Mega Matrix Bets $2B on Ethena’s Stablecoin Surge

- Public holding company Mega Matrix pivots to focus on Ethena’s synthetic stablecoin ecosystem. - The move aligns with tightened regulatory oversight under the US GENIUS Act. Mega Matrix (MPU), a publicly traded holding company, has shifted its corporate strategy to focus on Ethena’s synthetic stablecoin ecosystem. On September 11, 2025, Cointelegraph reported that the company aims to compete with established stablecoin players like Circle. To achieve this, Mega Matrix will leverage Ethena’s unique governance and revenue-sharing mechanisms. Stablecoin issuers now face increasing federal oversight under the recently introduced US GENIUS Act. In response, Mega Matrix is strategically positioning itself as a publicly traded proxy for investors seeking exposure to the stablecoin market. Colin Butler, the executive vice president of Mega Matrix, noted that Circle remains the dominant publicly traded option in this sector. However, he expressed confidence in Ethena’s potential, projecting it could expand its profits sixfold relative to Circle and estimating revenues of $150 million within the next six to 12 months. To execute this repositioning, Mega Matrix is channeling its digital asset treasury into Ethena’s governance token, ENA. The company established a $2 billion shelf registration to raise capital progressively. Mega Matrix will use these funds to build its ENA holdings and offer direct exposure to stablecoin growth through its publicly traded stock. Ethena’s governance protocol includes a proposed fee-switch mechanism. Once activated, this mechanism will divert a portion of the protocol’s revenue to ENA token stakers. Although stakeholders approved the proposal in November 2024, a specific activation date is still pending, as it depends on benchmarks for circulating supply, revenue, and exchange adoption. Ethena’s synthetic stablecoin, USDe, differs from asset-backed options like Circle’s USDC or Tether’s USDT because it generates yield through staking and hedging strategies. This yield-bearing mechanism has contributed to Ethena’s growing market presence. Currently, USDe ranks as the third-largest stablecoin globally, with a market capitalization exceeding $13 billion. Before focusing on Ethena, Mega Matrix operated in entertainment and game publishing. The company began exploring blockchain in 2021 and officially repositioned itself in 2025 as a digital asset treasury to align with the industry’s evolving dynamics. As of 17:14 UTC on September 11, Ethena’s USDe traded at $1.001, and its 24-hour trading volume increased by 0.8%. According to CoinMarketCap, Ethena’s governance token, ENA, traded at $0.767, while its 24-hour volume decreased by 3.6%.