Ethena News: Arthur Hayes Calls for ENA to Reach $1, USDe Listed in Korea but Cold in DubaiAt the beginning of 2026, the synthetic USD protocol Ethena became a market focus, but its core asset USDe faced completely different fates in various jurisdictions. In Asia, South Korea's domestic CEX Upbit announced the listing of USDe, offering trading pairs with KRW, Bitcoin, and USDT. This move directly drove the governance token ENA to surge over 8% in a single day, reaching $0.238. Arthur Hayes, a founding advisor of Ethena, was even more excited, shouting the slogan “ENA to hit $1.”
However, almost simultaneously, the regulatory authorities in Dubai, a major financial hub in the Middle East, clarified in the updated crypto framework that USDe and similar algorithmic stablecoins are excluded from the list of recognized “fiat-backed crypto tokens,” categorizing them only as ordinary crypto assets. This stark contrast between the cold and hot developments not only reveals USDe’s rapidly growing market influence but also highlights the severe regulatory challenges faced by its unique “delta-neutral” mechanism worldwide.
MarketWhisper·01-15 03:03