Ted Chen

StablecoinX Inc. now trades on @Nasdaq under the ticker $USDE. A regulated, transparent path into the @Ethena ecosystem and the broader stablecoin economy, combining a public-market vehicle with deep operational integration into the sector. Nasdaq: $USDE

x.com/i/article/2075…

We are opening StablecoinX Harness design partner programs. One integration for stablecoin operations, across three tracks. Payments & Agents: accept and settle stablecoins, sponsor gas, and let agents run it over MCP. Networks & Protocols: settle cross-chain through the StablecoinX DVN, with branded issuance in early access. Institutions & Ecosystem: run an APY-aware treasury from one surface, or build alongside us in the @Ethena ecosystem. Early partners shape the roadmap and get first access. Apply now 👇

The Node sits down with Guy Young, founder of @ethena. From USDe and yield-bearing stablecoins to regulation, distribution and the challenge of reaching users beyond crypto-native audiences, the conversation explores what the next phase of stablecoin adoption could look like. $ENA Watch the interview: coinshares.com/insights/the-n…

🧵 The Ethena Thesis – July 2026: Why $USDe & $ENA look like one of the most asymmetric setups in crypto right now Ethena has evolved from “highest yield DeFi stablecoin” into critical infrastructure for onchain dollars with real productivity. Current numbers: • USDe supply: ~$5.2B • sUSDe lifetime avg APY: 11.0% • Total rewards distributed: >$740M • Backing ratio: 101.6% with full transparency USDe is a delta-neutral synthetic dollar (long crypto collateral + short perps) that generates portable yield while staying ~$1 pegged. sUSDe turns it into a composable, reward-bearing savings asset. 2026 is the institutional breakout: • BlackRock integrated USDe into Aladdin (June 29) — visible to managers overseeing trillions, backed by $100M BUIDL liquidity facility. • Binance deep integration across 280M+ users: USDe as reward-bearing collateral for futures/perps + direct Binance Earn integration. Massive distribution unlocked. • Anchorage Digital partnership: Clear path to GENIUS Act compliant regulated stablecoin (USDtb) via US federal bank + direct institutional lending. • Janus Henderson ($480B AUM) adopting USDe for institutional treasury management. Just launched (July 2): StablecoinX Harness — the enterprise middleware that lets any company or AI agent accept ANY stablecoin, auto-convert to sUSDe for yield, and orchestrate flows through ONE simple API. This removes all the integration friction for real-world adoption. DeFi power users already love it: Aave Liquid Leverage, Morpho curated markets, Pendle yield trading, Hyperliquid HyENA (USDe-margined perps DEX). Why this setup is different: - Regulatory edge: Synthetic structure allows yield where cash-backed payment stablecoins face restrictions. - Backing diversification: Moving into institutional lending + RWA exposure. - Flywheel: Blue-chip TradFi names + Binance distribution + enterprise tooling (StablecoinX) = accelerating demand. ENA trades at ~$0.074 (MC ~$710M, FDV ~$1.11B) while the protocol has already paid out $740M+ in rewards and keeps adding institutional-grade partnerships. If USDe reclaims $10B+ supply and ENA accrues governance/revenue value, the rerate potential is significant. This is infrastructure for the internet economy’s dollar layer — with built-in yield and now real enterprise rails. Risks exist (funding rate volatility, hedging execution, competition). But the moat is widening fast. Bullish on the setup? What are you watching for $ENA? Not financial advice. DYOR. #Ethena #USDe #StablecoinX #DeFi #RWA

The number is impressive, but I think the bigger story for @ethena is distribution. DeFi has spent years building increasingly sophisticated products. Getting that infra in front of millions of users through platforms they already trust is what moves the needle for adoption.

A Dollar, A Network, A Token: The Ethena Opportunity. open.substack.com/pub/earlystage… ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 @ethena #ethena #stablecoins

The story of @ethena in 2026 is a story about what the broader stablecoin space is becoming. Ethena's USDe launched as a wrapper around one trade: long spot, short the perp, harvest funding. sUSDe printed north of 20% at the peak. As funding normalized and the basis crowded, that yield settled toward ~4-4.5%, and Ethena did something most issuers can't: it adapted the entire backing underneath the dollar. Roughly 90% of reserves have rotated out of pure basis into a diversified book. Institutional lending via @maplefinance. AAA CLO exposure through @centrifuge's JAAA and @Securitize's STAC. T-bills via BUIDL with @BlackRock. Distribution into @coinbase and @RobinhoodApp, curated by @SteakhouseFi on @Morpho. This is a serious institutional pivot, executed live, at multi-billion scale. The result is a stronger, more resilient dollar, and a structurally different one. Ethena is no longer running a single trade. It is curating a portfolio of risk. That shift is exactly why the structuring layer matters. When backing is one legible trade, its risk is one number everyone watches. When backing blends basis, lending, tokenized CLOs, and prime credit, the published APY becomes a composite. Right on average, wrong for whoever sits in the tail. A blended yield needs a mechanism to unbundle it. That mechanism is tranching, and Strata was built for it. Strata launched the first risk-tranching layer native to USDe — srUSDe and jrUSDe live since October 2025, incubated by Ethena. srUSDe is protected up to junior coverage with a floor tied to @aave lending rates; jrUSDe absorbs first loss and earns the premium the senior pays. One risk profile becomes two products, and the junior's clearing price becomes an observable, live price of that strategy's risk. Since then the layer has generalized well beyond a single dollar. Integrated across @pendle_fi, listed as collateral on Aave, and composable across Morpho and @eulerfinance, and expanded onto new yield sources from @Neutrl to @saturn_credit. Pendle split yield by time. Strata splits it by risk. The same evolution reshaping Ethena, from single trade to managed credit book, is what makes a risk-pricing layer necessary. As onchain dollars become portfolios, the market that prices and transfers their risk stops being optional.

Introducing the sUSDe ARM with @ethena: A new way for USDe holders to earn yield while strengthening onchain liquidity. → $USDe yield from peg arbitrage (4.6% 30-day APY) → Additional incentives routed through @Merkl_xyz → Optimized with lending APYs on @Aave Now open for deposits via the Origin Dapp (1/2)

Robinhood Chain has hit another milestone, surpassing $200M in stablecoin market cap. Look closer and the key catalyst is none other than Ethena, the leading asset manager in the space. They currently hold: • $50M in USDG on Robinhood Chain • $50M in the Ethena x Steakhouse USDG vault In total, Ethena accounts for close to 50% of all USDG supply on Robinhood Chain. Data from @EntropyAdvisors

@ethena everywhere

USDe continues to expand its role across DeFi. @LidoFinance has added USDe to EarnUSD, a curated vault of USD-denominated strategies.