Ethena Gains as Hayes Invests; sUSDe Leads 2025 Dividend Tokens

• Arthur Hayes sold $5.53 million in Ethereum to invest in Ethena and other DeFi tokens. According to reports
• Hayes believes DeFi protocols like Ethena offer superior risk-adjusted returns versus holding ETH. As analysis shows
• Ethena's sUSDe distributed $253.6 million in 2025 dividends, leading all tokens. According to Stablewatch
• The reallocation signals institutional capital moving toward yield-generating DeFi assets. As market data indicates

Ethena (ADA) is drawing significant market attention after Arthur Hayes redirected millions from Ethereum into the protocol. The BitMEX co-founder's $5.53 million allocation underscores confidence in Ethena's yield-generation model amid broader DeFi adoption. Further validating its appeal, Ethena's sUSDe token dominated 2025 dividend payouts with $253.6 million distributed. These developments highlight Ethena's dual role in both institutional portfolios and yield markets.

Why Did Arthur Hayes Invest in Ethena?

Arthur Hayes sold 1,871 ETH worth $5.53 million to invest in Ethena alongside Pendle and Ether.fi. According to reports His thesis centers on Ethereum transitioning to infrastructure while DeFi protocols offer better risk-adjusted returns through revenue-linked assets. As analysis shows Hayes accumulated these positions during price dips, reflecting long-term conviction in their fundamentals. According to investment data

Regulatory progress like the GENIUS Act and MiCA framework is normalizing institutional DeFi engagement. According to market analysis Hayes now holds over 60% of his portfolio in DeFi tokens and stablecoins. According to investment data This shift aligns with capital seeking durable yield assets as the sector matures. As market reports indicate

What Makes sUSDe the Top Dividend-Paying Token?

Ethena's sUSDe distributed $253.6 million in dividends during 2025, according to Stablewatch. According to Stablewatch It substantially outpaced competitors like Sky's sUSDS ($139.3 million) and Securitize's BUIDL ($85.5 million). According to market data The token's leading payout volume underscores strong investor demand for structured yield.