Ethena is the fastest-growing DeFi product in history, with the scale of its yield-bearing stablecoin reaching 3 billion USD in just a few months. Ethena aims to challenge Tether, which has a market capitalization of 160 billion USD, to become the mainstream stablecoin in the cryptocurrency sector. Ethena's products offer annual yields of up to 10-13% and, with the support of Bybit, have become the second-largest stablecoin available on centralized exchanges for users. Ethena's growth has been driven by declining interest rates and the launch of USTb. USTb is a stablecoin fully backed by BlackRock and Securitize, able to provide treasury bond yields to sUSDe holders. The price of Ethena's token ENA has dropped by approximately 80% due to a high valuation at launch and the supply of airdropped tokens entering the market, but the amount of ENA flowing into the market is expected to decrease significantly in the next six months, potentially recovering to the 1 USD level. Ethena has a solid foundation to expand USDe to billions or even hundreds of billions of USD in scale, and reaching one trillion USD is not out of the question.