real world assets meets internet money Securitize’s $2B in tokenized assets + Ethena Labs sUSDe base rate = you get a strong pathway for tardfi capital to enter defi, as the cost of capital is much lower there than onchain time for convergence

OH: "Ethena Labs is the yield-bearing version of Tether"

combined AUM for Ethena Labs & Securitize is nearing $10B Converge is on track to become one of the largest chain by stablecoin TVL Terminal Finance: the place to trade institutional assets and yield-bearing stablecoins at scale think long term

landed in cannes there is one Terminal - we love you

sunday reminder: if you’re long-term bullish (i) BTC and (ii) perps, you shouldn’t be afraid to add USDe to that list if you believe people will keep longing BTC through the best instrument i.e perps then Ethena Labs’s core business model makes sense

ok alts are back but how about stablecoin yield? tUSDe liquidity on Pendle: $30M fixed APY: 10.2% some combinations just work app.pendle.finance/trade/points/0…

remember Circle's IPO and tardfi appetite for stablecoin exposure? rate cuts are coming that means: -T-bill stablecoins get less attractive -leverage comes back -funding rates go up -sUSDe supply and its APR climb with it Terminal Finance is where sUSDe changes hands

digesting

70% of Ethena Labs's backing comes from USDT‑margined perps wen Ethena goes short, it creates $1 of Tether demand on the long side as Ethena’s supply grows, Tether’s supply grows too roughly $0.70 for every $1 deposited into Ethena its business

Hyperliquid now supports spot trading with multiple quote assets first pair: HYPE/USDT HIP-1 lets new assets choose their quote at launch, while additional pairs form via Dutch auctions decentralizing pair creation and making liquidity bootstrapping more efficient HYPE gud

uwu Plasma teaming up with Binance Earn, huge distribution milestone USDT deposits on Binance will be able to earn directly through Plasma clear bridge between CeFi scale and DeFi infra this kind of bridge sounds familiar, what if..

back in March 2025, Aave had to hard-peg USDe to USDT because the market could only absorb ~$6M of USDe before a 4% price impact that reality hasn’t changed, today’s DEXs still can’t support secondary market liquidity for yield-bearing dollars a problem Terminal aims to solve

just remember that one day DeFi will power the entire financial system but one day we will all be dead anyway so for now, we live for the moment and for the memories few

ok so just finished reading Arthur Hayes's latest piece: -stablecoin market to hit $10T by 2028 -Ethena climbs to #2 after Tether, ahead of Circle -25% market share → $2.5T USDe TVL -driving $25B annual revenues for Ethena straight into my veins

check charts --> see red check Pendle --> see gud yield Falcon Finance PT-sUSDf (Sep25): 18,9% stablecoin fixed yield USD.AI | Public Launch is Live PT-sUSDai (Nov25): 18,5% stablecoin fixed yield ghost month doin ghost month things pendle doin pendle things