Ethena just became the AWS of stablecoins. • Before AWS, companies spent months setting up servers. • After AWS, it took <1 hour, and the entire software industry changed. Ethena is doing the same for stablecoins. Launching one requires 8-fig in capital (dev, liq bootstrapping, etc), 1+ year of licensing, and multiple regulators watching your every move. Now, it can be done in weeks. Through Ethena Whitelabel, any business can launch its own branded stablecoin. No banking license, no infrastructure headaches, instant liquidity. It’s the same playbook that made AWS and Stripe dominant. AWS turned data centers into an API. Stripe turned payments into an API. Ethena is turning stablecoin issuance into an API. This expands Ethena's TAM from a few DeFi protocols to every ecosystem, protocol, tradFi fintech, exchange, and Web2 app that wants to issue its own dollar. This way, Ethena isn't competing with banks on providing better USD products, but rather on removing banks as a whole. In a year, launching a stablecoin might be as easy and as common as adding a Stripe integration.