Printed on $ZEC or got liquidated again?
Either way, smart money knows where to park stables for real yield.
Here’s why @Terminal_fi, incubated by @ethena_labs, could become the liquidity backbone for institutional-grade yield-bearing stablecoins. 🧵
Ethena sits between CeFi and DeFi, having reached scale across both markets with a ~$15B TVL through USDe and USDtb — the latter backed by BlackRock’s BUIDL tokenized fund.
Terminal aims to expand alongside Ethena by exporting USDe in a format that TradFi can consume.
A year ago, sUSDe yielded over 20% in CeFi while DeFi rates stayed near 10%. More than $1B flowed into Aave within days to capture the spread.
In TradFi, capital can often be sourced at SOFR +100 bps, while sUSDe can offer returns above 10%.
This spread represents an even larger opportunity as institutional capital moves on-chain.
Terminal is building the exchange for institutional asset trading powered by USDe, where yield-bearing assets serve as core pairs — launching later this year.
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The takeaway:
Stablecoins are the fastest-growing digital asset.
Yield-bearing stables are the final form.
Terminal Finance is building the marketplace they need to scale, for DeFi and TradFi alike.
One of the most important pieces of financial plumbing being built today.
The numbers speak for themselves:
• $10B+ circulating across yield-bearing stables
• sUSDe = 3rd largest USD asset in crypto
• $300M+ in annualized revenue (2nd fastest startup in crypto to $100M)
But the market has a structural problem.
Today’s AMMs were never designed for assets that appreciate over time.
Result:
• Liquidity providers suffer “yield-derived impermanent loss.”
• Arbitrageurs capture the yield.
• Secondary markets stay shallow.
For institutions, this breaks usability.
March 2025: selling just $6M USDe caused a 4% price impact.
Capital that should flow freely instead gets trapped in frictions and redemption queues.
A market this large cannot scale without new infrastructure.
That’s where Terminal Finance comes in.
It introduces redeemable tokens + yield-skimming pools.
• rUSDe is pegged to $1, redeemable for sUSDe
• Pools earn yield pro-rata without drifting from parity
• Arbitrage stops siphoning yield away from LPs
Liquidity becomes deep, efficient, and sustainable.
Why this matters:
• LPs earn trading fees + captured yield → no structural disincentive
• Traders finally get scalable secondary market liquidity
• Issuers can bootstrap liquidity without subsidizing arbitrageurs
It’s a redesign of AMMs around a yield-native world.
All PT/YT holders get:
a. Inherent sUSDe yield
b. 30x Ethena Sats
c. 60x Terminal Roots, which convert to the token at TGE
The timing is critical.
Terminal is positioned as its liquidity hub — the venue where yield-bearing stablecoins, tokenized RWAs, and institutional assets can actually trade.
This is bigger than DeFi.
The spread between TradFi rates (SOFR+100bps) and DeFi yields (>15%) won’t last.
Bridging those markets requires infrastructure where liquidity can move freely.
Terminal = the rails for rate convergence at global scale.
Early traction:
• $300M+ pre-deposits across USDe, WETH, WBTC
• Incentive multipliers from @ethena_labs & @ether_fi.
• Already the most attractive venue for sUSDe liquidity (Pendle APRs confirm it)
$260m TVL, incubated by @ethena_labs, making this one if the best R/R stablecoin farms to park your idle stables, 30× @ethena_labs multipliers, 60x @ether_fi Loyalty Points
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