All_Time_High ✨

💸

[Ethena @ethena]

StablecoinX, the first pure-play treasury company focusing on the Ethena ecosystem, has announced the closing of its business combination with TLGY Acqusition Corp and it will begin trading on NASDAQ tomorrow under the ticker "USDE".

[StablecoinX @stablecoin_x]

StablecoinX Inc. has closed its business combination with TLGY Acquisition Corp.

The combined company is the first public stablecoin infrastructure company focused on the @Ethena digital dollar ecosystem, built on infrastructure services, the Stablecoin Harness middleware stack, and institutional distribution, supported by a multi-year ENA treasury strategy. $USDE

»» The connective layer of the stablecoin economy.

[Ethena @ethena]

Ethena and @coinbase have partnered to grow onchain finance and savings products for their 100m+ userbase, with the first growth initiative launching next week.

Alongside this partnership Coinbase Ventures have also made their first investment into Ethena on the open market.

[All_Time_High ✨ @Codename0203]

@403dh97 살려만 주시면 다시는 코인을 안하겠읍니다

[All_Time_High ✨ @Codename0203]

@REVERUDORA @morrisoi37 교통경찰 모자인데 왜 안써요? ㅋㅋㅋㅋ

[Ash @ahboyash]

Important @ethena update --> make USDe less dependent on one market regime

Historically, their USDe story was tied to crypto basis trade/ perp funding, which kinda worked well when those rates were there.

But as 1) crypto-native yields compressed 2) more competitors come in to compete, the same trade starts giving less for the same risk.

Hence Ethena is broadening up the backing mix:
• overcollateralised insti lending
• higher quality liquid RWAs beyond T-Bills
• equity + commodity basis
• prime lending

Takeaway:
• USDe is trying to become a product that can stay competitive even when crypto-native rates are boring
• Done to avoid concentration risk (over reliant on one revenue stream) + tap into much bigger ponds (RWA, insti lending) + resilience (to still make sense when the market gets slower)
• $ENA token has probably bottomed out? Will these new integrations and revenue streams coupled with their broad distributions* trickle into the token?

*They already built a product that lives across both DeFi AND CeFi, and now increasingly more institutional rails too

Obviously, more moving parts means more things to underwrite:
• Counterparty quality and risk committee
• Liquidity terms
• Transparency

If they do this as well as their basis trade szn in the past, USDe probably ends up surviving multiple cycles

Data from @Tree_of_Alpha, @EntropyAdvisors and @DefiLlama

Token holder

[All_Time_High ✨ @Codename0203]

@tedchenCPC ETH/ENA

[Ted Chen @tedchenCPC]

https://t.co/wA15d8a7yJ

[All_Time_High ✨ @Codename0203]

@CoinbaseInsto @opentensor @ethena @ether_fi @ethena @gdog97_ ETH/ENA

[Coinbase Institutional 🛡️ @CoinbaseInsto]

This quarter, we welcomed @opentensor ( $TAO ), @ethena ( $ENA ), @ether_fi ( $ETHFI ) to the Coinbase 50 Index (COIN50), a benchmark tracking the performance of the top 50 eligible digital assets listed on Coinbase Exchange.

[All_Time_High ✨ @Codename0203]

@Simba_Doges 생일축하드립니다 ☀️

[All_Time_High ✨ @Codename0203]

@403dh97 멘탈대고수

[All_Time_High ✨ @Codename0203]

@JellyCrypto 살려만 주시면 코인 안하겠습니다

[All_Time_High ✨ @Codename0203]

@403dh97 대고수

[All_Time_High ✨ @Codename0203]

@VeyricTheKerr 정류장좀요!!!

[All_Time_High ✨ @Codename0203]

@403dh97 살려만주시면 다시는 코인안하겠습니다

[OAK Research @OAK_Res]

https://t.co/crR0gjyFbF

[All_Time_High ✨ @Codename0203]

@j_b_web3 I think it's an unavoidable downside to social media. People often hide behind the mask of anonymity and let their thoughts out unfiltered lol. Can they really say that if they say it face to face? I don't think so 🤡

[All_Time_High ✨ @Codename0203]

@403dh97 한동안 차트 안보려구요ㅋㅋㅋㅋㅋㅋ 안보면 안떨어진거야~~~