Arthur Hayes believes decentralized finance tokens ETHFI and ENA could deliver 30–50× returns as stablecoins expand into a multi-trillion-dollar market.
Summary
- Arthur Hayes predicts stablecoins could grow into a $10 trillion market by 2028.
- He sees ETHFI surging 34× and ENA 51×, calling them key tokens in capturing stablecoin-driven liquidity.
- Hayes argues that stablecoins will outpace Bitcoin and Ethereum in utility, becoming the core settlement layer of the digital economy.
Arthur Hayes, co-founder of BitMEX and one of crypto’s most outspoken investors, believes two DeFi could see extraordinary gains over the next few years. In a blog post published on Aug. 27, Hayes projected that Ether.fi could rise 34-fold from its current value, while Ethena (ENA) could climb 51-fold.
Stablecoins as the driver of growth
At the heart of Hayes’ argument is the explosive rise of stablecoins. According to him, the total supply of dollar-backed stablecoins could rise from the current $273 billion to $10 trillion by 2028. This would be one of the largest capital shifts in financial history, given the increasing use of on-chain dollars by investors and institutions for payments, savings, and yield opportunities.
Although stablecoins are already crucial to DeFi, Hayes argues that their role will only expand. Tokens like ETHFI and ENA that capture fees or generate revenue from this activity stand to gain the most as digital dollars move through decentralized protocols.
Why ETHFI and ENA?
Connected to Ethereum’s staking and DeFi ecosystem, ETHFI is positioned as a spending-focused token. Hayes claims that ETHFI acts as a bridge connecting crypto-native assets and traditional commerce through integrations such as Visa-linked payment cards. If stablecoins become widely accepted as a form of payment, ETHFI might see a significant boost in transaction revenue.
ENA, linked to Ethena’s synthetic dollar USDe (USDE), offers another angle. Using delta-neutral strategies in the markets for cryptocurrency derivatives, the protocol produces yield.
Hayes sees this as an enhanced stablecoin that appeals to both individual and institutional investors because it combines the stability of dollars with a consistent yield. The ENA token may grow exponentially if adoption picks up speed.
A high-stakes bet on DeFi’s future
Hayes admits that these predictions are made on bold assumptions, such as stablecoin mass adoption, scalable DeFi infrastructure, and clear regulations. Yet, he argues the risk-reward balance is clear, as the upside potential far outweighs the downside risk, in what he describes as a “once in a century” opportunity.
For Hayes, ETHFI and ENA represent more than speculative plays; they are proxies for the future of decentralized finance itself. If his $10 trillion stablecoin thesis proves correct, the next wave of crypto growth may not come from Bitcoin (BTC) or Ethereum (ETH), but from the infrastructure powering on-chain dollars.
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