Ethena makes a move to scale up: wants to use U.S. stock perpetual contracts as reserve assets
You heard that right—this is the deal tied to issuing $40 billion worth of USDe
What is USDe? It’s a “synthetic dollar” in the crypto world—made by exploiting arbitrage to earn yield
Now it says that in the next 12 to 24 months, real-world asset perpetual contracts
will outperform crypto derivatives and become the main force in its reserves
In other words, it’s translating traditional finance items like S&P 500 futures perpetuals
onto its own balance sheet as a source of returns
My take: this is crypto and Wall Street once again meeting halfway
Before, Wall Street used to copy crypto’s homework—now it’s the other way around
Stablecoin issuers have found that the size of traditional markets is far larger than crypto derivatives
The U.S. stock perpetual contracts market is several times larger than crypto—it's not even the same order of magnitude
Ethena’s step is like finding a bigger gold mine for stablecoins
It moves the yield source from on-chain to off-chain, and the risk structure changes completely
The upside is that the returns are more stable; the downside is that it binds more deeply to traditional finance
Once volatility in U.S. stocks amplifies, USDe’s returns will shake along with it
My view: the integration of stablecoins and traditional markets is unstoppable
More and more of these kinds of operations will follow; stablecoins are no longer just toys for the crypto circle
They’re becoming a bridge connecting the two worlds
Do you think putting all stablecoin reserves into U.S. stocks is progress or a risk? Let’s talk in the comments
Click the avatar to watch the live stream
Every day, I’ll take you to follow stablecoin hotspots—not just what’s in the news, but also helping you understand the logic and opportunities behind it 👉🦖
#稳定币 #USDe
You heard that right—this is the deal tied to issuing $40 billion worth of USDe
What is USDe? It’s a “synthetic dollar” in the crypto world—made by exploiting arbitrage to earn yield
Now it says that in the next 12 to 24 months, real-world asset perpetual contracts
will outperform crypto derivatives and become the main force in its reserves
In other words, it’s translating traditional finance items like S&P 500 futures perpetuals
onto its own balance sheet as a source of returns
My take: this is crypto and Wall Street once again meeting halfway
Before, Wall Street used to copy crypto’s homework—now it’s the other way around
Stablecoin issuers have found that the size of traditional markets is far larger than crypto derivatives
The U.S. stock perpetual contracts market is several times larger than crypto—it's not even the same order of magnitude
Ethena’s step is like finding a bigger gold mine for stablecoins
It moves the yield source from on-chain to off-chain, and the risk structure changes completely
The upside is that the returns are more stable; the downside is that it binds more deeply to traditional finance
Once volatility in U.S. stocks amplifies, USDe’s returns will shake along with it
My view: the integration of stablecoins and traditional markets is unstoppable
More and more of these kinds of operations will follow; stablecoins are no longer just toys for the crypto circle
They’re becoming a bridge connecting the two worlds
Do you think putting all stablecoin reserves into U.S. stocks is progress or a risk? Let’s talk in the comments
Click the avatar to watch the live stream
Every day, I’ll take you to follow stablecoin hotspots—not just what’s in the news, but also helping you understand the logic and opportunities behind it 👉🦖
#稳定币 #USDe
