Izzy Zhang
@izzyzhang
· Aug 28
Can Ethena really replace crypto with real-world perpetuals?Yes, the $4 billion USDe issuer sees RWA perps overtaking crypto derivatives in its backing within two years.What happened: Ethena announced it is expanding beyond crypto into equity perpetuals, targeting real-world assets as the dominant backing for USDe. The move comes as the Clarity Act slips to September, leaving crypto regulation uncertain while traditional markets offer smoother yield.Key numbers: USDe market cap: $4 billionTimeline: 12 to 24 months for RWA perps to eclipse crypto derivativesSBI paid $270 million for a 20% stake in Indonesia’s Ajaib to push yen stablecoinsWhy it matters: If Ethena pulls this off, stablecoin yield will pivot from crypto-native funding rates to equity index and commodity perps, blurring the line between CeFi and DeFi.Bottom line: The next stablecoin war won’t be fought on-chain—it’ll be fought on Nasdaq futures.
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