Recently, the United States passed the Stablecoin Act (GENIUS Act), providing a significant regulatory framework for the cryptocurrency industry. The act clarifies the legal status of stablecoins, defining them as payment instruments rather than securities, and limits the possibility of the SEC and federal banking institutions classifying them as securities products. This promotes the widespread adoption of stablecoins within the financial system. ENA (Ethena), as an innovative project in the stablecoin sector, aligns with multiple aspects of the U.S. Stablecoin Act. Its products, USDe and USDtb, are expected to gain significant development opportunities under this new regulatory environment. Filling the compliance stablecoin yield gap, USDe emerges as a potential beneficiary Following the passage of the Stablecoin Act, the market is expected to experience substantial growth. However, traditional compliant stablecoins (such as USDT and USDC) are typically backed by low-risk assets (e.g., bank deposits or short-term government bonds) and cannot directly provide yields to holders. ENA’s USDe generates returns through Ethereum staking and derivatives markets, offering users a stable source of passive income. Ethena Staked USDe (sUSDe) is currently priced at $1.17, with a 24-hour trading volume of $11.4 million, indicating strong market interest. USDe utilizes the "Internet Bond" mechanism, achieving yields through Ethereum staking and hedging strategies, filling the gap left by compliant stablecoins that cannot generate income. With the act driving increased demand for stablecoins, USDe’s yield attributes position it to attract more users seeking stable returns, making it a potential beneficiary of this growth wave. Decentralization and compliance in parallel: ENA’s dual advantage The Stablecoin Act emphasizes the importance of cybersecurity and decentralized mechanisms, requiring issuers to take measures to protect user assets from hacking. ENA’s USDe operates on Ethereum, leveraging ZK-Rollup and decentralized oracle networks to ensure transaction efficiency and data transparency. This decentralized architecture aligns closely with the act’s requirements for security and transparency. Meanwhile, ENA demonstrates its compliance capabilities through USDtb. The dual-track approach of USDe and USDtb enables ENA to strike a balance between decentralized finance (DeFi) and traditional finance (TradFi), securing a position in the market growth driven by the act. The passage of the U.S. Stablecoin Act (GENIUS Act) provides a clear regulatory framework and growth opportunities for the stablecoin market. ENA, with USDe’s yield attributes and USDtb’s compliance advantages, aligns closely with the regulatory trends of the act. USDe fills the gap left by compliant stablecoins that cannot generate income, while USDtb meets the act’s requirements for transparency and security. ENA’s dual-track strategy allows it to balance decentralization and compliance, positioning it as a key beneficiary in the market growth driven by the act.