How Ethena is Disrupting the $170B Stablecoin Market
summary
Grows from zero to roughly $16 billion supply in 18 months and joins the $100M revenue club by packaging a tokenized cash-and-carry basis trade that taps $120–150B of derivatives open interest to extract a 10–15% annualized yield, uses major exchanges like Binance for liquidity and distribution, and launches an ETP to TradFi to funnel institutional capital; projects $25–50B supply in two years and cites falling US rates as the next catalyst for DeFi inflows and broader stablecoin growth to $2–3T.
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chapters (6)
- 0:00Introduction and Ethena's Early Story
- 2:04Unique Design Choices and Fast Momentum
- 4:02The Role of Centralized Exchanges in the Ecosystem
- 5:54Ethena's ETP Vehicle and Connecting to TradFi
- 10:10Future Vision: Expanding Beyond Crypto
- 13:36Predictions for the Stablecoin Market and Ethena's Growth
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