Hayes Sees Ether.fi 34×, Ethena 51× in $10T Stablecoin Boom
BitMEX co-founder Arthur Hayes forecasts that the dollar-backed stablecoin market could swell from $273 billion today to $10 trillion by 2028. To capitalize on this “once-in-a-century” shift, Hayes highlights two DeFi tokens: Ether.fi (ETHFI), which he expects to surge 34-fold by tapping transaction fees from on-chain dollar spending, and Ethena (ENA), which could rise 51× by offering yield on its synthetic dollar USDe. Ether.fi’s Visa-linked payment integration positions it as a bridge between crypto assets and traditional commerce, while Ethena’s delta-neutral strategies aim to deliver stable returns. Despite dependence on mass stablecoin adoption, scalable DeFi infrastructure, and clear regulation, Hayes argues the risk-reward trade-off favors these tokens as proxies for DeFi’s expansion. If his stablecoin boom thesis holds true, the next major crypto growth wave may come from protocols that support digital dollars rather than from Bitcoin or Ethereum.
Bullish
Arthur Hayes’ bullish forecast for Ether.fi and Ethena is likely to boost trader optimism around DeFi tokens tied to stablecoin adoption. By projecting a $10 trillion stablecoin market by 2028 and identifying ETHFI and ENA as prime beneficiaries, this news highlights substantial upside potential. Similar historic calls—such as predictions of DeFi token rallies during past bull cycles—have driven increased inflows into projects capturing transaction fees and yield opportunities. In the short term, traders may increase positions in ETHFI and ENA, driving price appreciation. Over the long term, if stablecoin utility expands as anticipated, protocols facilitating on-chain dollar usage could see sustained growth, enhancing market stability and liquidity. Therefore, this news should be interpreted as bullish for the broader DeFi sector.