$ENA Ethena is one of three named collateral partners on Robinhood Earn (alongside Spark and Maple), a Morpho-powered lending product where users lend dollar-backed USDG stablecoins for an estimated 7% APY. StablecoinX (NASDAQ: USDE), the public vehicle linked to Ethena through its ENA treasury, is up 180% in after-hours. Ethena, the token, has gained 6.5% so far. ENA rose only ~5-12% intraday when BlackRock integrated USDe into Aladdin in June. ENA fell ~7% around the Janus Henderson partnership announcement despite the positive headline. The Bigger issue is USDe's supply peaked near $14.7B in early October 2025, just before a historic liquidation cascade wiped out roughly $19B in leveraged crypto positions in hours. It sits around $4.45B today, roughly 70% below that October peak. So while Robinhood integration strengthens Ethena's distribution story, without clear fee capture or buyback mechanics attached to that growth, a bigger USDe doesn't automatically mean a more valuable ENA. The partnership is bullish for Ethena's ecosystem. Whether that bullishness accrues to the token remains the open question. In the meantime, our signal outperformance remains solid.