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Coinbase Takes Stake in ProShares Stablecoin Reserve ETF

Coinbase Takes Stake in ProShares Stablecoin Reserve ETF

In a strategic move to strengthen its foothold in the stablecoin ecosystem, Coinbase has placed a quiet investment in ProShares’ IQMM money market ETF. This fund, the GENIUS Money Market ETF, is specifically tailored to comply with reserve stipulations under the forthcoming U.S. stablecoin legislation, known as the GENIUS Act.

By backing IQMM, Coinbase is venturing beyond its traditional roles in stablecoin payments, distribution, and developer tools. The company now targets the infrastructure that safeguards the assets underpinning dollar-pegged digital tokens. This shift underscores a broader recognition that stablecoin growth hinges on robust reserve and liquidity management systems.

The IQMM ETF primarily holds short-term U.S. Treasuries with maturities of 93 days or less, alongside cash and equivalents. This composition aligns with Section 4 of the GENIUS Act, which mandates that payment stablecoins be fully backed by high-quality liquid assets. Coinbase emphasizes that as stablecoins facilitate more payment and settlement activities, issuers require specialized tools beyond traditional banking channels.

ProShares brings extensive ETF expertise to the table, while Coinbase views the investment as a way to support the entire stablecoin stack. Secure reserve management, liquidity management, issuance, and redemption processes are becoming critical as stablecoin adoption accelerates.

The GENIUS Act, which became law last year, establishes a federal framework for stablecoin issuance in the United States. While the rules won’t be fully enforced until early 2027, regulators are already crafting detailed requirements. Coinbase suggests that reserve assets could diversify in the future to include ETFs, money market funds, and tokenized cash products.

IQMM launched in February and saw $17 billion in trading volume on its first day, signaling strong market interest. Coinbase believes that stablecoins offer superior money movement capabilities, but the industry must enhance the systems managing their reserves. This investment represents a calculated step into the financial plumbing that underlies stablecoin operations.

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Coinbase Ventures Acquires ENA Tokens, Signals Deeper Collaboration with Ethena

Coinbase Ventures Acquires ENA Tokens, Signals Deeper Collaboration with Ethena

Coinbase Ventures has made a notable move by purchasing ENA tokens directly from the open market, marking a shift away from its typical private investment rounds. This acquisition coincides with a broader partnership between Coinbase and Ethena, aimed at developing on-chain finance and savings solutions for Coinbase’s extensive user base.

Ethena revealed the investment via an official social media post, emphasizing that Coinbase Ventures acquired ENA without the benefit of a discounted private sale. The two entities have also agreed to collaborate on products tailored for Coinbase users, with the first initiative slated for launch in the coming week.

Coinbase Ventures confirmed the purchase in a separate statement, highlighting Ethena’s pivotal role in the on-chain finance ecosystem. The venture arm underscored the potential for deeper integration between Ethena, Coinbase, and USDC, signaling a strategic alignment.

The investment method is a departure from Coinbase Ventures’ usual approach. Since its inception in 2018, the firm has executed over 600 investments, primarily in seed and early-stage private rounds. By opting for an open-market purchase, Coinbase Ventures is taking a public position in ENA, though the exact number of tokens, purchase price, and associated wallet addresses remain undisclosed.

Ethena’s partnership with Coinbase targets the latter’s vast user pool, exceeding 100 million verified accounts. The collaboration is expected to spotlight Ethena’s flagship products: USDe, a synthetic dollar asset, and sUSDe, a staked version designed to generate yield. Coinbase, which reported $294 billion in platform assets at the end of the first quarter, has not specified whether the upcoming product launch will involve USDe, sUSDe, ENA, or an entirely new offering.

Ethena’s financial metrics remain strong, with DefiLlama data indicating approximately $5.4 billion in total value locked. The USDe contract alone accounts for $4.5 billion of that total. The protocol is generating $178 million in annualized fees, with cumulative fees reaching $972 million and cumulative protocol revenue hitting $332 million since its founding in 2023.

ENA, the governance token, currently holds a market capitalization of around $859 million and a fully diluted valuation of about $1.4 billion. Following the announcement, ENA experienced an 8.3% price increase within 24 hours, accompanied by $168 million in trading volume, according to DefiLlama. On-chain volume via Uniswap V3 and Aerodrome reached $178 million during the same period, surpassing centralized exchange activity.

Ethena and Coinbase have not released additional details about the upcoming product, though Coinbase already serves as the primary custodian for ENA held by the Ethena Labs core team and Foundation under a prior agreement.

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Mercy Chinwo – Okaka (The Mighty One)

Mercy Chinwo - Okaka (The Mighty One)

Mercy Chinwo, the celebrated Nigerian gospel vocalist and winner of Nigerian Idol’s second season, has released a stirring new worship single titled Okaka (The Mighty One). Known for her powerful and emotive delivery, she once again delivers a song that magnifies God’s unmatched greatness, inviting listeners into deep reverence.

With a career marked by hits like Excess Love, Obinasom, and Wonder, this latest offering continues her tradition of faith-filled anthems. Okaka stands as a declaration of God’s supreme power, blending soulful melodies with heartfelt lyrics that resonate with believers.

From the first note, Mercy’s voice draws you into a space of worship, reminding us of the Almighty’s unwavering strength. This track is more than a song—it’s a spiritual experience for those seeking to connect with the divine.

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Timi Dakolo – Brotherly

Timi Dakolo – Brotherly

Acclaimed Nigerian vocalist Timi Dakolo delivers another soul-stirring ballad with his latest release, “Brotherly.” The track, a serene and heartfelt composition, showcases the singer’s exceptional ability to blend soothing melodies with profound emotional depth.

Before unveiling the song, Dakolo shared a poignant message that underscores the core theme of the record: vulnerability is not a sign of weakness. Instead, it takes courage to be open and authentic—a sentiment that resonates powerfully throughout the music.

Known for his rich baritone and timeless songwriting, Timi Dakolo has long been a pillar of meaningful music in Nigeria. “Brotherly” continues that tradition, offering listeners a moment of reflection and connection through its gentle instrumentation and heartfelt lyrics.

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Chino Kidd – Fashion (Remix) Ft. S2kizzy, Silas Africa, Tebogo G Mashego & Joblaq

Chino Kidd - Fashion (Remix) Ft. S2kizzy, Silas Africa, Tebogo G Mashego & Joblaq

Chino Kidd, the acclaimed Tanzanian artist and songwriter, has unveiled a vibrant new rendition of his hit track, “Fashion (Remix).” This fresh version brings together an extraordinary group of collaborators: distinguished producer and artist S2kizzy, gifted vocalist Silas Africa, South African talent Tebogo G Mashego, and Nigerian entertainer Joblaq. The remix breathes new life into a beloved tune, forging a cross-continental alliance that underscores the growing synergy among East, Southern, and West African music scenes.

Fans can stream the song on major platforms like Audiomack, YouTube Music, and Spotify, where it continues to gain traction. The track celebrates unity and style, blending diverse sounds into a cohesive anthem. With its infectious rhythm and star-studded lineup, “Fashion (Remix)” is poised to become a favorite across the continent and beyond.

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Reggie – Wish I Had A Girlfriend Ft. Lasmid & BeezTrap KOTM

Reggie - Wish I Had A Girlfriend Ft. Lasmid & BeezTrap KOTM

Ghanaian music artist Reggie has dropped a new track titled Reggie – Wish I Had A Girlfriend, featuring talents Lasmid and BeezTrap KOTM. This single showcases his creative range and ability to blend humor with heartfelt themes. The trio brings distinct styles that complement each other, highlighting the power of collaboration in Ghana’s vibrant music scene. The song is both catchy and relatable, mixing romance with playful lyrics. Fans can enjoy this fresh record on streaming platforms like Audiomack and Spotify.

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Oseikrom Sikanii – Doggy

Oseikrom Sikanii - Doggy

Oseikrom Sikanii, the vibrant Ghanaian artist from Kumasi, unleashes a new track titled Doggy that pulses with energy and streetwise charm. The song showcases his bold persona and flashy lifestyle through catchy hooks and relentless beats. With this release, Sikanii reaffirms his place in the music scene, delivering a tune that resonates with fans of high-life and hip-hop fusion. The rhythm is infectious, the lyrics memorable, and the overall vibe keeps listeners engaged from start to finish.

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Ogunskele – Yearning For You (feat. RedEyeNature & Stonebwoy)

Ogunskele - Yearning For You (feat. RedEyeNature & Stonebwoy)

Ogunskele, the talented Ghanaian rapper and performer, has once again captured attention with his latest offering, “Yearning For You.” This new track showcases his growing influence in the country’s dynamic music landscape.

Featuring Stonebwoy and RedEyeNature, the song benefits from their exceptional contributions. Their unique vocal styles and skillful lyricism perfectly complement the romantic essence of the record.

The production is nothing short of impressive, allowing each artist to highlight their individual talents while keeping a unified musical vibe. It’s a standout release that blends heartfelt emotion with rhythmic finesse.

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Uncle Bubu – Darkest Secrets (feat. Kemuel, Cupidszn & telz)

Uncle Bubu - Darkest Secrets (feat. Kemuel, Cupidszn & telz)

Nigerian music artist Uncle Bubu has unveiled his latest track, “Darkest Secrets,” a stirring collaboration that brings together the vocal talents of Kemuel, Cupidszn, and telz. This new release seamlessly combines catchy melodies with profound lyricism, offering listeners an emotionally charged experience. The featured artists each contribute their distinct vocal styles and heartfelt delivery, weaving warmth and sincerity into the song’s narrative.

The track stands out as a testament to evolution within the Nigerian music scene, blending smooth instrumental layers with powerful vocal performances. Uncle Bubu and his collaborators craft a sound that is both fresh and resonant, speaking to themes of vulnerability and hidden truths.

Fans of soulful R&B and contemporary African music will find “Darkest Secrets” a compelling addition to their playlists. The synergy between the artists elevates the song, making it a remarkable entry in Nigeria’s vibrant music landscape.

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Abefe – Yori Yori

Abefe – Yori Yori

Emerging Nigerian talent Abefe has dropped a new Afrobeats anthem titled Yori Yori, showcasing his dynamic artistry and flair for crafting ear-catching tunes. With its blend of rhythmic grooves and emotionally resonant lyrics, the single stands as a bold statement from the rising star, further cementing his place in the competitive music landscape. Known for his ability to weave relatable narratives into his songs, Abefe continues to captivate audiences with a sound that feels both fresh and authentic. The track pulses with energy, driven by infectious beats and a delivery that oscillates between smooth verses and spirited choruses. Listeners are invited into a world where love, joy, and rhythm converge, making Yori Yori an instant addition to playlists celebrating contemporary African vibes. As he builds momentum, Abefe proves that his voice is one to watch in the evolving narrative of Nigerian music.