Ethena is gearing up to launch a new crypto product, iUSDe, in February, targeting traditional finance (TradFi) institutions. Built on its synthetic dollar, sUSDe, iUSDe features a "simple wrapper contract" with transfer restrictions. Ethena aims to partner with TradFi distribution channels by the end of January to make iUSDe accessible to asset managers, private credit funds, and more.

Ethena's sUSDe offers a 10% APY, attracting over 368,000 investors with $5.85 billion invested. The synthetic dollar could significantly impact TradFi markets, given their $190 trillion size. Ethena quickly reached $100 million in revenue, highlighting its rapid growth.