$ENA offers one of the only pure play exposures to stablecoins and tokenization, and now has the largest bazooka (relatively) of all tokens with a treasury company. Ideal timing with German regulator (BaFin) headwinds now behind us following a June resolution. Ethena is back in growth mode with USDe supply reaching new highs ($7B) and can now execute on a number of big product initiatives (e.g @convergeonchain) that were likely delayed. Bonus is VC supply overhang now practically neutralized.