While Ethena Labs is experiencing insane growth in a high‑interest‑rate environment At Terminal, we can’t help but wonder, what happens when rates start to fall? As we wonder, we design: the venue to access and exchange the leading reward‑bearing digital dollar, sUSDe

Back in Q4 ’24, sUSDe yielded 20%+ in CeFi while DeFi rates were ~10% $1B rushed into Aave in days to capture the 1000bps arb TradFi faces an even larger gap: SOFR + 100bps vs. 20% sUSDe APR Terminal aims to enable TradFi capital to access sUSDe and compress that spread

RWA tokenization comes with issuer risks: duration, credit, liquidation.. Among the reasons Securitize leads in tokenized securities is the quality of issuers they work with: BlackRock, Apollo, Hamilton Lane & more Converge powered by Securitize and Ethena

Stablecoins thrived because they gave the world easy access to U.S. dollars Tokenized U.S. equities will follow the same path The stablecoin is called USDe The chain is Converge The exchange is Terminal

It’s not TradFi vs DeFi. It’s how they Converge.

internet money at scale (real)

If you read Ethena’s roadmap, you’ve seen iUSDe sUSDe, wrapped for TradFi Token-level restrictions so it can be held in licensed investment structures, giving institutions a way in through traditional rails Access it on Converge Trade it on Terminal

PT-tUSDe at 16%+ fixed yield APR is about to hit its vault cap on Euler Labs, 2 weeks after launch We see you We hear you

we simply watch the show and wait for the next sUSDe APY update (pics related)

digital dollars that yield natively the place to trade them at scale Terminal

fuck it alpha leak

1 week later looks like a few of you couldn’t resist adding leverage on your dear PT-tUSDe