Fundamentally yes but even with the ENA public treasury company I wonder if we will struggle to reach escape velocity until public markets have pure ability to express views directly into the asset?
Same goes for DeFi in general, quality companies such as AAVE etc.
CIRCLE has a $40B market cap on $150M earnings and is set to shrink. Meanwhile, USDe is growing fast, with over $300M in revenue on $10M costs, and has the potential to reach $2B in earnings.
If investors rotate from CIRCLE to USDe and Ethena continues its flywheel, this could 10x to a $100B fully diluted valuation. The stablecoin hype play is here.
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