Coinbase Prime announced that it has been selected by Ethena Labs and the Ethena Foundation as a service provider for the Ethena protocol. Ethena is the first on-chain synthetic dollar protocol built on Ethereum. Under the agreement, Coinbase Prime will provide escrow, USDC, and self-escrow wallet services to Ethena. Specifically, it will include: serving as the primary custodian of ENA tokens, providing institutional-grade solutions to the Ethena Labs core team and the Ethena Foundation; integrating the Prime Web3 wallet into the protocol's minting and redemption process to improve infrastructure efficiency; and Ethena will adopt USDC and expand its use in support protocols.