2026-01-09 04:12:38

Scrolled past a few big shots starting their usual high-position CX schemes again. Can only say those who listen will be set for life.

The battle for the third seat of stablecoins is heating up between Sky and Ethena.

From the 90-day supply changes, sUSDS net inflows exceeded $3 billion, while sUSDe actually outflowed nearly $1.6 billion. On paper, Sky is already way ahead.

However, I think it's too early to say Ethena is out of the game.

Guys like that aren't pushovers. When the real bull market comes, high-yield narratives can easily reignite market enthusiasm.

Plus, BlackRock's BUIDL is also shrinking, while USYC in the traditional RWA track is quietly absorbing capital. The two Maple products are basically laying flat.

Don't let the big shots fool you again. We'll see the real story in Q1/Q2. It's still too early to place your bets now.

SKY-5,17%

ENA-1,22%

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