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Everyone’s watching $CRCL and USDC right now because of the Genius Act…
but I feel like nobody’s talking about what’s about to happen with $ENA.
If we get rate cuts, Circle takes the hit (their yield dries up).
Ethena? That’s when it actually shines.
Lower rates = more demand for long risk → funding rates pop → Ethena earns more.
We saw it in Dec 2024 — BTC funding hit 15%, Ethena pulled in $90M revenue. And that wasn’t even a proper low-rate cycle.
Just feels like the market’s not ready for what happens when rate cuts and regulatory clarity hit at the same time.