosystem the center of approach to digital assets, estimating that the synthetic dollar project can capture market sharing from incumbents such as the Circle.
The company’s pushing comes to the heel of US Genius Act.
However, the Circle is currently a single option that has been publicly exchanged to achieve the massive growth of Stablecoins, Colin Butler, Executive Vice President of the Mega Matrix and global leader of markets, told Cointelegraph.
Circle went public in June, with its sharing 87% From the list. The company has generated $ 1.68 billion income and reserve in fiscal 2024, with $ 155.7 million in net income, driven by interest income from reserves supporting the USDC (USDC) Supply.
Butler said Mega Matrix sees Etha’s comparable potential: “We think Etherna could make $ 150 million in the next 6-12 months. That would indicate a 6x upside down with Ethena.”
He recognized Etherna’s growth in USDE, its Synthetic stablecoin that generates yield by a mix of staking and hedging techniques. Unlike USDC and USDT (USDT), USDE offers return holders and, Butler argues, “serves as a more attractive collateral,” which makes it better positioned to capture the part in a rapidly expanding market.
To provide access to investors, Mega Matrix was positioned as its stock as the first publicly exchanged in the Digital Asset Treasury dedicated to the Ethena Ecosystem, which focuses on the token of the management of Etherna, Ena.
“It also opens the door for retail investors to obtain direct exposure to Stablecoin thesis at the first time,” Butler said. “To this day, the only real way to play it is round, or indirectly by Coinbase.”
Before moving to digital assets, the Mega Matrix was operated mainly as a recreational business and game publication. The company began exploring the blockchain in 2021 and formally reposed itself as a digital asset treasury in 2025.
The company is funding the approach to its digital asset A $ 2 billion shelf registration.
Related: Crypto Biz: Japan’s silent stablecoin coup
Etha’s fee-switch mechanism
When it filed its shelf registration, the Mega Matrix emphasized Etha’s “fee-switch” mechanism as a potential value driver. Once that is activated, the mechanism will redeem a portion of the protocol revenues in the ENA stakers, allowing tokenholders to participate in protocol revenues.
The proposal is introduced Through the Wintermute Governance in November 2024, which demanded that the parameters of the Risk Committee of Ethena outline the parameters where tokenholders would benefit from the revenue distribution. The factors include the supply of transferring USDE, average protocol income and adoption of centralized exchanges.
Later that month, the general proposal was approved, along with the Etherna labs setting a series of “Successful Success” tied to the switching supply, combined -joint revenue and exchange of exchange.
Although those benchmarks were defined, no activation date for the fee switch was announced, a spokesman for the Etherna Foundation at Cointelegraph.
Observers in the market note that Etherna’s growth exceeds some of the original thresholds. The cumulative protocol revenues appear to be close to qualified levels, and the capitalization of the USDE market has passed $ 13 billion, making it the third largest stablecoin in the world. However, the protocol has yet to specify when the mechanism will be implemented.
Related: Banks must offer better rates to counter the stablecoins: Bitwise CIO
