Ethena powers USDe, a synthetic dollar, and sUSDe, a yield-bearing version, combining stability with potential returns. Since its launch in early 2024, Ethena has surpassed $14 billion in total value locked (TVL), reflecting rapid adoption and investor confidence. M2 Capital Limited, the investment arm of UAE-based M2 Holdings, has made a bold $20 million bet on Ethena [ENA], the governance token behind the fast-growing Ethena protocol.