The institutional liquidity platform FalconX officially announced on September 4th that it has fully integrated the US dollar stablecoin USDe issued by Ethena, supporting spot trading, derivation, and custody services for this asset. This significant move makes USDe the third largest stablecoin after USDT and USDC, with a current market capitalization of 12.5 billion USD. This article will delve into the far-reaching impacts of this integration on institutional DeFi access, portable yield strategies, and the investment prospects of the ENA token, providing a panoramic interpretation for professional investors.
FalconX Major Integration: USDe Gains Institutional-Level Trading and Collateral Functions
The globally leading digital asset institutional trading platform FalconX announced on September 4 that it has officially increased its comprehensive support for the US dollar stablecoin USDe issued by Ethena, covering spot trading, derivation, and custody services. This means that institutional clients can now access OTC liquidity for USDe through FalconX, which is currently the third-ranked stablecoin by supply.
USDe occupies about $1.25 billion of the current $297 billion total stablecoin market capitalization, second only to USDT's $168 billion and USDC's $72.5 billion. In addition to over-the-counter liquidity access, qualified institutional clients will be able to use USDe as collateral on the FalconX platform. This feature will be applicable to specific credit and derivation trading, providing institutional investors with a new tool for capital efficiency optimization.
Guy Young, the founder of Ethena Labs, made a statement regarding this collaboration: "We are very excited to partner with an industry-leading institutional liquidity provider to broaden access to USDe for its client base. FalconX has a long history of providing innovative solutions to maximize capital efficiency for clients, and we are honored to support its platform with our unique products."
This collaboration marks a significant breakthrough for USDe in terms of institutional adoption. FalconX, as a professional trading platform serving hedge funds, family offices, and large exchanges, reflects the market's high recognition of USDe's stable mechanism and the security of the Ethena protocol.
Unlock Portable Returns: Institutional Applications of Delta Neutral Strategies
FalconX aims to release greater capital efficiency through this integration, expanding institutional access to delta-neutral basis strategies for USDe. With this dollar-denominated stablecoin, users can gain portable yields in both decentralized finance and traditional financial ecosystems.
The platform will also expand the market liquidity of the USDe stablecoin and the native Ethena Token ENA, covering multiple venues including bilateral trading channels, centralized and decentralized exchanges. In the cryptocurrency space, users can generate returns through staking, lending, and other strategies available to DeFi participants.
This initiative is expected to significantly promote the development of Ethena's Decentralized Finance ecosystem.
ENA Token: The Most Attractive DeFi Investment Opportunity in Q3?
Ethena (ENA) has become one of the most attractive investment opportunities in the DeFi sector for the third quarter of 2025, driven by multiple factors including on-chain liquidity inflows, explosive total value locked (TVL) growth, and robust technical patterns. As the supply of the ecosystem's synthetic stablecoin USDe expands to $12.4 billion and remains pegged, the fundamentals and market dynamics of the project indicate a very high probability of a breakout.
On-chain liquidity inflow signals show strong institutional confidence. Ethena has recorded four consecutive weeks of on-chain liquidity inflow, with a 15% increase in liquidity over the past month. This surge is not merely speculative but reflects institutional-level demand. For example, a recent investor moved $1.29 million from a PEPE position to ENA, bringing their total holdings to $10 million, highlighting the increasing appeal of this Token as a means of value storage.
Meanwhile, Ethena Labs reported a third-quarter revenue of $7.43 million, a 545% increase from the previous quarter, mainly due to the expansion of USDe utility. However, not all on-chain activities are bullish. In the past two weeks, 80 million ENA Tokens have been sent to exchanges, raising concerns about potential whale sell-offs. But these activities must be viewed in context: Ethena's TVL has soared to a historic high of $12.66 billion, and its synthetic dollar market capitalization now exceeds $9.7 billion.
TVL Growth and Network Indicators Indicate Undervalued Status
Ethena's TVL has grown to 12.66 billion USD, an increase of 47% from 8.6 billion USD in June 2025. This growth is attributed to the cross-chain expansion of USDe across 23 blockchains and its high annual percentage yield (APY), which has driven a weekly trading volume of 743 million USD.
The network value to transaction (NVT) ratio of ENA is only 6.9, a level historically associated with undervaluation. In comparison, Bitcoin's NVT ratio typically ranges between 10 and 20 during bull markets, indicating that ENA's current valuation is significantly discounted relative to its trading activity.
In addition, Ethena's fee switch activation and daily repurchases are reducing the circulating supply, creating a scarcity premium. Institutional investors now hold 30% of the circulating supply, an increase of 15% compared to mid-2025. This accumulation, along with the increasing utility of the token in yield-generating protocols, makes ENA a deflationary asset with strong tailwinds.
Bullish Technical Patterns and Market Sentiment Analysis
From a technical perspective, Ethena has broken through the bullish flag pattern, which is a typical continuation pattern indicating a potential rise to $0.88 or even $1. The 50-day and 200-day Exponential Moving Averages (EMA) recently formed a golden cross, which is a historically significant bullish signal. This cross previously signaled an 87% increase in 2024, reigniting traders' optimism.
The Relative Strength Index (RSI) of ENA is currently at 68.84, indicating that the token is not yet overbought and still has room for growth. Meanwhile, the MACD has confirmed a bullish crossover, with the green histogram rising above the zero line. These indicators are consistent with on-chain data, showing that traders are transferring ENA to private wallets, which is typically associated with long-term holding strategies.
Analysts predict that Ethena may test the key resistance levels of 0.84-0.87 USD and the psychological barrier of 1.00 USD in the coming weeks. If a breakthrough at 1.00 USD is confirmed, assuming demand remains and institutional support stays intact, the Token may further push towards the 1.25-1.50 USD range.
Strategic Importance for Investors
Ethena's on-chain strength, TVL growth, and technological momentum create a compelling case for strategic investment. The project's synthetic dollar USDe is a key differentiating factor, providing a stable cross-chain asset that complements the token economics of ENA.
As TVL surpasses competitors like Hyperliquid (which generated $22.5 million in revenue last week, while Ethena made $53 million), Ethena is poised to capture a larger share of the DeFi market. However, investors should be wary of short-term volatility. The recent transfer of 80 million ENA tokens to exchanges may exert selling pressure, especially amid worsening macroeconomic conditions. That said, the broader trend of whale accumulation and institutional adoption suggests that any pullback could be short-lived.
Conclusion: Institutions Accelerate the New Era of Decentralized Finance
FalconX's comprehensive integration with USDe marks an important milestone in institutional adoption of synthetic assets and Decentralized Finance protocols. As the supply of USDe expands and the project's fee switch mechanism reduces supply, the scarcity premium and utility of ENA will further drive adoption. For investors seeking exposure to the next phase of DeFi innovation, Ethena offers a rare combination of fundamentals and momentum investment opportunities that could translate into excess returns.
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Ethena (ENA) Price Prediction: FalconX fully integrates USDe stablecoin to promote institutional adoption, and ENA is expected to challenge 1 USD.
The institutional liquidity platform FalconX officially announced on September 4th that it has fully integrated the US dollar stablecoin USDe issued by Ethena, supporting spot trading, derivation, and custody services for this asset. This significant move makes USDe the third largest stablecoin after USDT and USDC, with a current market capitalization of 12.5 billion USD. This article will delve into the far-reaching impacts of this integration on institutional DeFi access, portable yield strategies, and the investment prospects of the ENA token, providing a panoramic interpretation for professional investors.
FalconX Major Integration: USDe Gains Institutional-Level Trading and Collateral Functions
The globally leading digital asset institutional trading platform FalconX announced on September 4 that it has officially increased its comprehensive support for the US dollar stablecoin USDe issued by Ethena, covering spot trading, derivation, and custody services. This means that institutional clients can now access OTC liquidity for USDe through FalconX, which is currently the third-ranked stablecoin by supply.
USDe occupies about $1.25 billion of the current $297 billion total stablecoin market capitalization, second only to USDT's $168 billion and USDC's $72.5 billion. In addition to over-the-counter liquidity access, qualified institutional clients will be able to use USDe as collateral on the FalconX platform. This feature will be applicable to specific credit and derivation trading, providing institutional investors with a new tool for capital efficiency optimization.
Ethena Labs Founder Highly Praises: Expanding Institutional Access Channels
Guy Young, the founder of Ethena Labs, made a statement regarding this collaboration: "We are very excited to partner with an industry-leading institutional liquidity provider to broaden access to USDe for its client base. FalconX has a long history of providing innovative solutions to maximize capital efficiency for clients, and we are honored to support its platform with our unique products."
This collaboration marks a significant breakthrough for USDe in terms of institutional adoption. FalconX, as a professional trading platform serving hedge funds, family offices, and large exchanges, reflects the market's high recognition of USDe's stable mechanism and the security of the Ethena protocol.
Unlock Portable Returns: Institutional Applications of Delta Neutral Strategies
FalconX aims to release greater capital efficiency through this integration, expanding institutional access to delta-neutral basis strategies for USDe. With this dollar-denominated stablecoin, users can gain portable yields in both decentralized finance and traditional financial ecosystems.
The platform will also expand the market liquidity of the USDe stablecoin and the native Ethena Token ENA, covering multiple venues including bilateral trading channels, centralized and decentralized exchanges. In the cryptocurrency space, users can generate returns through staking, lending, and other strategies available to DeFi participants.
This initiative is expected to significantly promote the development of Ethena's Decentralized Finance ecosystem.
ENA Token: The Most Attractive DeFi Investment Opportunity in Q3?
Ethena (ENA) has become one of the most attractive investment opportunities in the DeFi sector for the third quarter of 2025, driven by multiple factors including on-chain liquidity inflows, explosive total value locked (TVL) growth, and robust technical patterns. As the supply of the ecosystem's synthetic stablecoin USDe expands to $12.4 billion and remains pegged, the fundamentals and market dynamics of the project indicate a very high probability of a breakout.
On-chain liquidity inflow signals show strong institutional confidence. Ethena has recorded four consecutive weeks of on-chain liquidity inflow, with a 15% increase in liquidity over the past month. This surge is not merely speculative but reflects institutional-level demand. For example, a recent investor moved $1.29 million from a PEPE position to ENA, bringing their total holdings to $10 million, highlighting the increasing appeal of this Token as a means of value storage.
Meanwhile, Ethena Labs reported a third-quarter revenue of $7.43 million, a 545% increase from the previous quarter, mainly due to the expansion of USDe utility. However, not all on-chain activities are bullish. In the past two weeks, 80 million ENA Tokens have been sent to exchanges, raising concerns about potential whale sell-offs. But these activities must be viewed in context: Ethena's TVL has soared to a historic high of $12.66 billion, and its synthetic dollar market capitalization now exceeds $9.7 billion.
TVL Growth and Network Indicators Indicate Undervalued Status
Ethena's TVL has grown to 12.66 billion USD, an increase of 47% from 8.6 billion USD in June 2025. This growth is attributed to the cross-chain expansion of USDe across 23 blockchains and its high annual percentage yield (APY), which has driven a weekly trading volume of 743 million USD.
The network value to transaction (NVT) ratio of ENA is only 6.9, a level historically associated with undervaluation. In comparison, Bitcoin's NVT ratio typically ranges between 10 and 20 during bull markets, indicating that ENA's current valuation is significantly discounted relative to its trading activity.
In addition, Ethena's fee switch activation and daily repurchases are reducing the circulating supply, creating a scarcity premium. Institutional investors now hold 30% of the circulating supply, an increase of 15% compared to mid-2025. This accumulation, along with the increasing utility of the token in yield-generating protocols, makes ENA a deflationary asset with strong tailwinds.
Bullish Technical Patterns and Market Sentiment Analysis
From a technical perspective, Ethena has broken through the bullish flag pattern, which is a typical continuation pattern indicating a potential rise to $0.88 or even $1. The 50-day and 200-day Exponential Moving Averages (EMA) recently formed a golden cross, which is a historically significant bullish signal. This cross previously signaled an 87% increase in 2024, reigniting traders' optimism.
The Relative Strength Index (RSI) of ENA is currently at 68.84, indicating that the token is not yet overbought and still has room for growth. Meanwhile, the MACD has confirmed a bullish crossover, with the green histogram rising above the zero line. These indicators are consistent with on-chain data, showing that traders are transferring ENA to private wallets, which is typically associated with long-term holding strategies.
Analysts predict that Ethena may test the key resistance levels of 0.84-0.87 USD and the psychological barrier of 1.00 USD in the coming weeks. If a breakthrough at 1.00 USD is confirmed, assuming demand remains and institutional support stays intact, the Token may further push towards the 1.25-1.50 USD range.
Strategic Importance for Investors
Ethena's on-chain strength, TVL growth, and technological momentum create a compelling case for strategic investment. The project's synthetic dollar USDe is a key differentiating factor, providing a stable cross-chain asset that complements the token economics of ENA.
As TVL surpasses competitors like Hyperliquid (which generated $22.5 million in revenue last week, while Ethena made $53 million), Ethena is poised to capture a larger share of the DeFi market. However, investors should be wary of short-term volatility. The recent transfer of 80 million ENA tokens to exchanges may exert selling pressure, especially amid worsening macroeconomic conditions. That said, the broader trend of whale accumulation and institutional adoption suggests that any pullback could be short-lived.
Conclusion: Institutions Accelerate the New Era of Decentralized Finance
FalconX's comprehensive integration with USDe marks an important milestone in institutional adoption of synthetic assets and Decentralized Finance protocols. As the supply of USDe expands and the project's fee switch mechanism reduces supply, the scarcity premium and utility of ENA will further drive adoption. For investors seeking exposure to the next phase of DeFi innovation, Ethena offers a rare combination of fundamentals and momentum investment opportunities that could translate into excess returns.