Ethena CEO: "Top 10 chains to issue native stablecoins within 3 months"

A claim has emerged that the top 10 blockchains could launch their own native stablecoins within three months.

At the '2025 Asia Stablecoin Conference' held in Seoul on the 25th, Gai Young, CEO of Ethena (ENA), said in the "Activating the Internet Dollar" session presentation that "the area we have been most focused on recently is native stablecoins," adding, "After discussions with the top 10 chains, we expect most to launch their own native stablecoins within 2–3 months."

He evaluated that Hyperliquid (HYPE)'s launch of its own stablecoin had a significant impact on the industry. CEO Gai Young said, "The recent launch of Hyperliquid's USDH was a major turning point for the industry," and added, "It made every app, chain, and wallet consider how to return economic benefits to users." He went on to say, "The recent collaboration announcement with MegaETH was made in the same context." Earlier, Ethena had announced that, in collaboration with MegaETH, it would launch the native stablecoin 'MegaUSD'.

He also said they are reviewing products for institutional clients. He said, "Although large amounts of institutional capital flowed into this cycle, only some areas, such as spot Bitcoin exchange-traded funds (ETFs), benefited," adding, "decentralized finance (DeFi) is still lagging behind." He continued, "It's important that products are offered in a form that traditional financial investors can use, not just that products are created."

Finally, he expressed expectations for the Korean market. Gai Young said, "The stablecoin market will grow to a scale of 3–5 years and reach 3 trillion dollars," and added, "Ethena will lead stablecoin innovation in Asia, including Korea."