Ethena is about to do something big—moving the yield battlefield from crypto to the stock market.
It has made a bold claim: over the next 12 to 24 months, U.S. stock–type perpetual contracts—real-world asset derivatives—will become Ethena’s #1 source of reserve yield, directly overtaking crypto derivatives.
Ethena is the company behind USDe, a new up-and-coming player in the stablecoin scene. Previously, most of its yield came from funding rates on crypto perpetual futures. Now it’s setting its sights on stock perps, switching its revenue source to a whole new dimension.
Why do this? Because the notional size of stock market derivatives is several times larger than crypto. With the same funding-rate strategy, moving it to the U.S. stock market raises the ceiling much higher. And participants in the stock market are typically steadier—less likely to get washed in and out.
If this move works, the imagination space for stablecoins becomes enormous. In the future, USDe’s yield won’t have to rely on reading crypto-only signals. Whether it’s U.S. stock market trends or crypto volatility, there will be opportunities to earn yields on both sides.
Put simply, stablecoins are turning into an entry ticket to Wall Street. The yield from traditional assets can also be shared on-chain. The boundary between DeFi and U.S. stocks is far blurrier than most people think.
For regular players like us, this is a direction worth paying attention to. The yield logic of stablecoins is changing, and the underlying capital flows will shift with it. Watching these changes is more useful than simply chasing pumps and dumping.
Don’t underestimate this kind of model upgrade. Every evolution of infrastructure ultimately becomes an opportunity that ordinary people can use. If you can understand the trend, you’ll always be ahead.
Every day, I’ll bring you stablecoin hotspots—not just what’s happening in the news, but the logic and opportunities behind it 👀🚀
Click the link below to follow me👇🏻加入小恐龙粉丝群
#Ethena #USDe #stablecoins
It has made a bold claim: over the next 12 to 24 months, U.S. stock–type perpetual contracts—real-world asset derivatives—will become Ethena’s #1 source of reserve yield, directly overtaking crypto derivatives.
Ethena is the company behind USDe, a new up-and-coming player in the stablecoin scene. Previously, most of its yield came from funding rates on crypto perpetual futures. Now it’s setting its sights on stock perps, switching its revenue source to a whole new dimension.
Why do this? Because the notional size of stock market derivatives is several times larger than crypto. With the same funding-rate strategy, moving it to the U.S. stock market raises the ceiling much higher. And participants in the stock market are typically steadier—less likely to get washed in and out.
If this move works, the imagination space for stablecoins becomes enormous. In the future, USDe’s yield won’t have to rely on reading crypto-only signals. Whether it’s U.S. stock market trends or crypto volatility, there will be opportunities to earn yields on both sides.
Put simply, stablecoins are turning into an entry ticket to Wall Street. The yield from traditional assets can also be shared on-chain. The boundary between DeFi and U.S. stocks is far blurrier than most people think.
For regular players like us, this is a direction worth paying attention to. The yield logic of stablecoins is changing, and the underlying capital flows will shift with it. Watching these changes is more useful than simply chasing pumps and dumping.
Don’t underestimate this kind of model upgrade. Every evolution of infrastructure ultimately becomes an opportunity that ordinary people can use. If you can understand the trend, you’ll always be ahead.
Every day, I’ll bring you stablecoin hotspots—not just what’s happening in the news, but the logic and opportunities behind it 👀🚀
Click the link below to follow me👇🏻加入小恐龙粉丝群
#Ethena #USDe #stablecoins
