18 小时前
Terminal TGE is going to be the one to watch this year.
The DEX built for TradFi capital to finally move onchain.
With a $10B+ TAM (USDe and USDtb), it targets institutions and large players looking to capture spreads from Ethena’s stablecoins.
This is just the beginning for @Terminal_fi.
19 小时前
Ethena sits between CeFi and DeFi, having reached scale across both markets with a ~$15B TVL through USDe and USDtb — the latter backed by BlackRock’s BUIDL tokenized fund.
Terminal aims to expand alongside Ethena by exporting USDe in a format that TradFi can consume.
A year ago, sUSDe yielded over 20% in CeFi while DeFi rates stayed near 10%. More than $1B flowed into Aave within days to capture the spread.
In TradFi, capital can often be sourced at SOFR +100 bps, while sUSDe can offer returns above 10%.
This spread represents an even larger opportunity as institutional capital moves on-chain.
Terminal is building the exchange for institutional asset trading powered by USDe, where yield-bearing assets serve as core pairs — launching later this year.
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