I’m especially watching $ENA as the story behind this token becomes increasingly intertwined with one of crypto’s major narratives: stablecoins.

From around $0.135 to nearly $0.231, ENA saw a surge of over 70%. But what I’m more interested in is that USDe is continuing to expand.

📌 USDe supply increased from about $4.05B to $4.74B during the late-August to mid-September period.

This is a noteworthy piece of data, because if USDe continues to grow, Ethena’s ecosystem will have more grounds to expand liquidity, DeFi, payments, and on-chain applications.

Especially since USDe and sUSDe have expanded to TRON, while Ethena is also developing Ethena Pay and adding more new integrations.

Another thing I’m interested in is ENA’s tokenomics.

If the fee-switch mechanism is implemented under growth conditions for USDe, protocol revenue could create a more direct link to ENA’s demand. Then the ENA story wouldn’t just be “token governance” anymore—it could be tied more to the growth of Ethena’s ecosystem itself.

⚠️ However, I still keep caution.

USDe once deviated significantly from $1 on a Binance market before quickly recovering. This reminds me that synthetic dollars still have their own risks, and shouldn’t be equated entirely with fiat-backed stablecoins.

So I won’t FOMO just because ENA is pumping.

I want to track 3 things:

👉 Will USDe continue to increase its supply?
👉 Do the new integrations create real usage?
👉 Do the new tokenomics truly create additional demand for ENA?

If all three improve, the $ENA + Stablecoin story is definitely worth following much more.

Don’t chase the green candles. Wait for a pullback, wait for confirmation, and manage capital. 📊