Ethena's New Token Nearly Doubles Overnight as Stablecoin Supply Grows, Paradigm Eyes Massive New Crypto Fund

• Ethena Labs' new ENA token rallied overnight, nearly doubling from $0.60 to $0.93 per token

• Ethena Labs offers a synthetic stablecoin called USDe and ENA is its new governance token, now ranked 67th by market cap at $1.3B

• Bitcoin's price rally has slowed recently but stablecoin supply continues growing, a positive sign for BTC bulls

• Crypto VC firm Paradigm seeks to raise $750M-$850M for a new fund, potentially the industry’s largest since the crypto winter

• Recession probability models show only a 34% chance of global recession, meaning less chance of aggressive rate cuts from central banks