The High-Conviction Case for ETHFI and ENA in the Stablecoin-Driven DeFi Revolution

The stablecoin market is on the cusp of a seismic transformation. With a current value of $273 billion, it is projected to balloon to $10 trillion by 2028, driven by the digitization of payments, savings, and yield generation [1]. At the heart of this shift are two tokens—Ether.fi (ETHFI) and Ethena (ENA)—which are uniquely positioned to capture the multi-trillion-dollar on-chain liquidity wave. Their growth trajectories, underpinned by institutional-grade infrastructure, regulatory tailwinds, and innovative use cases, make them compelling candidates for investors seeking exposure to the next phase of DeFi.

The Stablecoin-Driven Liquidity Shift

Stablecoins are no longer just a bridge between fiat and crypto; they are becoming the backbone of a global, programmable financial system. Arthur Hayes, a crypto industry luminary, argues that the $10 trillion stablecoin market will be fueled by three forces: on-chain payments (e.g., cross-border remittances), on-chain savings (e.g., yield-bearing stablecoins), and on-chain derivatives (e.g., delta-neutral strategies) [1]. ETHFI and ENA are designed to thrive in this environment.

ETHFI, the governance and reward token of Ether.fi, operates at the intersection of Ethereum staking and real-world asset integration. By enabling users to stake ETH while earning yield on stablecoins, Ether.fi taps into the $78.1 billion TVL of Ethereum-based DeFi [4]. Meanwhile, ENA powers Ethena’s synthetic stablecoin, USDe, which has already achieved $10 billion in TVL in just 500 days—surpassing traditional stablecoins like USDC and DAI [5]. USDe’s success is partly due to the GENIUS Act, which restricts traditional stablecoins from offering yield, forcing capital into protocols like Ethena that provide decentralized yield strategies [5].

Institutional Adoption and Infrastructure Gains

Both tokens are gaining traction among institutional players. Ethena’s recent partnership with Coinbase via Copper’s ClearLoop solution has added institutional-grade hedging for USDe’s collateral, while its integration with Pendle and Symbiotic has expanded composability across 24 chains [1]. Similarly, Ether.fi’s $5.2 million seed investment in Hyperbeat—a yield infrastructure protocol on Hyperliquid—signals a strategic push to integrate restaking with tokenized vaults, potentially driving cross-platform TVL growth [1].

Whale activity further validates this trend. Arthur Hayes himself has acquired 420,000 ETHFI ($516,600), betting on its role in Ethereum’s restaking narrative [2]. For ENA, 78.13% of the circulating supply is controlled by whales, indicating a long-term vision among institutional investors [3]. Ethena’s StablecoinX division has also executed an 8% buyback of ENA’s circulating supply, signaling confidence in the token’s fundamentals [5].

Price Action and Risk Factors

While the long-term outlook is bullish, short-term volatility remains a concern. ETHFI faces token unlock pressures, with 8.46 million tokens ($10.8 million) entering circulation in late August 2025 [1]. However, bullish models project ETHFI could rise from $1.10 in 2025 to $8.00 by 2030, driven by institutional partnerships and TVL expansion [2]. ENA, meanwhile, has surged 134% year-to-date, with price targets of $5 by Q4 2025 and $8 by 2030 [3].

Risks include regulatory uncertainty and macroeconomic headwinds. However, both projects are adapting: Ethena’s USDtb stablecoin is designed to comply with evolving regulations, while Ether.fi’s Club membership program and luxury travel integrations aim to diversify real-world utility [1][5].

Conclusion

The stablecoin-driven DeFi revolution is not a distant possibility—it is already underway. ETHFI and ENA are not just tokens; they are infrastructure components in a system poised to redefine global finance. With Hayes predicting 34x and 51x returns for ETHFI and ENA, respectively [1], and their ecosystems demonstrating rapid adoption and institutional backing, these tokens represent a high-conviction bet on the future of on-chain liquidity. For investors willing to navigate short-term volatility, the rewards could be transformative.

Source:
[1] Arthur Hayes Predicts $10 Trillion Stablecoin Market, Calls ... [https://www.ainvest.com/news/arthur-hayes-predicts-10-trillion-stablecoin-market-calls-30-50x-returns-ethfi-ena-2508/]
[2] Arthur Hayes predicts 34× surge for Ether.fi, 51× for Ethena [https://crypto.news/arthur-hayes-upside-ether-fi-ethena-stablecoin-2025/]
[3] Ethena Price Prediction: Is ENA The Best Ethereum Token ... [https://coincentral.com/ethena-price-prediction-is-ena-the-best-ethereum-token-to-buy-now-or-can-this-viral-payfi-crypto-offer-better-roi/]
[4] Decentralized Finance Market Statistics 2025: TVL, Token ... [https://coinlaw.io/decentralized-finance-market-statistics/]
[5] Ethena Labs' USDe overtakes rivals as fastest-growing stablecoin, reaching $10B in TVL in just 500 days [https://cryptorank.io/news/feed/f5b07-ethena-labs-usde-overtakes-rivals-as-fastest-growing-stablecoin-reaching-10b-in-tvl-in-just-500-days]