NYSE-listed firm Mega Matrix Inc. announced on Wednesday that it expanded its $2 billion Digital Asset Treasury (DAT) to include a wider set of stablecoins and governance tokens, making it one of the first U.S.-listed firms to adopt a multi-asset stablecoin framework under SEC-compliant structures.
In a press release shared with Cryptonews, the company said it was previously concentrated on Ethena’s governance token ENA. Under the revised strategy, it will also hold USDe, USDtb, and ENA from the Ethena ecosystem; USDH and HYPE from Hyperliquid; USDF and ASTER from Aster; and USDS and SKY from Sky Protocol.
“Dual-Engine” Structure
The updated treasury model is described as a “dual-engine” approach. Part of the portfolio will be held in stablecoins and allocated to low-risk decentralized finance (DeFi) activities such as staking and yield locking on platforms, including Pendle. This segment is intended to provide a steady income, even during periods of market volatility.
The second part involves governance tokens from the same ecosystems. These holdings give Mega Matrix the ability to participate in protocol-level decision-making while also capturing potential value growth tied to the expansion of the platforms.
Broader Stablecoin Market Context
Colin Butler, executive vice president and global head of markets at Mega Matrix, said stablecoins have become an established asset class and noted the U.S. Treasury projections that the market could reach $2 trillion by 2028.
Butler said that the company’s treasury shift moves away from reliance on a single-token strategy toward broader exposure across several digital asset networks.
Stablecoins, typically pegged to fiat currencies, are increasingly viewed by corporations as liquid and relatively stable instruments within the broader crypto sector. The inclusion of governance tokens, however, adds a layer of exposure to sector-specific risks and potential upside.
Corporate Shift Toward Digital Assets
Mega Matrix, once a diversified holding company with activities ranging from Ethereum staking to media production, has been refocusing its operations around blockchain and digital asset strategies.
Its decision to integrate a mix of stablecoins and governance tokens into its balance sheet reflects a wider corporate trend of experimenting with digital assets under regulated structures.
The company said the expansion provides its shareholders with a mix of steady revenue from stablecoin allocations and potential longer-term returns from governance token participation.
Mega Matrix’s move demonstrates how public companies are starting to view stablecoins not only as a liquidity tool but also as a foundational layer for corporate treasury management.
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