Mega Matrix Makes $2 Billion Move Into Stablecoin Treasury Game

Mega Matrix Inc. (NYSE:MPU) has filed a $2 billion universal shelf registration with the U.S. Securities and Exchange Commission to expand its Digital Asset Treasury strategy. The company is the first U.S.-listed firm to anchor its reserves in ENA, the governance token of the stablecoin USDe.

Industry analysts view the decision as the next phase in corporate digital asset adoption, following earlier Bitcoin and Ethereum treasury strategies. The firm sees ENA as a way to capture yield from USDe's growth while benefiting from potential appreciation in ENA's token value.

MPU has begun purchasing unlocked ENA from the open market, part of a strategy detailed when its first $3 million ENA acquisition was announced earlier this month. Executives argue that as USDe expands, ENA's capped supply and revenue-sharing design will increase its long-term value.

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USDe has quickly become the world's third-largest stablecoin, trailing only Tether (USDT) and Circle's USDC. Its market cap has surged more than 200% since August 2024, outpacing rivals. Forecasts from Citi, McKinsey, and Bernstein estimate multi-trillion-dollar stablecoin demand over the next decade, with MPU projecting the market could ultimately reach $10 trillion.

"USDe has already proven its sustainability — generating $100 million in revenue within 250 days and expanding circulation to $10 billion in just 500 days," said Colin Butler, executive vice president and global head of markets at MPU. Chief Strategy Officer Songtao Jia said USDe's open integration with DeFi ecosystems positions it as infrastructure rather than just a product.

Exchange-traded funds offering exposure to the sector include ProShares Bitcoin Strategy ETF (NYSE:BITO) and Global X Blockchain ETF (NASDAQ:BKCH).

MPU Price Action: Mega Matrix shares were down 8.61% at $1.51 at the time of publication on Friday. The stock is trading within its 52-week range of $0.48 to $4.44, according to Benzinga Pro data.

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