Ethena unlocks a $150T market – And USDe holders win

What happened

Ethena has unlocked a market described as worth $150 trillion, and holders of its USDe token are said to benefit, according to the article title. The article also asks whether growth of USDe and ENA will explode as a real-world asset perpetual basis trade for yield backing begins.

Confirmed

Global impact / market context

If Ethena's yield backing starts using real-world asset perpetual basis trades, the returns that support USDe could come from a much larger market. That could make USDe more attractive to hold, which may increase demand and also affect ENA, the project's token. A basis trade means buying one asset and selling a related one to profit from a price difference.

Analyst inference

The article points to real-world assets, which are traditional investments like bonds or property brought onto blockchain networks, being used in perpetual basis trades. A perpetual is a derivative contract without an expiry date. If this grows, it could draw more investor attention and capital into Ethena and similar yield-bearing stablecoin projects.

Analyst inference

What to watch

1. Watch whether Ethena actually starts the real-world asset perpetual basis trade for yield backing mentioned in the article. Confirmed
2. Watch whether USDe and ENA growth explodes, as the article asks, which would show the market responding to the new yield source. Proposed
3. Watch whether the $150 trillion market size leads to more demand for USDe, because higher yield backing could attract stablecoin holders seeking returns. Analyst inference

Affected assets

• ENA — Ethena

Evidence

• ambcrypto.com