Crypto Scenario Insights
What happened
Asset manager Janus Henderson ($480B AUM) has made a strategic investment in Ethena's governance token (ENA) and plans to integrate USDe into its treasury cash management.
What we think
From a capital flows perspective, the primary economic driver of this partnership is the potential injection of institutional treasury assets into USDe.
Read the analysis
Will Janus Henderson's Ethena Alliance Drive Real Capital Flows to ENA, or Is It TradFi Marketing?
We explain what happened and what could follow. We do not forecast prices.