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