Arthur Hayes, founder and Chief Investment Officer of the Maelstrom fund and founding advisor to Ethena, has once again stirred the crypto community. In a euphoric post on X, Hayes celebrated the listing of USDe, Ethena’s synthetic stablecoin, on Upbit, South Korea’s largest crypto exchange. He boldly predicted a surge in ENA – Ethena’s native token – to $1.

“To the moon, bitches! It’s time for $ENA = $1,” he wrote with his usual provocative flair.

ENA Jumps 8% Following Upbit’s USDe Listing

Trading for USDe launched on January 14, 2026, at 6:00 PM KST on Upbit, offering pairs against the Korean won (KRW), Bitcoin (BTC), and Tether (USDT) on the Ethereum network. Shortly after the announcement, ENA surged by over 8.3%, currently trading around $0.238.

Hayes, a long-time supporter of the Ethena project, continues to accumulate ENA. On-chain analysis revealed that in late December 2025, he acquired 1.22 million ENA tokens worth approximately $257,500.

How Does Ethena’s USDe Work?

USDe isn’t your average fiat-backed stablecoin like USDT or USDC. Instead, it uses a delta-neutral structure, combining crypto collateral (e.g., ETH) with short positions in perpetual futures markets to maintain price stability near $1 — all without relying on fiat reserves.

According to Upbit:

“USDe maintains a short position in a derivative product of equal nominal value while holding crypto collateral, thereby preserving price stability near $1.”

Upbit also shared the USDe contract address it supports and advised users to check it carefully when depositing or withdrawing USDe.

Dubai Regulator Rejects USDe

While Ethena gains traction in South Korea, the United Arab Emirates has rejected USDe. On January 12, the Dubai Financial Services Authority (DFSA) updated its crypto token framework, reserving the “fiat crypto token” status only for stablecoins backed by fiat reserves held with regulated custodians.

Since USDe does not meet these requirements, it was excluded from the official stablecoin whitelist. Approved tokens now include USDC and EURC from Circle, and RLUSD from Ripple.

“Algorithmic stablecoins lack transparency in how they work and how they can be redeemed,” said Elizabeth Wallace, DFSA’s Deputy Director for Policy and Legal Affairs.

However, Wallace clarified that USDe was not banned — it simply does not qualify as a stablecoin under the new rules. The updated framework requires tokens to maintain fiat-denominated reserves, held in highly liquid, low-risk assets, with independent monthly audits.

Summary: While Dubai pulls back, South Korea opens its doors, and Arthur Hayes is doubling down on Ethena’s rise. If his bet proves right, ENA could become one of the breakout stories of the 2026 crypto rebound.

#ArthurHayes , #ethena , #ENA , #altcoins , #USDe

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