In brief
Mega Matrix Inc. says it has selected ENA, the governance token associated with the USDe stablecoin protocol, as the reserve asset for its Digital Asset Treasury strategy. The company also filed a $2 billion shelf registration to support plans to accumulate and hold ENA; it says the strategy is not to buy USDe directly. Mega Matrix describes ENA as a means of participating in protocol governance and potentially receiving a share of revenue if a fee-switch mechanism is activated. Executive Colin Butler cited USDe’s reported revenue and circulation growth, while Chief Strategy Officer Songtao Jia discussed the company’s view of stablecoin-market development. The release also describes USDe and ENA’s market rankings and Mega Matrix’s broader focus on blockchain and decentralized finance.
Key takeaways
- Mega Matrix designated ENA as the reserve asset for its Digital Asset Treasury strategy.
- The company filed a $2 billion shelf registration to support a planned accumulation of ENA.
- Mega Matrix says its strategy is to hold ENA, not purchase USDe directly.
- The release says ENA holders could receive protocol revenue if a governance-enabled fee mechanism is activated.
New York, United States, September 16, 2025 -- Mega Matrix Inc. (NYSE American: MPU) today announced it has become the first public company to anchor its Digital Asset Treasury (DAT) strategy in stablecoin yield and governance. The Company has designated ENA, the governance token of USDe, as its strategic reserve asset and filed a $2 billion shelf registration to support a systematic plan to accumulate and hold ENA.
The year 2025 marks a turning point as traditional financial institutions begin adopting blockchain technologies at scale. Two powerful currents are in focus. On one side, stablecoin legislation is driving rapid growth across the industry. On the other, Digital Asset Treasury (DAT) strategies—public companies treating digital assets as core balance-sheet reserves—are gaining momentum.
These currents are now converging. Against this backdrop, Mega Matrix Inc. (NYSE American: MPU) is breaking new ground as the first public company to anchor its DAT strategy in stablecoin yield and governance. The Company has designated ENA, the governance token of USDe, as its strategic reserve asset and filed a $2 billion shelf registration to support a systematic plan to accumulate and hold ENA.
As of September 2025, USDe is the world’s third-largest stablecoin by circulation—trailing only Tether (USDT) and Circle (USDC)—and the largest fully on-chain stablecoin. Its governance token, ENA, secures the protocol, drives ecosystem growth, and is designed to share in protocol revenues when governance mechanisms are activated. USDe now ranks among the top 20 digital assets by market capitalization, while ENA is within the top 50.
It is important to note that MPU’s strategy is not to purchase USDe directly, but to build a position in ENA. Once the governance-enabled “fee-switch” mechanism is activated, a portion of USDe’s profits will be distributed to ENA holders. With ENA’s supply capped and USDe’s growth potential projected to scale by orders of magnitude, ENA’s long-term value is positioned to rise significantly as the stablecoin market expands.
Colin Butler, Executive Vice President and Global Head of Markets at MPU, commented: “We chose ENA because the USDe protocol has already demonstrated verifiable sustainability. It generated over $100 million in cumulative revenue in just 250 days—one of the fastest DeFi protocols in history to reach that milestone. By August 2025, in about 500 days, USDe expanded its circulation to $10 billion, setting a new record for stablecoin growth speed.”
Songtao Jia, Chief Strategy Officer of MPU, added: “Stablecoins are becoming the backbone of digital finance. As regulatory frameworks solidify and real-world applications expand, we believe the global stablecoin market will steadily progress toward $10 trillion. This is the fundamental logic behind MPU’s focus on stablecoins and ENA. Just as Bitcoin is regarded as ‘digital gold’ and Ethereum as ‘digital oil,’ stablecoins are increasingly recognized as the ‘infrastructure’ of digital finance.”
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
Contact Info:
Name: Songtao Jia
Email: Send Email
Organization: Mega Matrix Inc.
Website: http://www.megamatrix.io
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At a glance
- Company
- Mega Matrix Inc.
- Ticker
- NYSE American: MPU
- Location
- New York, United States
Key figures
- Shelf registration
- $2 billion
- USDe cumulative revenue cited
- over $100 million
- Time to reach cited cumulative revenue
- 250 days
- USDe circulation cited
- $10 billion
- Time to reach cited circulation
- about 500 days
- Stablecoin market projection cited by the company
- $10 trillion
People
- Colin ButlerExecutive Vice President and Global Head of Markets at MPU
- Songtao JiaChief Strategy Officer of MPU