After Bitcoin and Ethereum, Mega Matrix Bets $2B on ENA as Next Treasury Asset

Rhea-AI Summary

Mega Matrix (NYSE:MPU) has filed a groundbreaking $2 billion universal shelf registration with the SEC to implement its Digital Asset Treasury (DAT) strategy, focusing on ENA, the governance token of stablecoin USDe. This marks MPU as the first U.S.-listed company to center its corporate treasury on ENA.

USDe has emerged as the world's third-largest stablecoin, with its market cap growing over 200% since August 2024. The strategy leverages both yield potential from USDe's expansion and ENA's token price appreciation. Industry forecasts project the stablecoin market to reach between $1.2-4 trillion by 2028-2035, while MPU's internal analysis suggests potential growth to $10 trillion.

USDe has demonstrated remarkable growth, generating $100 million in revenue within 250 days and reaching $10 billion in circulation in 500 days, positioning ENA as a strategic treasury asset.

Positive

• First U.S.-listed company to implement ENA-based treasury strategy
• USDe achieved 200% market cap growth since August 2024, outperforming USDC (87%) and USDT (39.5%)
• USDe generated $100 million revenue in 250 days
• USDe reached $10 billion circulation in 500 days
• USDe is the first yield-bearing stablecoin to achieve scale
• 70% supply surge ($4.2 billion) following U.S. Genius Act passage

Negative

• Approximately 50% of ENA supply remains locked with 3-year vesting period
• Token inflation risk from future unlocks
• $2 billion shelf registration may lead to potential dilution
• Regulatory uncertainty in stablecoin market

NEW YORK, Sept. 12, 2025 /PRNewswire/ -- Mega Matrix (NYSE: MPU) has filed a $2 billion universal shelf registration with the U.S. Securities and Exchange Commission (SEC) to advance its Digital Asset Treasury (DAT) strategy. With this move, MPU becomes the first U.S.-listed company to anchor its corporate treasury on ENA — the governance token of stablecoin USDe. Industry observers see the decision as the next chapter in the evolution of corporate digital asset treasuries — from MicroStrategy's pioneering Bitcoin strategy, to Ethereum and other protocol based models, and now MPU's next-generation bet on ENA.

Strategic Differentiation

Unlike earlier DAT models, MPU is taking a different path by focusing directly on ENA. By anchoring its balance sheet to ENA, the company sees "double leverage": exposure to yield as USDe expands, and potential appreciation in ENA's token price.

As of September 2025, USDe has become the world's third-largest stablecoin, trailing only Tether (USDT) and Circle (USDC), and the largest fully on-chain stablecoin. Since August 2024, USDe's market cap has climbed more than 200%, compared with 87% for USDC and 39.5% for USDT.ENA, the governance token, secures the protocol, drives ecosystem growth, and will participate in revenues once the "Fee Switch" is activated. Today, USDe ranks among the top 20 digital assets by market capitalization, with ENA in the top 50.

The investment logic is straightforward. As the stablecoin market expands, USDe continues to outpace its peers, driving higher protocol profits. Once the Fee Switch is activated, a portion of those profits will flow to ENA holders, amplifying the token's scarcity value. With ENA's supply capped and USDe expected to scale by orders of magnitude, the long-term value of ENA — both in governance and yield — is positioned to rise substantially. In short, ENA offers equity-like dividends with the scarcity of a capped token.

Stablecoins: From Billions to Trillions

Institutional forecasts already point to multi-trillion-dollar demand for stablecoins over the next decade. Citi projects $1.6 trillion by 2030 with an upside case of $3.7 trillion. McKinsey and Standard Chartered forecast $2–2.8 trillion by 2028. Bernstein estimates $4 trillion by 2035, while Coinbase anticipates $1.2 trillion by 2028.

MPU argues these projections remain conservative. Its internal analysis suggests the market could ultimately approach $10 trillion, fueled by adoption across multiple fronts: tokenized asset settlement, money market funds shifting into stablecoins, DeFi and CEX demand, dollarization in emerging markets, cross-border payments, corporate treasury management, and consumer transactions. Taken together, these use cases point to a market approaching $10 trillion.

USDe/ENA Outperform Peers

Under the new U.S. stablecoin law, compliant stablecoins are prohibited from paying interest, effectively reducing them to "zero-yield dollars." By contrast, USDe has emerged as the first yield-bearing stablecoin to achieve scale. In the three weeks following passage of the U.S. Genius Act, USDe's supply surged 70%, adding nearly $4.2 billion.

Colin Butler, Executive Vice President and Global Head of Markets at MPU, said:"USDe has already proven its sustainability — generating $100 million in revenue within 250 days and expanding circulation to $10 billion in just 500 days. No stablecoin has grown faster. That's why ENA sits at the core of our treasury strategy."

Songtao Jia, Chief Strategy Officer at MPU, added:"USDe is more than just a rival to USDC or USDT — its real strength is openness. From the outset, it integrated with DeFi ecosystems like Aave, Curve, Pendle, Sky, and EigenLayer, instead of building a walled garden. That makes USDe feel less like a product and more like infrastructure. It's not simply a stablecoin; it's beginning to look like the operating system for decentralized finance."

MPU is not alone in its ENA strategy，MPU purchases unlocked ENA from the open market.Inflation from token unlocks remains a factor. Roughly half of ENA supply is still locked and will vest over three years. MPU views this as a typical "rite of passage" for young digital assets, noting that USDe's rapid growth far outpaces inflation.

About Mega Matrix Inc.

Mega Matrix Inc. (NYSE: MPU) is a publicly traded company pioneering the integration of digital assets into corporate treasury strategies. Originally a diversified holding company with interests spanning ETH staking, and short drama streaming services, Mega Matrix has strategically pivoted to focus on blockchain innovation, stablecoins, and decentralized finance. Through its Digital Asset Treasury (DAT) strategy, the company builds strategic positions in governance tokens, including ENA, the governance token of the rapidly growing USDe stablecoin protocol, combining potential yield, appreciation, and active governance participation. For more information, please visit: https://megamatrix.io/ 

 

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SOURCE Mega Matrix Corp

FAQ

What is Mega Matrix's (MPU) $2 billion investment strategy in ENA?

Mega Matrix filed a $2 billion shelf registration to implement its Digital Asset Treasury strategy, focusing on ENA, the governance token of USDe stablecoin, becoming the first U.S.-listed company to center its treasury on this asset.

How has USDe performed compared to other stablecoins in 2024-2025?

USDe has grown its market cap by 200% since August 2024, significantly outperforming USDC (87%) and USDT (39.5%), becoming the world's third-largest stablecoin and the largest fully on-chain stablecoin.

What are the key risks of MPU's investment in ENA tokens?

Key risks include 50% of ENA supply being locked with a 3-year vesting period, potential token inflation from future unlocks, and regulatory uncertainty in the stablecoin market.

What is the projected growth for the stablecoin market according to MPU?

MPU projects the stablecoin market could reach $10 trillion, while institutional forecasts range from $1.2-4 trillion by 2028-2035, driven by tokenized assets, money markets, DeFi, and cross-border payments.

How does USDe's revenue and circulation growth demonstrate its success?

USDe generated $100 million in revenue within 250 days and expanded circulation to $10 billion in 500 days, marking the fastest growth rate among stablecoins.