Developer of the USDe stablecoin, Ethena, has secured $100 million in funding for a new token targeting traditional financial institutions. Investors include Franklin Templeton and Fidelity Investments’ F-Prime Capital. Ethena, the creator of the synthetic stablecoin USDe, received a $100 million investment for a new token aimed at traditional financial institutions. According to Bloomberg, the funding round was completed in December, with investors such as Franklin Templeton and F-Prime Capital, an affiliate of Fidelity Investments, participating. Founder of Ethena, Guy Young, announced in a blog post in January the company’s plan to launch a new stablecoin called iUSDe specifically tailored to regulated financial institutions. Unlike the traditional 1:1 asset-backed collateralization, Ethena’s existing stablecoin USDe uses stablecoins as collateral and takes large open interest derivative positions to ensure price stability. USDe rapidly increased its market value to about $6 billion this month. As a result, it became the third largest stablecoin after Tether’s USDT with a total market capitalization of $142 billion and Circle’s USDC with a market cap of $57 billion. Some analysts in the crypto market consider USDe a safe haven during potential market fluctuations. Arthur Hayes, the Chief Investment Officer of Maelstrom, noted that the digital asset fund’s investment in USDe reached “record levels.” Hayes expressed their goal of providing liquidity to buy during price declines in Bitcoin by holding USDe.