South Korea's largest cryptocurrency exchange Upbit has listed Ethena's synthetic stablecoin USDe, a move that has prompted BitMEX co-founder Arthur Hayes to predict the project's ENA governance token will reach $1. This listing occurs shortly after Dubai's financial regulator excluded USDe from its approved stablecoin framework, highlighting contrasting regulatory approaches towards the delta-neutral cryptocurrency.
Following the Upbit announcement, ENA saw a price increase of 8.3%, trading at $0.238 at the time of publication.
Key Developments
Trading for USDe commenced at 6 p.m. Korean Standard Time on January 14. Trading pairs are available against the Korean won, Bitcoin, and Tether's USDT, all operating on the Ethereum network.
Arthur Hayes, who serves as a founding advisor to Ethena through his family office Maelstrom, expressed his optimism on social platform X, stating, "Giddy up b*tches! it's time for $ENA = $1."
On-chain analytics reveal that Hayes purchased 1.22 million ENA tokens, valued at approximately $257,500, in late December 2025. This purchase demonstrates his continued confidence in the third-largest stablecoin by market capitalization.
USDe maintains its peg to the dollar through a delta-neutral structure. This structure combines spot cryptocurrency collateral with offsetting short positions in perpetual futures contracts, differentiating it from traditional fiat-backed stablecoins.
Divergent Regulatory Stances
The Upbit listing took place just two days after Dubai's Financial Services Authority (DFSA) updated its Crypto Token Regulatory Framework on January 12, introducing more stringent standards for stablecoins.
The DFSA has reserved the designation of "fiat crypto tokens" exclusively for stablecoins that are backed by fiat currency reserves. These reserves must be held in segregated accounts with regulated custodians.
Elizabeth Wallace, the DFSA's associate director for policy and legal, commented that algorithmic stablecoins lack sufficient transparency concerning their operations and redemption mechanisms.
Wallace confirmed that USDe would not meet the definition of a stablecoin under the Dubai International Financial Centre's framework. However, she clarified that the token would still be permissible as a general crypto asset, without receiving the regulatory treatment afforded to fiat-backed alternatives.
The DFSA's current approved list of stablecoins includes Circle's USDC and EURC, alongside Ripple's RLUSD. These tokens are required to maintain reserves equivalent to their outstanding tokens, held in highly liquid assets with minimal credit risk.