Janus Henderson has taken a strategic investment in Ethena's ENA token and is exploring distribution of the protocol's synthetic dollar, USDe, marking one of the more significant moves by a traditional asset manager into decentralised finance infrastructure. The deal follows a broader pattern of legacy finance firms embedding themselves in DeFi protocols: BlackRock has backed Uniswap and Apollo has invested in Morpho. For Ethena, the partnership offers institutional credibility and potential access to Janus Henderson's client distribution networks, which could materially expand USDe's reach beyond native crypto users. Janus Henderson manages hundreds of billions in assets, meaning even a partial allocation or product recommendation could drive significant inflows into the Ethena ecosystem. Terms of the investment were not disclosed.
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