Ethena (ENA) is quickly emerging as one of the most compelling plays in the stablecoin space – and institutions are taking notice. According to crypto analyst Nick Ford (@itsnickford), the project is seeing nearly $5 million in daily institutional buy pressure, and the reasons behind it are deeper than just hype.
From high-yield staking to regulatory alignment and explosive stablecoin growth, Ethena has positioned itself as a next-gen financial infrastructure layer – and institutional money is now moving in fast.
What you'll learn 👉
Ethena’s $USDe: Fastest Growing Stablecoin Ever
Ethena’s flagship stablecoin, $USDe, became the fastest stablecoin ever to reach $1 billion in circulation. As of July 2025, it’s already above $7 billion, making it the third-largest stablecoin globally – a huge leap for a protocol that only launched its mainnet operations less than a year ago.
This explosive growth isn’t just about DeFi degens chasing APYs. Ethena is also the first stablecoin project fully aligned with the GENIUS Act, a landmark piece of U.S. legislation aimed at regulating payment-based stablecoins.
Through a key partnership with Anchorage Digital– the only federally chartered crypto bank – Ethena’s second stablecoin, $USDtb, is transitioning into a fully regulated U.S. payment coin, backed 1:1 by reserves and compliant with KYC/AML regulations.
What Is $USDtb?
Launched in December 2024, $USDtb is Ethena Labs’ attempt to create a compliant, scalable alternative to USDC and USDT. Here’s how the reserves break down:
- 80% invested in BlackRock’s BUIDL tokenized treasury fund (U.S. Treasuries)
- 20% held in stablecoins to maintain liquidity during weekends and holidays
With this setup, Ethena meets every requirement of the GENIUS Act: it’s fully collateralized, transparent, and compliant – making it Wall Street-friendly.
Ethena is the best bet on stablecoin adoption, here’s why institutions are accumulating millions in $ENA.
— Nick Ford (@itsnickford) July 25, 2025
• First stablecoin developer aligned w/ GENIUS Act
• $5M daily institutional buying pressure
• High APY on stablecoin deposits (12%+)
• Massive ecosystem & airdrop… pic.twitter.com/j1BuH9S9ja
Stablecoins > Visa?
If you’re still not convinced this sector is heating up, consider this: stablecoin volume surpassed Visa for the first time in 2024. In 2025, it’s already double that of Visa, and the curve is still rising. Institutions are clearly seeing where payments are heading – and they want in.
That’s why StablecoinX is raising $360 million to scoop up 8% of ENA’s total supply, while the Ethena Foundation itself is buying back another $60 million worth of tokens. That translates into a $5 million/day buy wall over the next six weeks – creating a massive supply shock for ENA.
How to Earn From Ethena (Even as a Retail User)
Institutions might be going big, but regular users can still ride the wave. Ethena’s ecosystem offers multiple ways to earn:
- Hold sUSDe and earn 12%+ APY
- Farm Season 4 airdrop points via deposits
- Use Pendle Finance to lock in fixed 8.8% returns or earn up to 30%+ APRs via Principal Tokens
- Explore Ethereal DEX, which offers a 30x reward multiplier for $USDe deposits (with no lockups)
- Stake via Strata, a risk-tranching protocol offering triple rewards across Ethena’s partner ecosystem
The Bottom Line
Ethena is more than just another DeFi project. It’s building a full-stack stablecoin ecosystem that’s already scaling fast, winning over regulators, and attracting deep-pocketed investors.
In Nick Ford’s words:
“Stablecoins are crypto’s clearest product-market fit, and Ethena stands out as the best-positioned stablecoin ecosystem today.”
With high yields, institutional backing, and a clear regulatory path, it’s no surprise that institutions are betting big on Ethena.
And maybe, just maybe, you should be watching too.
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