Bitcoin price fluctuations continue, but new developments in altcoins lead to positive divergences. The latest news involved the rise of an altcoin intersecting with BlackRock. The recent development signals potential big news in the RWA field.
Why is ENA Coin Rising?
Recently, we discussed MakerDAO’s intention to tokenize some of its treasury bonds. BlackRock was interested in this, and following the news, MKR Coin rose. A similar situation is now happening for ENA Coin. The team is collecting proposals to tokenize its reserve bonds into U.S. bonds. BlackRock’s BUILD product, with a market value exceeding $500 million, is among the applicants.
MakerDAO will tokenize $1 billion, while Ethena will tokenize a smaller amount. The team mentioned in a governance post their plan to tokenize a portion of their $235 million USDT assets, about 7% of their collateral assets, and $45 million in excess reserves. BlackRock’s BUIDL fund is ready to support $34 million of the $45 million reserve.
ArbitrumDAO also mentions the possibility of acquiring tokenized bonds in exchange for 35 million ARB Tokens. All these developments could lead to rises in altcoins due to the excitement of working with this strong partner in the RWA field.
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ENA Coin price increased by 10% with the news.
