Arthur Hayes’s statements on social media sent the ENA token surging shortly after the news broke. As the founding advisor of the Ethena project, his remarks not only reflect his personal views but also signal the market’s high expectations for the project’s ecosystem expansion.
At the same time, Ethena’s synthetic stablecoin USDe officially launched on Upbit, South Korea’s largest exchange, opening trading pairs with the Korean won. Just days earlier, the Dubai Financial Services Authority had updated its regulatory framework, explicitly excluding stablecoins like USDe from the definition of "fiat crypto tokens."
Market Barometer
BitMEX founder Arthur Hayes is not only a long-term advisor to the Ethena project but also its most prominent supporter. Recently, he made a bold prediction on social media, forecasting that the ENA token price would reach the $1 mark. This statement directly echoes the latest developments in South Korea’s mainstream crypto market. Upbit, the country’s largest cryptocurrency exchange, has officially announced the listing of Ethena’s synthetic stablecoin USDe.
The listing introduces trading pairs for USDe with the Korean won, Bitcoin, and USDT, all on the Ethereum network. Starting at 18:00 KST on January 14, 2026, users can begin trading these new pairs.
Hayes isn’t just offering verbal support—he’s backing it up with action. On-chain data shows that in late December 2025, he purchased 1.22 million ENA tokens, valued at approximately $257,500.
Strategic Expansion
USDe’s entry into the Korean market marks a significant milestone. As the largest crypto exchange in South Korea, Upbit boasts a massive user base, providing USDe with substantial liquidity and market exposure.
To ensure a smooth launch, USDe trading on Upbit began with special rules. For the first five minutes after trading opened, buy orders were not accepted. During this period, sell orders priced more than 10% below the previous day’s closing price were also blocked. For roughly the first two hours, only limit orders were allowed. These measures aim to prevent market manipulation and extreme volatility, protecting investor interests.
It’s worth noting that this expansion into the Korean market stands in sharp contrast to Dubai’s regulatory stance. Just days before Upbit’s announcement, the Dubai Financial Services Authority updated its crypto token regulatory framework.
Regulatory Challenges
On January 12, 2026, the Dubai Financial Services Authority implemented its updated crypto token regulatory framework. The update restricts the definition of "fiat crypto tokens" to stablecoins backed by fiat reserves, which must be held in segregated accounts with regulated custodians.
According to Elizabeth Wallace, DFSA’s Associate Director of Policy and Legislation, algorithmic stablecoins like USDe "have less transparent operations and redemption mechanisms." As a result, stablecoins such as USDe do not meet the Dubai International Financial Centre’s criteria for stablecoins. In the DIFC, USDe is classified as a regular crypto token, not a stablecoin. To be recognized as a DFSA-approved stablecoin, tokens must meet strict requirements, including maintaining reserves at least equal to the circulating supply.
Currently, the DFSA’s approved stablecoin list includes only Circle’s USDC and EURC, as well as Ripple’s RLUSD. This regulatory divergence highlights the global inconsistency in approaches to new types of stablecoins.
Innovative Approach
USDe fundamentally differs from traditional stablecoins in its operating model. It’s a synthetic stablecoin based on a delta-neutral strategy, rather than being backed by fiat currency. The mechanism works as follows: the protocol holds spot crypto assets as collateral while simultaneously taking an equal-sized short position in perpetual futures contracts. This setup keeps the total portfolio value relatively stable, regardless of collateral price fluctuations.
For example, when a user deposits 1 Bitcoin, the USDe protocol sells 1 Bitcoin in futures markets. The spot and futures positions offset each other, resulting in a delta value of zero for the portfolio. If the BTC price drops, the spot position loses value, but the short futures position gains, keeping the overall portfolio value stable.
Currently, USDe ranks as the third-largest stablecoin by market capitalization, trailing only USDT and USDC. As of mid-January 2026, its circulating supply has grown significantly.
Price Overview
According to the latest data from Gate as of January 15, 2026, ENA is trading at $0.2352 with a 24-hour volume of $7.74 million. Its market cap stands at approximately $1.86 billion, accounting for about 0.1% of the overall crypto market. Over the past 24 hours, ENA has fallen 3.41%; over the past 7 days, it’s down 1.79%; but over the past 30 days, it’s up 8.21%.
The current price is well above the all-time low of $0.1299 but remains far below the all-time high of $1.52. To reach Arthur Hayes’s $1 target, ENA would need to rise about 325% from its current level.
Meanwhile, USDe’s price has remained much more stable. At the same time, USDe is trading at $0.9999, showing virtually no fluctuation over the past 24 hours, and has maintained long-term price stability. USDe’s current market cap is about $6.41 billion, giving it a 0.17% market share. Its fully diluted valuation is approximately $5.82 billion, and its price-to-fully-diluted-valuation ratio is 100%, indicating that nearly all tokens are in circulation.
As of January 15, USDe’s market cap has reached $6.41 billion, solidifying its position as the third-largest stablecoin, while its underlying ENA token has experienced rapid price swings following the latest news, currently trading at $0.2352. In the glass towers of the Dubai Financial Centre, policymakers have excluded USDe from the official definition of "fiat crypto tokens." Meanwhile, on the digital displays of Seoul’s asset exchanges, USDe/KRW trading orders are updating in real time. The international journey of this token is unfolding amid two starkly different regulatory climates.
