🇰🇷 Stablecoin Madness: Koreans Go Wild for CRCL & ENA! 🚀💸

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So, apparently, South Korea has gone full-on stablecoin crazy. 🥴 I mean, who needs kimchi when you can have CRCL and ENA, right? In June, Circle’s CRCL stock was the hottest thing since sliced bread-or maybe since BTS dropped their last album. Korean investors were like, “Yeah, we’ll take $443 million worth, thanks.” 🤯

And then there’s ENA, the token from Ethena Labs. Koreans were buying it like it was the last roll of toilet paper during a pandemic. 🧻💨 According to some Seoul-based web3 geniuses at Four Pillars, Koreans were all in. One guy on X (yeah, Twitter’s new name, don’t get me started) said, “Koreans are loading up $ENA rn 👀.” Deep analysis, Sherlock. 🕵️♂️

Koreans are loading up $ENA rn 👀

For context, CRCL was the most traded foreign stock in Korea, with ~$443m in net buys from local investors in June alone.

Korean retail demand for stablecoin plays is already proven. 🤑

– Ponyo (@13300RPM) August 11, 2025

So, what’s behind this frenzy? Oh, just the GENIUS Act. 🧠✨ Because nothing says “genius” like a law that makes stablecoin issuers stop paying interest. Now everyone’s scrambling for yield like it’s the last slice of pizza at a party. 🍕 And guess who’s benefiting? USDe, Ethena’s stablecoin, which hit $10 billion in market cap faster than I can say “Larry David is annoyed.”

🚀 @ethena_labs USDe has hit $10B in just 500 days.

It’s now the fastest stablecoin to achieve this mark, and you need to pay attention to it.

The reason behind this growth is GENIUS Act approval, which prohibits issuers to provide yields on stablecoins.

Big money… 💼💰

– Cas Abbé (@cas_abbe) August 10, 2025

USDe is now the third-largest stablecoin, and in the last month, it made up 26% of all new stablecoin supply. That’s like being the third most popular kid in school, but still not getting invited to the cool parties. 🎉 Ethena also launched this Stablecoin X program, raising $360 million, with $260 million going to buy back ENA tokens. Because nothing says “we’re serious” like a good old buyback. 📈

ENA’s price? Up 140% in the last month. It’s trading at $0.81, and its market cap is over $5.4 billion. So, yeah, Koreans are basically printing money over there. Meanwhile, I’m still trying to figure out why my coffee costs $7. ☕💸

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2025-08-11 14:40