Ethena Labs, which manages the stablecoin project, plans to launch two new products and business lines on a par with USDe within the next three months.
Ethena Labs is also the developer of Ethena (ENA).
Ethena Labs founder Guy Young announced on the X platform that the company is expanding its team for the first time since its founding. The company will hire 10 new team members in engineering and product development, focusing on these two new projects.
Young made the following statement:
“Ethena has been operating with a team of approximately 20-25 people for the past two years. Now, we’re significantly expanding our team over the next three months to cover two entirely new business lines and products. Both initiatives have the potential to reach scales of up to $100,000.”
USDe, Ethena’s algorithmic stablecoin project, quickly gained attention within the cryptocurrency ecosystem. However, it’s worth noting that TerraUSD (UST) is also an algorithmic stablecoin, and its crash significantly negatively impacted the cryptocurrency market.
*This is not investment advice.