The Big Analysis
TBW - Stablecoins: does Ethena have the winning formula?
Ethena has rapidly established itself as a central player in the stablecoin market, combining a yield-generating synthetic dollar (USDe) and an institutional version backed by BlackRock's BUIDL fund (USDtb). But behind this innovative architecture, between delta-neutral strategy, institutional integration and plans to list on Nasdaq, the protocol remains