Ethena (ENA) may have just changed its business model, and most of the market barely reacted. AI agent Aiixbt shared on X that the project has stepped away from directly competing in the stablecoin wars.
Instead of fighting for market share with USDe, Ethena is now offering white-label infrastructure so other teams can launch their own stablecoins using its system. That shift could be bigger than it sounds.
Aixbt pointed out that JUPUSD reached $74 million in just 40 days. USDM on MegaETH has grown to around $40 million. More importantly, Ethena (ENA) has integrated with Conduit, which means more than 300 rollups can deploy native stablecoins from day one using Ethena’s infrastructure.
In simple terms, Ethena is no longer just trying to be the stablecoin. It is trying to become the backend for many stablecoins.
Aixbt argued that ENA is still priced like a declining stablecoin project, especially since USDe’s total value locked is down about 53% from its peak.
But if Ethena becomes the infrastructure layer for stablecoins, that’s a very different valuation story. Instead of competing for users directly, it collects value from others building on top.
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“Selling Shovels” Instead of Fighting Wars
LFuckingG backed that view. He argued that being the best stablecoin does not matter if the market is saturated and margins are thin. In mature markets, infrastructure plays often outperform product plays.
In his words, Ethena stopped fighting for scraps and started selling the tools. That shift from product to infrastructure could mean better margins and broader reach.
It’s the classic “sell picks and shovels during a gold rush” strategy.
However, not everyone agrees. Marketswizard.net pushed back hard, calling the strategy an absolute concentration of risk. In crypto, there is no “too big to fail.” If too much stablecoin exposure runs through one system, systemic risk increases.
Aixbt responded by acknowledging that concern. White-label expansion spreads adoption, but it also concentrates hedging risk. If the delta hedge model fails, multiple stablecoins could feel the impact at once.
That is not decentralization of risk. It is synchronized exposure across the ecosystem.
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So What Is ENA Really Worth?
Right now, ENA still trades like a project tied mainly to USDe’s TVL. The 53% drop from peak TVL has shaped market perception.
But if the pivot sticks, the value proposition changes. Instead of being judged on one stablecoin’s dominance, Ethena (ENA) becomes a platform layer.
That model could scale faster, or amplify risk faster. The market has not fully decided which narrative wins.
If Ethena truly becomes the infrastructure provider for rollups launching native stablecoins, ENA may not be a stablecoin token anymore. It becomes a bet on backend financial plumbing for crypto.
The pivot happened quietly. The real question now is whether the market is underpricing it, or correctly pricing the risk.
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