ETHENA: STABLECOIN PURE PLAY WITH NEW GROWTH FLYWHEELS

Summary from the TLDR Crypto newsletter

Ethena's yield-bearing stablecoin USDe has exploded to $11.3B supply, making it the fastest USD asset ever to $10B and the #3 stablecoin by market cap. Its new StablecoinX DAT raised $260M in cash (plus $60M ENA), with proceeds funneled into ENA buybacks, creating a reflexive loop that could scale further if the vehicle trades above mNAV. Upcoming catalysts include HyENAtrade, a perp DEX on Hyperliquid that could generate $117M–$234M in annual fees, and a fee switch for sENA stakers, potentially delivering 5–25% yield.