Ted Chen

Founder of @CarnegieParkCap, Sponsor of @TLGYAcq, and Co-Founder of @Stablecoin_X

[Ted Chen @tedchenCPC]

I'm excited to announce that with $TLGYF's shareholder vote scheduled for today, @stablecoin_x, the $ENA treasury company for @ethena, will be publicly listed soon under the ticker $USDE. All $TLGYF public shares will be automatically converted on a 1-for-1 basis at closing.

I've been asked many times "Why Ethena" and thought I'd share my personal views below.

The TLDR is that $ENA is truly a generational asset that is worth, in our view, north of $0.70 today, multiples of where it trades currently. Key to our view is the belief that the tokenization of assets will drive $USDe adoption to $100 - $350 billion by 2030, leading Ethena to become one of the few crypto projects that reach multi-billion dollar annual revenue scale.

Excited to partner with @gdog97_ and the rest of the Ethena team, and looking forward to sharing more as we get to closing.

[Ted Chen @tedchenCPC]

https://t.co/wA15d8a7yJ

[Ethena @ethena]

USDe reserves are evolving: reducing concentration and building resilience across market cycles with a diversified collateral base.

Four additions to the collateral backing are detailed below for consideration by the risk committee, each a natural extension of existing Ethena allocations:

→ Overcollateralised institutional lending
→ High quality liquid RWAs beyond TBills
→ Equity & commodity basis exposure
→ Prime lending

Read more below on proposed updates:

[Ted Chen @tedchenCPC]

Yes! 👏 And more importantly, what will the derivatives market look for these tokenized assets?

Interest rate swaps at $500T+ globally are 4-5x bigger than the underlying global fixed income market. Global equity derivatives market is roughly 30% the size of the global equities market.

What sort of margin collateral will be needed for these markets to operate onchain? Stablecoins.

While everyone is focused on payments driving massive stablecoin adoption, don’t sleep on the fact that the tokenization of assets will drive an equally large (if not larger) adoption curve.

Importantly, digital forms of the dollar that are “efficient” and offer some form of an APY, like @ethena’s $USDe, are poised to take a big share of this use case.

@stablecoin_x, which will own around 20% of the $ENA supply (Ethena’s governance token) after the merger with $TLGYF, will be one of the few ways for public equity investors to gain exposure to this massive growth opportunity.

[Christopher Perkins 🦅🌎⚓️NYC @perkinscr97]

$4 trillion is too small, @Matt_Hougan and @RasterlyRock!

Ask yourself, “What percent of the $127 trillion equity market will tokenize by 2030? How about the $145 trillion fixed income market?”

Have your number?

Ok, how are you going to pay for these tokenized assets?

Of course via tokenized dollars…

Which we call stablecoins.

If there is sufficient liquidity, fiduciaries like us MUST transact in assets that transact 24/7. They are superior for taking and managing risk.

U.S. invades Venezuela on a Friday night? With tokenized assets, you are in the market…while traditional markets sleep.

So, we must factor this fiduciary requirement into any tokenization projections above.

[Ted Chen @tedchenCPC]

Interest rate swaps (IRS) are by far the largest TradFi derivative market (~$500T notional). Congrats to the @KairosSwap team on the $2.4M raise.

As institutional adoption of tokenized assets moves onchain, open interest in derivative products like Kairos’s permissionless IRS will explode. Not an if, but a when.

The need for efficient, yield-focused margin collateral to back those positions will grow right alongside it. @ethena’s $USDe is well-positioned to be a beneficiary here and @stablecoin_x, post merger closing, will give you exposure to that journey.

[Kαιrόs @KairosSwap]

Interest rate swaps are a $500T market in TradFi. DeFi has no equivalent.

Today we are thrilled to announce our $2.4M seed to change that.

Led by @6thManVentures, with participation from @Lattice_Fund | @AdvancitCapital | @CompaVC

$300M+ beta volume, @Alliance graduates, Mainnet coming soon.

Whitepaper linked below ⬇️

[Ted Chen @tedchenCPC]

👇

[Zeus 🇬🇧 @ZeusRWA]

Hard not to be bullish on tokenization right now.

[Ted Chen @tedchenCPC]

👇 This commentary CLARITY is a bit nuanced.

1) On the margin, this will shift demand curve expectations DOWN for GENIUS-compliant stables such as $USDC. Enough to lower the NPV of $CRCL by as much as yesterday’s 20% drawdown? No. USDC already took advantage of the platform reward model to scale up and there will be activity-related rewards. Shutting the “idle earn” model now probably hurts all other GENIUS-compliant stables more than USDC as it becomes that much harder for new entrants to build utility/distribution.

2) On the margin, this will drive demand curve expectations UP for non-GENIUS compliant stables such as $USDT. In particular, the use case of earning an APY on idle capital will continue to exist, likely benefiting digital dollars like $USDe that do so.

@ethena sits at the forefront of enabling access to DeFi yields. post merger closing, @stablecoin_x (with it’s $ENA holdings) will bring that thematic exposure to the masses.

[Ted Chen @tedchenCPC]

BlackRock’s 2026 annual letter makes the case that tokenization is not about novelty. It is about lowering the bar for access, a key fundamental reason for today's wealth inequality:

"If we want more people to share in future growth, we have to make long-term investing easier, broader, and more accessible." - Larry Fink, 2026 Annual Letter

Half the world carries a digital wallet. Tokenization lets that same wallet hold ETFs, tokenized bonds, and fractional interests in assets that were once out of reach. By lowering minimums and dividing assets into smaller pieces, it opens the door to millions of new investors to participate in the massive wealth creation that transformative technology, such as AI, will bring.

This is one of our core theses behind @ethena. As tokenized assets bring new participants into capital markets, the on-chain infrastructure to trade, hedge, and settle those assets has to scale with them. That is where $USDe and $ENA sit.

[Ted Chen @tedchenCPC]

I'm excited to announce that with $TLGYF's shareholder vote scheduled for today, @stablecoin_x, the $ENA treasury company for @ethena, will be publicly listed soon under the ticker $USDE. All $TLGYF public shares will be automatically converted on a 1-for-1 basis at closing.

I've been asked many times "Why Ethena" and thought I'd share my personal views below.

The TLDR is that $ENA is truly a generational asset that is worth, in our view, north of $0.70 today, multiples of where it trades currently. Key to our view is the belief that the tokenization of assets will drive $USDe adoption to $100 - $350 billion by 2030, leading Ethena to become one of the few crypto projects that reach multi-billion dollar annual revenue scale.

Excited to partner with @gdog97_ and the rest of the Ethena team, and looking forward to sharing more as we get to closing.

[Ted Chen @tedchenCPC]

Rob nails it: FX is the world's largest market, and stablecoins are disrupting it. Interestingly, in TradFi, FX derivatives trade almost twice the volume of spot FX.

It will be fascinating to watch this on-chain derivative market develop, especially with @ethena's $USDe potentially serving as highly efficient collateral in liquidity pools, which could help drive lower FX rates on-chain than off-chain.

$ENA

[Rob Hadick ＞|＜ @HadickM]

FX is the world's largest market. Stablecoins are changing the way money is moved. FX will be disrupted next, and is now coming on chain with Codex.

[Ted Chen @tedchenCPC]

7/7 - Important disclosures - For additional information regarding TLGY, SC Assets, StablecoinX and the business combination, please see the definitive proxy statement/prospectus filed by StablecoinX with the SEC.

[Ted Chen @tedchenCPC]

1/7 - @ethena’s integration of $USDe with @WalletConnect Pay 👇 is huge and has the potential to drive significant value to $ENA.

[Ethena @ethena]

USDe on @WalletConnect Pay.

This will allow merchants and platforms building on their wallet infrastructure to offer USDe payments at checkout.

[Ted Chen @tedchenCPC]

6/7 - Excited for what’s in store for @ethena, and for @stablecoin_x as one of the largest $ENA tokenholders post @TLGYAcq merger closing.

[Ted Chen @tedchenCPC]

In a related matter, it’s also the reason why @ethena’s sUSDe unstaking cooldown period is transitioning to a dynamic model. 

Wouldn’t it be great if CEXs had a dynamic collateral haircut model for $USDe too? 🤔

[Ted Chen @tedchenCPC]

Common misunderstanding about $USDe risk profile is whether you are getting the appropriate return when sUSDe APY is down at today’s levels.

[Ted Chen @tedchenCPC]

TLDR: While sUSDe’s APY may temporarily be less differentiated from fiat-backed stables today, its risk profile is also substantially more similar to a diversified pool of them. This is not a defect but an intentional design.

[Ted Chen @tedchenCPC]

Common misunderstanding about $USDe risk profile is whether you are getting the appropriate return when sUSDe APY is down at today’s levels.

[Ted Chen @tedchenCPC]

But it is exactly during these periods where funding rates don’t cut it that USDe backing sits primarily in liquid stables (~90% today per @ethena’s transparency page)

[Ted Chen @tedchenCPC]

🥧

[Ted Chen @tedchenCPC]

The job description in notes there are two major products on the horizon.

One may have been @hyenatrade. The other 🤷‍♂️

But yes, excited to see what’s cooking at @ethena in 2026.

$ENA 📈

[Nomatic @Nomaticcap]

I'm still thinking about this tweet.

Excited to see what they're cooking.