Dialogue with Ethena Founder: USDe Rises to Top Three, $260 Million Buyback Launch, Where is the ENA Going in the Current Trend?

[Plain Language Guide] Ethena's USDe stablecoin market cap surged from $140 million to $7.2 billion within a year, increasing by over 50 times.

After the passage of the "GENIUS Act", Ethena Labs partnered with Anchorage Digital to launch the first compliant stablecoin USDtb, targeting the US market, and raised $360 million through StableCoinX, with plans for a Nasdaq listing and a $260 million buyback. Ethena founder Guy Young revealed the high-yield cash arbitrage strategy of USDe in an interview with Hive Mind, emphasizing the importance of focusing on niche markets and regulatory compliance.

He predicts that the stablecoin market has huge potential, but new issuers find it difficult to challenge giants like Tether, and the future market may focus on a few high cash flow projects.

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