Ethena, a stablecoin protocol, is experiencing a strategic shift as its head of growth, Seraphim Czecker, departs after a successful tenure. Czecker played a pivotal role in scaling Ethena from a $6 million seed funding to a market cap of $6 billion within a year, while securing over $1 billion in DeFi partnerships. Ethena's USDe stablecoin has gained traction, contributing to a broader trend in the stablecoin market, which is now valued at approximately $200 billion. Ethena's market cap stands at $2.96 billion, with trading activity increasing by 67.48% in the last 24 hours, while its USDe stablecoin boasts a total value locked (TVL) of $5.95 billion. The protocol's recent developments include the launch of a new stablecoin, USDtb, as it pivots towards a reserve-backed model.