Co-Founder / Chairman @Stablecoin_X https://xitter.cf/t.co/NmoDXtryyF $USDE • Founder @CarnegieParkCap
$USDE Everywhere
Joined August 2025
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Excited to officially announce the closing of our transaction and @stablecoin_x's first day of trading on Nasdaq under the ticker $USDE.
Based on the 30-day VWAP of $ENA ($0.0909), StablecoinX hold approximately $275 million of ENA valued at an estimatd $11.42 ENA per share.
Importantly, StablecoinX is the first public stablecoin infrastructure company focused on supporting the @ethena ecosystem with infrastructure services & software, USDe distribution services, and a multi-year ENA treasury strategy.
We are not just a "digital asset treasury" company. We are an operating business bringing software, services, and distribution to enhance utility and access to the Ethena ecosystem.
By helping increase Ethena’s ecosystem activity, we can drive incremental Ethena protocol revenue, increase ENA value, and accrue value to StablecoinX through its ENA treasury holdings.
We are excited for the pipeline of initiatives that we plan to announce shortly. Follow us and stay tuned for more.
Goated mentality.
$ENA is genuinely a once in a lifetime coin.
The people are asleep at the wheel and would rather pick up pennies in front of a steam roller.
Don't be sleepy, you've come this far.
Spot. 3y time horizon.
Another great quote from the @AcquiredFM podcast on $HD, this one about finding 100x companies and holding through volatility.
I'm not posting specifically about @ethena (which I do believe is a 100x opportunity). This could be for investors in $ASTS (who I know have started looking at $USDE), $CRWV or any one of the number of growth names that have drawn down last week.
This quote is specifically about Ken Langone's investment in @HomeDepot:
"I went and looked back at this, that little 5% he got at founding compounded 25% for nearly half a century. But you all know this, that the hard part is actually not about the stock picking. The hard part is in the holding.
So in 1985, and this is a great Arvind stat, I mean, longtime listeners know Worldly Partners, their whole thing is figure out what it takes to build a business that can 100x as a public company and then figure out how to have the stomach to stay with those companies through the downturns, because there are always massive drawdowns in these giant 100x companies. I mean, you look at Nvidia, you just have to weather through them and know enough about the business to believe that it's going to make it through. So in 1985, the stock [Home Depot's] was down 66%, and Ken didn't sell. Then in 2002, down 70%, and he didn't sell a share. Then 2008, the whole Nardelli situation, the housing bubble, and then again down 70%, he didn't sell. In fact, if you bought the shares at their peak in '99, your investment would've been underwater for a full 12 years until the stock recovered in 2012, but Ken still never sold.
The value is in the holding."
As an institutional investor for almost 20 years, my three key takeaways for readers are:
(1) If you are a trader, great, figure out how to sell high and buy low. But if you are wrong, you could be like they guy that bought $HD in '99 and underwater for 12 years. Be realistic about your ability to generate trading alpha.
(2) If you aren't a trader, ok too. Figure out what you want to own for the next 30 years. Buy it, hold it, and ignore the volatility. Own enough to be happy if it works, but sized appropriately for the drawdowns.
(3) If you want to figure out how to identify these 100x opportunities, start listening to the Acquired podcast. There is so much you can learn from history. Each podcast is about 2-3 hours in length, but the amount of information gleaned from those 2-3 hours is easily months worth of self research.
I'm a huge fan of the @AcquiredFM podcast. Their recent episode on @HomeDepot had a lot of quotes that resonate with how I feel about @ethena:
"Home improvement is just a massive category, way, way bigger than I realized. So here's a fun stat. Home Depot went public in 1981, one year after Apple Computer. And astonishingly, if you put $1,000 into Home Depot and Apple and their IPOs and you held them all today, your investment in Home Depot would beat your investment in Apple."
➡️ The tokenization of all assets will reshape how global financial markets operate... its a "massive category" that many still don't realize.
"Part of the reason why it's a better investment than Apple since IPO...It went public at a tiny, tiny market cap...you could get in as a public shareholder at a $32 million valuation...even if you inflation adjust that, that's $122 million today. Just think about that. A company went public at a total market cap of $122 million. It had so much running room ahead of it...This is not Anthropic here where everybody knows them and they're giant."
➡️ Even with $ENA sitting at $0.20, the FDV of the ecosystem is ~$3B. Ethena has so much running room ahead of it and is still unknown to many outside of crypto.
"If you do the math, that $2 million from the initial Home Depot investor group bought 50% of the company in 1978. By not cashing out here at a 2x return, those investors, if they held to today, would have gotten well north of a 50,000x return on their capital."
➡️ Generational wealth comes from a long-term buy and hold strategy. Trading is fun, but if you want to retire early and fly around the world in a G700, find businesses that sets you up for that. Selling ENA 2x from the lows is missing the forest for the trees.
$USDe everywhere.
I'm a huge fan of the @AcquiredFM podcast. Their recent episode on @HomeDepot had a lot of quotes that resonate with how I feel about @ethena:
"Home improvement is just a massive category, way, way bigger than I realized. So here's a fun stat. Home Depot went public in 1981, one year after Apple Computer. And astonishingly, if you put $1,000 into Home Depot and Apple and their IPOs and you held them all today, your investment in Home Depot would beat your investment in Apple."
➡️ The tokenization of all assets will reshape how global financial markets operate... its a "massive category" that many still don't realize.
"Part of the reason why it's a better investment than Apple since IPO...It went public at a tiny, tiny market cap...you could get in as a public shareholder at a $32 million valuation...even if you inflation adjust that, that's $122 million today. Just think about that. A company went public at a total market cap of $122 million. It had so much running room ahead of it...This is not Anthropic here where everybody knows them and they're giant."
➡️ Even with $ENA sitting at $0.20, the FDV of the ecosystem is ~$3B. Ethena has so much running room ahead of it and is still unknown to many outside of crypto.
"If you do the math, that $2 million from the initial Home Depot investor group bought 50% of the company in 1978. By not cashing out here at a 2x return, those investors, if they held to today, would have gotten well north of a 50,000x return on their capital."
➡️ Generational wealth comes from a long-term buy and hold strategy. Trading is fun, but if you want to retire early and fly around the world in a G700, find businesses that sets you up for that. Selling ENA 2x from the lows is missing the forest for the trees.
$USDe everywhere.
Follow the Acquired podcast for more awesome stories and history on great companies. You can listen to their recent $HD one here:
acquired.fm/episodes/home-de…
❤️👇
you make 345% if $ENA doubles from here and stablecoinX reaches an mNAV of one
added a model to the dashboard that allows you calculate returns based off $ENA price and the StablecoinX multiple:
ethenadash.com/stablecoinx/?…
gift for long term $ENA investors
DAT 2.0: distribution > promotion
$USDe everywhere.
A digital asset treasury should be more than a passive vehicle for its ecosystem. Our CEO Christopher Jensen on how StablecoinX can serve as the institutional gateway between Ethena and TradFi: a two-way bridge that distributes Ethena's products into TradFi and connects new institutional users and capital into Ethena's expanding yield layer.
One month in, @jensane2001 is doing great.
Let this sink for a minute, but one of the best ways to get exposure to the massive growth opportunity in tokenized equities will be through $ENA
Equity markets: ~$127 trillion
Fixed income markets: ~$145 trillion
And it could all move on chain.
Head of Franklin Crypto @perkinscr97 explains why we’re still (extremely) early at @SALTConference
Econ 101: Complementary goods, not substitute goods.
$USDe everywhere.
Every non-yielding GENIUS-compliant stablecoin minted and sitting idle will eventually want to find some form of yield.
Today, that form is through active lending, such as Robinhood and Coinbase’s respective Earn platforms where $USDe, as a primary collateral asset, stands to benefit.
Here's what happened @ethena in September:
• Launched the @EthenaPay beta at the start of the month.
• Partnered with @binance as our first venue for extending the basis trade into equity perpetuals.
• USDe supply grew by over $700 million.
• Standard Chartered initiated research coverage of Ethena, forecasting ~8x USDe growth over the next two years.
• USDe became the second largest collateral asset and the largest dollar collateral asset across all of @Morpho, now backing two of the three largest markets on the protocol.
• USDe rewards went live in the dedicated Ethena ecosystem market on @Aave V4 on Ethereum.
• Completed a SOC 2 Type II audit against the Security Trust Services Criteria, receiving a clean opinion from an independent auditor with zero exceptions noted.
• Announced that from the end of the month, there will be zero token incentives and inflation on a go-forward basis related to USDe.
• USDe went live on TRON.
• Binance Wallet enabled USDe rewards.
Onwards.
💯👇
Some thoughts on @ethena here as the asset is becoming particularly compelling imo.
Tokenized equities are obviously changing the entire game for ENA.
USDe supply bottomed at 3.8B, it's already up ~30% to almost 5B now. The inverted/low funding rate in crypto forced USDe collateral to shift to more stable off-chain yield like treasuries, which made sUSDe particularly uninteresting as average APY was close to or under SOFR for some months.
The strategy also could only scale so much. Market caps have essentially stayed flat for a while and open interest puts a cap on how fast USDe can grow.
But as you can see in the collateral composition, the basis trade is now back up to 20% of backing growing fast and this is not a coincidence. Stocks are now on-chain and the reservoir there is 70T in the US, with a market that goes up 8%+ a year on average. Persistent long demand means persistent positive funding, particularly juicy for the basis trade.
Equities are also less volatile, which makes the hedge cheaper to run and the whole thing more interesting.
This is the first time I think USDe has a clear path to 20B+ supply. Wouldn't be surprised if we get to 30-40B in the next 12-18 months. The cap is now tokenized equity OI, not crypto OI.
Ethena is perfectly positioned to capture the tokenization of equities. The infra and ops are already battle tested, nobody else can plug a new collateral class into a 5B+ synthetic dollar overnight like
@gdog97_
I expect Ethena Pay to boost this and attract more on the demand side as well, and additional flywheels for USDe.
The chains, protocols and vaults that capture USDe supply and looping strategies will be big beneficiaries.
👍 great work
YOU LIKED MY SIMPLE ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 TRACKER, SO I MADE IT WAY BETTER
I saw that you guys actually liked the simple and useful tracker I built for @ethena
I went through the feedback, listened to what the community wanted to see, and added the features you guys thought were missing.
ENA Tracker now includes:
> Live ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 price
> USDe supply + progress to the $7.5B first buyback milestone
> USDe growth over 7D / 30D / 90D
> Interactive 30-day USDe supply chart
> USDe distribution across chains
> Reserve allocation, backing structure and APYs
> Protocol revenue & economics
> Buyback milestone tracker
> Estimated ETA to $7.5B based on the current pace
> Changes since your last visit
Most live data refreshes automatically every 10 minutes
Still keeping it simple. Just a much more useful version now
ena-tracker.vercel.app
Keep sending feedback. I’ll keep building what the community actually wants.
Ted Chen retweeted
Excellent work by Standard Chartered.
Ethena is one of the very few projects that sits at the intersection of all the key secular growth trends in crypto: stablecoin adoption, the insatiable desire to make capital more efficient, the convergence of DeFi and TradFi, tokenization of real-world assets, and the expansion of the perps market to include all those newly tokenized asset classes.
Combine that with the cyclical rebound we're seeing in crypto markets broadly speaking and the recent tokenomic changes the team has made to drive value accrual back to the token, one can certainly see the path towards the numbers outlined in this report.
Definitely a worthwhile read.
I wonder who benefits if MS adopts DeFi vaults..
Here is a hint. Starts with “US” and ends with “De”
$USDe everywhere.
MORGAN STANLEY BUILDS CRYPTO LAB
Morgan Stanley has launched a Digital Asset Lab to test stablecoins, tokenization and DeFi applications before deploying them across the bank.
The firm will explore tokenized deposits, CBDCs, money-market funds and DeFi vaults that could automate investment strategies around the clock.
With E*Trade crypto trading already launched, Morgan Stanley is increasingly exploring blockchain infrastructure for traditional finance.
Ted Chen retweeted
Key takeaways from the DAT panel at @0xEastPoint 2026 today (September 28, 2026)
1. Shifting Role:
- Firms are moving past passive token accumulation to act as active distribution channels and revenue drivers.
- @jensane2001 (StablecoinX) noted that DAT companies are evolving beyond simply promoting or representing specific assets into true product distribution platforms connecting ecosystems and traditional financial markets, particularly regarding $ENA (@ethena)
2. Ecosystem Growth
- Building operating companies, funding new markets, and providing infrastructure.
- Hyunsu Jung (@hyunsujung_) highlighted how @HyperionDeFi actively deploys capital into partner deals and provide credit infrastructure instead of just accumulating $HYPE (@HyperliquidX).
3. Network Infrastructure & Efficiency:
- Optimizing blockchain performance, transaction speed, and transaction predictability.
- Kevin Lepsoe (@lepsoel, @ETHGasOfficial) emphasized that rather than running a DAT directly, infrastructure providers must boost transaction speed, network efficiency, and staking utility on $ETH (@ethereum).
