USDe developer Ethena Labs has completed a strategic financing round of $14 million, with Dragonfly and others leading the investment.

According to BlockBeats news on February 16th, Ethena Labs, the developer of the Ethereum-based stablecoin USDe, has completed a strategic round of funding worth $14 million with a valuation of $300 million. The funding was led by Dragonfly, Brevan Howard Digital, and Maelstrom, the family office of BitMEX founder Arthur Hayes, with participation from PayPal Ventures, Franklin Templeton, Avon Ventures, Binance Labs, Deribit, Gemini, and Kraken. The funding round utilized a structure of future equity simple agreement and token warrants. USDe is an Ethereum-based stablecoin backed by derivatives, which achieves price stability through "delta-neutral" hedging in centralized and decentralized venues. To create USDe, Ethena allows users to use USD, ETH, or liquidity collateral tokens as collateral.