hace 12 h
Stablecoins are a huge narrative this cycle, so much so that I'm constantly looking for plays that feed off the meta, one I see potential in is Terminal, a DEX purpose-built for yield-bearing assets like USDe & sUSDe
There's not many DEX'es with deep enough liquidity & most legacy AMMs have a hard time handling assets that earn yield over time. Terminal solves this with solid secondary-market liquidity + cost-efficient bootstrapping , already at $280M+ in pre-deposits, with launch ahead of Dec Pendle maturities
Terminal's KYC-gated pools allow regulated institutions to join via segregated, compliant capital using whitelisted wallets verified by partners like Securitize. This bridges permissionless DEX liquidity with regulated on-chain markets, starting with yield-bearing assets like USDe and sUSDe
You can start stacking Ethena, Terminal rewards + Pendle boosts, with looping on Euler today and Aave, might be interesting to look at for anyone interested in DeFi
hace 17 h
Ethena sits between CeFi and DeFi, having reached scale across both markets with a ~$15B TVL through USDe and USDtb — the latter backed by BlackRock’s BUIDL tokenized fund.
Terminal aims to expand alongside Ethena by exporting USDe in a format that TradFi can consume.
A year ago, sUSDe yielded over 20% in CeFi while DeFi rates stayed near 10%. More than $1B flowed into Aave within days to capture the spread.
In TradFi, capital can often be sourced at SOFR +100 bps, while sUSDe can offer returns above 10%.
This spread represents an even larger opportunity as institutional capital moves on-chain.
Terminal is building the exchange for institutional asset trading powered by USDe, where yield-bearing assets serve as core pairs — launching later this year.
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