🚨 Ethena, which issued $40 billion in stablecoins, is actually planning to “branch out” and trade stocks? A new play by a DeFi giant is rewriting the underlying logic of stablecoins!

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Stablecoin issuer Ethena has announced that its business scope will expand from crypto derivatives to the stock perpetual contracts market. The company expects that within 12 to 24 months, RWA (real-world assets) perpetual contracts will surpass crypto derivatives and become the main source of its reserve assets.

🔸 Breakdown: The USDe issued by Ethena totals $4 billion, making it one of the largest interest-earning stablecoins right now. Its revenue model—earning yield via “crypto perps + funding rates”—is being replicated in the stock market.
🔸 Why stocks: The U.S. stock perpetual contracts market is far larger than the crypto market, with deep liquidity and many participants. Replacing the underlying asset of an “interest-earning stablecoin” from crypto futures to stock perps effectively adds a “traditional finance” safety layer to USDe.

Deeper logic: The endgame battle for stablecoins comes down to reserve-asset yield and safety. Whoever can earn the highest returns with the most stable assets can retain the most users. Ethena’s move is essentially connecting DeFi’s yield engine to the power source of traditional finance.

A bucket of cold water: Stock perpetual contracts also carry liquidation and volatility risks. Branching out doesn’t automatically mean lower risk. And regulators’ stance on “stablecoins linked to stock derivatives” remains unclear—innovation and risk often arrive together.

❓ Do you think stablecoins “branching out” into traditional financial assets is a good idea? Will interest-earning stablecoins like USDe become the mainstream of the future? Let us know in the comments.

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#Ethena #稳定币 #USDe #RWA #DeFi