Guy Young, the founder of the Ethereum stablecoin protocol Ethena, published the 2025 roadmap "Convergence" on Friday, describing Ethena's achievements in 2024 and its plans for 2025, stating that its next growth will mainly depend on exporting its products to the traditional finance sector. The roadmap shows that Ethena's upcoming products include the packaged token iUSDe, the perpetual contract and spot exchange Ethereal, and the on-chain options and structured products protocol Derive.
Young said that Ethena will launch the new product iUSDe next month, aiming to export sUSDe in a regulated form to the traditional finance sector. The function of iUSDe is the same as sUSDe, but with the addition of a simple wrapping contract that adds some transfer restrictions at the token level, so that traditional financial entities can hold and use it.
Ethena will announce the first batch of traditional finance distribution partners for iUSDe in January, and the focus of the first quarter will be to work with these partners to enable their clients to fully access iUSDe.
Young also announced progress on two new products in the roadmap, one being the perpetual contract and spot exchange Ethereal built on its own application chain, which is embedded with sUSDe and a native incentive mechanism, and Ethena will provide liquidity and hedging capital for the exchange. The protocol plans to open the Ethereal testnet next month.
Ethena's other new product is the on-chain options and structured products protocol Derive, with sUSDe as the core collateral asset of the system. The protocol will launch their token within the next two weeks.
After the founder released Ethena's 2025 roadmap, its governance token ENA showed a significant upward trend, rising more than 15% in nearly 4 hours, with a trading price of $1.22 at the time of writing.
