X @Ansem

Regulatory Compliance and Institutional Backing - Ethena Labs' USDtb is positioned to be the first regulated U S stablecoin under the GENIUS Act, ensuring compliance with mandatory 1:1 treasury backing, strict KYC/AML protocols [1] - 80% of USDtb reserves are allocated in BlackRock's BUIDL tokenized treasury fund, indicating strong institutional confidence [2] Yield Generation and Revenue Model - Ethena's hybrid yield model offers a 12% APY via crypto perpetual futures funding rates [2] - The model ensures a minimum yield floor of 4 25% through automatic collateral shift to USDtb [2] - The protocol has generated $31 million in monthly fees [3] - A fee switch activation is pending major exchange listings (Binance, OKX), which will provide revenue-sharing to sENA stakers [3] Market Position and Growth - USDe rapidly reached $7 billion in circulation, becoming the third-largest stablecoin globally [4] - Stablecoin transaction volumes have doubled Visa's in 2025, highlighting the growing relevance of stablecoins [3] - Ethena's model is considered safer than algorithmic stablecoins and more profitable than Circle's shared-profit structure [3] Strategic Initiatives and Investor Confidence - Ethena Foundation initiated a $260 million buyback, absorbing approximately 8% of ENA's circulating supply [4] - Approximately $5 million in daily buy pressure is anticipated over six weeks [4] - Prominent investor @CryptoHayes accumulated $4 58 million in ENA, signaling institutional confidence [4] Ecosystem Development - Terminal Finance partnership offers regulated access to yield-bearing assets, achieving $134 million TVL [4] - Pendle collaboration enables leveraged yield strategies, including significant yield multipliers (up to 55 8x) [4] - An upcoming institutional-focused blockchain (Converge Chain) is expected to enhance scalability and reduce costs [4]