🦄FN Express丨Is this company the real stablecoin unicorn? On the evening of July 21, the native token ENA of @ethena_labs surged 20% to reach 0.59 USDT, hitting a new high in nearly six months, influenced by the news that the treasury company plans to purchase 260 million USD worth of ENA tokens, sparking heated discussions in the market. This article will detail the event and ENA's recent performance, analyze its potential impact on the Ethena project and the market, and assess the current status of the project. 🧐 Let's directly look at the potential impact on the Ethena project: The preparation and listing plan of StablecoinX is of great significance to the Ethena project itself. ⚫️ First, this is another attempt by a DeFi project to actively connect with traditional capital markets. Similar to the previous listings of Circle (USDC) and Ripple's tradable products, it shows that the stablecoin sector is receiving high attention from institutions. Ethena provides traditional stock market investors with exposure to its "growth story" through a publicly listed company model, which is seen as a signal of integration with traditional finance (TradFi). As the founder of Ethena stated, this transaction offers stock market investors a pure investment target themed around "digital dollars." ⚫️ Second, from the perspective of supply and demand for funds, StablecoinX plans to significantly increase its holdings of ENA and lock them up for the long term, indicating that a strong buyer has entered the project ecosystem. The daily purchase plan of 5 million USD over the next few weeks, along with a procurement effort of 360 million USD in cash and locked tokens, will significantly raise the demand for ENA. This model, similar to the "Bitcoin treasury" (drawing on the logic of Strategy holding BTC), may provide long-term value support for ENA. ⚫️ Third, the macro regulatory environment is also changing. Recently, the United States passed several stablecoin regulatory laws, including the GENIUS Act. The GENIUS Act requires stablecoin issuances to have comprehensive asset backing (cash or government bonds) and strengthens regulation, prohibiting the issuance of dividend-like yield-bearing stablecoins, reflecting that the stablecoin market is now under dual scrutiny from U.S. regulation and traditional finance.