At a time when stablecoin adoption is soaring, we're seeing players like @ethena_labs, who have enabled this adoption begin to reap the benefits.
â $ENA's revenue has continued to grow quarter over quarter as $USDe adoption continues to scale.
â $USDtb with over $1.8b in circulating supply
Meanwhile, you have players like @Terminal_fi with $280M in Pre Deposits already leveraging this growth.
Expect this growth to continue (Raise the caps!).
Data: @tokenterminal

Ethena sits between CeFi and DeFi, having reached scale across both markets with a ~$15B TVL through USDe and USDtb â the latter backed by BlackRockâs BUIDL tokenized fund.
Terminal aims to expand alongside Ethena by exporting USDe in a format that TradFi can consume.
A year ago, sUSDe yielded over 20% in CeFi while DeFi rates stayed near 10%. More than $1B flowed into Aave within days to capture the spread.
In TradFi, capital can often be sourced at SOFR +100 bps, while sUSDe can offer returns above 10%.
This spread represents an even larger opportunity as institutional capital moves on-chain.
Terminal is building the exchange for institutional asset trading powered by USDe, where yield-bearing assets serve as core pairs â launching later this year.

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