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Monday, October 5, 2026The Morning Brief →Sign in
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Ethena

In PWD coverage since August 18, 2026 · 4 stories
1Deals on our tracker
Deal recordFull tracker →
Aug 27, 26Fund launchUSDe — coverage
PWD coverage
the_wrap

Tokenization's real fight is collateral, not issuance

Stellar's $3 billion RWA stack backs only $2 million in loans; Bullish's $100 million GPU facility is a bet that stablecoin capital can learn to lend.
the_wrap · Aug 28Tokenization stops wrapping and starts working
the_wrap · Aug 28Ethena bets the dollar on equity perp funding
regulation · Aug 18GENIUS Act's redemption test opens a stablecoin wrapper gap
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