The bank expects a sevenfold rally if Ethena rebuilds USDe to $40 billion and turns protocol revenue into sustained token purchases.
The protocol is moving into equity perpetual basis trades as it tries to rebuild USDe and reach the $7.5 billion threshold for ENA buybacks.
Coinbase and Ethena could turn idle USDC balances into activity-based yield, challenging banks as lawmakers move to limit passive stablecoin rewards.
Run-rate projections show scenarios ranging from 2 to 30 percent APR on staked ENA.
Ethena Labs congratulates Native Markets as withdrawal from USDH contest clears the path for competitors.
Binance listing positions Ethena's USDe as a major player withing the rapidly expanding stablecoin market.
Ethena is committed to returning 95% of net revenue generated from USDH reserves directly to the Hyperliquid community through HYPE token purchases.
The Ethena (ENA) token surged over 12% after StablecoinX announced a $530 million capital raise and expanded its holdings.
Hayes projects a total stablecoin circulation of $10 trillion by 2028, and three protocols are poised for a "secular rise" in this scenario.
