Core Insights - Former BitMEX CEO Arthur Hayes has accumulated $995,000 worth of Ethena (ENA) tokens ahead of a significant validator vote for Hyperliquid's USDH stablecoin [1] - Ethena is positioning itself competitively in the stablecoin market, proposing a revenue-sharing model and cost coverage for trading pair migrations [2] - Hayes predicts substantial growth for Ethena and the stablecoin market, projecting a $10 trillion adoption and a potential 25% market share for Ethena [4][6] Company Developments - Hayes' recent purchases included 578,956 ENA tokens worth $473,000, increasing his total holdings to 5.02 million tokens valued at $3.91 million [1] - Ethena currently operates the third-largest stablecoin with $13.5 billion in USDe deposits, following Tether and Circle [4] - Hayes previously deposited 7.764 million ENA tokens worth $4.62 million to Binance, indicating a strategic accumulation approach [3] Market Positioning - Ethena's proposal for Hyperliquid's stablecoin includes a 95% revenue sharing model, which could enhance its competitive edge [2] - The validator vote features six major contenders, with Ethena being one of them, indicating a competitive landscape in the stablecoin sector [4] - Hayes' analysis suggests that Ethena could achieve $2.5 trillion in USDe supply as stablecoin adoption grows [6] Future Projections - Hayes predicts that Hyperliquid's HYPE token could surge 126x by 2028, driven by favorable policies and market conditions [5] - The analysis anticipates that stablecoin adoption will lead to a significant migration of deposits into U.S. Treasury-backed digital assets [6] - Hayes' "Buffalo Bill" Bessent thesis suggests capturing $34 trillion in global deposits through stablecoin policies [6]