Ethena (ENA) Where Stablecoin Meets Yield
This research article explores Ethena’s rise as a yield-bearing stablecoin protocol, highlighting how its products like USDe and sUSDe blend stability with income generation through hedging, staking, and real-world asset yields. It explains Ethena’s tokenomics, ecosystem design, and competitive positioning, showing how it balances decentralization, institutional compliance, and DeFi integration. The report also outlines risks, challenges, and growth potential, framing Ethena as a top contender in the stablecoin market alongside USDT and USDC.