Coinbase, Ethena Target 100M Users in Onchain Savings Deal After ENA Token Acquisition

- Coinbase Ventures acquires ENA tokens and partners with Ethena to build onchain savings products - Move advances Coinbase’s DeFi, USDC, and synthetic dollar strategy across a 100 million-plus user base 2026-06-03 On June 3, 2026, Cryptopolitan reported that Coinbase Ventures had acquired ENA tokens and entered a partnership with Ethena, a major decentralized finance protocol that operates a $5.4 billion synthetic dollar system on Ethereum. The report stated that the companies will jointly develop onchain savings products, leveraging their respective strengths in decentralized finance to expand access to a combined user base of more than 100 million users. However, the financial details of Coinbase’s ENA purchase and the partnership were not disclosed. According to Cryptopolitan on June 3, 2026, this deal represents a significant step in Coinbase’s ongoing efforts to strengthen its DeFi offerings. The company holds an exclusive position as USDC treasury deployer on Hyperliquid and has previously introduced synthetic onchain products and perpetual futures, thereby deepening its involvement in onchain capital markets. In addition, the collaboration will launch its first joint growth initiative next week, although the companies have not yet announced specific product details. Cryptopolitan further reported that Ethena’s protocol has generated around $983 million in cumulative fees since launch. Renowned institutional investors backing Ethena include Franklin Templeton, Pantera Capital, and Binance Labs, which reflects rising institutional participation in decentralized finance. This trend also aligns with Coinbase’s broader strategy to advance onchain capital markets and position USDC as the default settlement layer. As of 04:09 UTC on the same day, Cryptopolitan reported that market data showed Ethena (ENA) trading at $0.092 with a 24-hour volume change of 3.85%, USDC trading at $1.00 with a 0.007% change, and Hyperliquid (HYPE) trading at $71.17 with a 4.66% decline.