Ethena, a leading DeFi protocol, announced a strategic partnership with asset manager Janus Henderson, which has $480 billion in assets under management. The deal includes a strategic investment in ENA, Ethena's governance token, and plans to integrate USDe, Ethena's yield-bearing synthetic dollar, into Janus Henderson's treasury cash management strategy. Janus Henderson also aims to offer USDe to its clients through exchange-traded investment products. Additionally, Ethena will assist in distributing Janus Henderson's tokenized funds of collateralized loan obligations. The collaboration highlights the growing trend of traditional finance firms backing DeFi infrastructure, following similar moves by BlackRock and Apollo. Ethena's USDe combines stablecoin demand with derivatives hedging, and the protocol currently manages about $5 billion in assets.

Key facts

• Janus Henderson invests strategically in ENA token and plans to use USDe for treasury cash management.
• Ethena will help distribute Janus Henderson's tokenized CLO funds.
• Firms explore offering USDe to clients via exchange-traded products.
• Deal reflects trend of traditional finance backing DeFi, following BlackRock and Apollo.