Institutions have continued to buy the dip in ENA over the past couple of days. Currently, USDT holds an absolute leading position in the stablecoin market, followed by the compliant stablecoin USDC, and third is ENA’s yield-bearing stablecoin USDE. While Tether makes money from issuing USDT, it actually uses the profits to buy gold, continuously extracting liquidity from the crypto market into other markets. From this perspective, I still hope that USDE can gain traction. ENA arbitrages funding rates and distributes the yield to USDE holders. However, in a bear market, contract trading volumes will decrease and funding rate yields will also drop. Still, the risk of USDE is relatively lower compared to algorithmic stablecoins like LUNA’s USTC. ENA should have no problem surviving until the next bull market, and as long as the stablecoin supply keeps expanding, ENA can still reach new highs.