‘Ethena has 6x upside to Circle’: Mega Matrix doubles down on ENA ecosystem

Mega Matrix is betting big on Ethena, positioning itself as the first public proxy for the ecosystem as stablecoin regulation heats up.

Public holding company Mega Matrix (MPU) has made the Ethena stablecoin ecosystem the centerpiece of its digital asset strategy, betting that the synthetic dollar project can capture market share from incumbents like Circle.

The company’s push comes on the heels of the US GENIUS Act, a comprehensive stablecoin bill that establishes federal oversight of issuers, sets capital and liquidity requirements and creates a framework for banks and fintechs to issue dollar-pegged tokens under regulatory supervision.

However, Circle is currently the only publicly traded option to capitalize on the enormous growth of stablecoins, Colin Butler, Mega Matrix’s executive vice president and global head of markets, told Cointelegraph.

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