$ENA is the cheapest it’s ever been relative to fundamentals, just as the yield-bearing stablecoin narrative reaches escape velocity. We’re seeing real open market accumulation now, not just speculation, specifically from a DAT (digital asset treasury) company buying in size. This is important. DATs act as long-term liquidity sinks. They’re not chasing points or mercenary yield, they’re aligning with core protocol incentives and using tokens operationally or as reserves. Ethena, via @Anchorage , launched the first GENIUS Act-compliant stablecoin, $USDtb. But it's not just regulatory alignment, it’s a roadmap for institutional adoption. Take a look: @convergeonchain is now the settlement layer for digital dollars, while @Terminal_fi the liquidity layer for reward-bearing stablecoins. No new token for Converge means all value flows to $ENA. Meanwhile, $iUSDe, the KYC-gated institutional wrapper of sUSDe, will only be tradable on Terminal. Add @pendle_fi to the equation and you’ve got the highest-leverage yield + points strategy via $tUSDe pools. TVL across Ethena, Pendle is compounding into billions of dollars. The ecosystem is getting vertically integrated. Institutions are coming. But this isn’t just about farming. It’s about structure. @ethena_labs owns a massive share of this ecosystem and continues to integrate up and down the stack, product, infra, regulation. $ENA is the primary way to gain exposure to that growth. The new stablecoin rails are being built, and Ethena is at the center of it. And that’s why I'm longing $ENA 🔥