A deeper, more liquid perpetual-futures market should expand Ethena's USDe funding reserves, making StablecoinX the best risk/reward way to gain exposure to securities tokenization and growing perps. ICE and trade[XYZ] plan a dedicated U.S. market, subject to CFTC approval. StablecoinX's updated fully diluted NAV is $20.41 versus a $9.15 share price, a 55% discount. x.com  x.com  x.com 

StablecoinX gains exposure to Ethena Pay's potential fee-switch income through ENA. At 10M Pay users with $2,500 average balances, the model shows $250M a year in fees; it is early and faces a crowded market. Ethena's credit-arbitrage strategy has generated $1bn of profit with LP capital and very small risk above T-bills. ENA takes 20% carry above a market-implied, noncontractual LP preferred return; capacity is growing but not unlimited. x.com  x.com 

Ethena's limited 12% vault makes Luna comparisons unconvincing. It is capped at 4.5 million and restricted to Pro and VIP users; ENA's fear-driven dip should look like a free buying opportunity in a few days. x.com 

ether.fi is moving to own its entire neobank stack by launching its own stablecoin on Ethena's white-label platform, the right goal for a neobank. Per Ethena, ether.fi holds over $300 million of stablecoin deposits, its Cash card has reached nearly $1 billion of cumulative spend and more than 100,000 active cards, and owning the stack lets the best stablecoin neobanks earn from idle deposit balances. The outlook for the ETHFI token stays maximally bullish. x.com  x.com 

ETH's claim to be DeFi's money is weakening as stablecoins become the real unit of account, even on Ethereum. Aave's TVL on Ethereum has shifted from ETH toward stablecoins over the past three years. That undercuts @ryanberckmans's argument that ETH is a store of value accruing value from utility and confidence rather than cash flows. x.com 

Ethena is one of the most reflexive assets as yields return: more trading lifts yields, which drives growth of its USDe stablecoin. Its Binance partnership extends the basis trade into equity perpetuals, which Ethena says expands its collateral market from $2.5 trillion of crypto to over $150 trillion of real-world assets. USDe is one of only four stablecoins with real scale and distribution, and most liquid allocators are meaningfully underweight after excessive bearishness in 2025-26. x.com  … Show more

Hyperliquid is among the crypto projects proving that real revenue used for buybacks and burns drives the best long-term performance. Tokens without revenue, or whose buybacks do not offset emissions and unlocks, are inflationary assets relying on sentiment. Projects with revenue and value accrual, including Hyperliquid and GEODNET, held up surprisingly well through the bear market. x.com  x.com  x.com 

World Liberty's USD1 looks like a better stablecoin than Ethena's USDe, because it simply holds cash and Treasuries and has had no peg or collateral problems. Most criticism of USD1 is really about who profits from it, not whether it is safe. x.com 

ENA's unlock-day selling fear was largely priced in, and supply pressure is easing as recurring investor unlocks end. The foundation bought out locked positions of large investors who had been selling, bar one wallet, and investor unlocks end now rather than in March 2028. USDe kept growing after ENA incentives ended. Buybacks taking 5% of gross revenue start at $7.5 billion of USDe supply, versus about $4.91 billion now, so growth still has to do the work. x.com 

Ether should outperform Bitcoin next cycle because of the leveraged overhang in the STRC, Strategy and Bitcoin complex and Bitcoin's quantum concerns. Ether has narrative tailwinds from upcoming upgrades adding quantum resistance and privacy, plus a real, Lindy moat in stablecoin transactions, though it is not actually deflationary. Everything depends on market liquidity, and no massive rallies look imminent. x.com  x.com