Arthur Hayes Bullish: Targets $1 for ENA as USDe Expands into South Korea

BitMEX co-founder Arthur Hayes is making a bold call—he's eyeing a $1 price target for Ethena's ENA token. The catalyst? The project's flagship synthetic dollar, USDe, is pushing into one of crypto's most vibrant markets: South Korea.

Why South Korea Matters

This isn't just another geographic checkbox. South Korea represents a massive, tech-savvy user base with a notorious appetite for high-octane crypto trading. Gaining a foothold here isn't about gentle growth—it's about tapping into a liquidity superhighway. The move signals a direct play for dominance in the Asian DeFi arena, where stablecoin utility can make or break a protocol's relevance.

The Mechanics of the Move

USDe's expansion bypasses traditional banking choke-points, offering a crypto-native dollar alternative. In a market often constrained by fiat on-ramps, a scalable, decentralized stablecoin isn't just convenient—it's a strategic weapon. It lets traders and protocols operate with dollar-denominated stability without begging for permission from legacy gatekeepers.

The $1 Target—Ambitious or Inevitable?

Hayes's prediction hinges on adoption. A successful South Korean launch would funnel significant new demand through the Ethena ecosystem, directly accruing value to the ENA token. It's a classic flywheel: more users minting USDe drives more protocol revenue, which in turn strengthens the token's economic model. Of course, it also depends on the market not doing its usual impression of a rollercoaster designed by a sadist.

One cynical finance jab for the road: This expansion cleverly sidesteps the soul-crushing paperwork of traditional finance, proving once again that in crypto, it's easier to build a new system than to ask a banker for a favor.

The bottom line? Hayes is betting that real-world utility—not just speculative hype—will propel ENA to new heights. If USDe catches fire in Seoul, that $1 target might start looking conservative.

How does Ethena’s USDe work on Upbit?

It has long been established that USDe is not a regular stablecoin, as it separates itself from traditional fiat-backed stablecoins like USDT and USDC through its delta-neutral structure, which combines spot cryptocurrency collateral with offsetting short positions in perpetual futures contracts. 

The stablecoin is the third largest by market capitalization, coming behind USDT and USDC, respectively. Last year, an internal glitch in Binance’s platform caused the token to briefly depeg.

According to Upbit’s statement, “USDe maintains a short position in a derivatives product of the same nominal value while holding cryptocurrency collateral, thereby maintaining stability close to the value of $1.”

Upbit shared the USDe address that it supports, informing users to check the contract address when depositing or withdrawing USDe.

Hayes, a long-term believer in the Ethena project, has shown his conviction through sustained accumulation of ENA over the years. Most recently, on-chain analytics show he purchased 1.22 million ENA tokens worth approximately $257,500 in late December 2025.

Dubai says no to USDe

The Upbit listing occurred just a few days after the Dubai Financial Services Authority (DFSA) updated its Crypto Token Regulatory Framework, which took effect on January 12. The latest update reserves the “fiat crypto tokens” designation exclusively for stablecoins backed by fiat currency reserves held in segregated accounts with regulated custodians.

Elizabeth Wallace, associate director for policy and legal at the DFSA, reportedly stated, “Things like algorithmic stablecoins, it’s a little less transparent about how they operate and being able to redeem them.” 

As Cryptopolitan reported, Wallace made it known that stablecoins like USDe WOULD not meet the Dubai International Financial Centre’s definition of a stablecoin, but stopped short of outrightly banning it. 

“The token would be considered a crypto token,” she said. The DFSA’s approved list includes only Circle’s USDC and EURC, along with Ripple’s RLUSD. 

To qualify, stablecoins must maintain reserves at least equal to outstanding tokens, denominated in the reference currency, held in highly liquid assets that carry minimal credit risk. The regulator also mandated that the accepted stablecoins publish their reserve information, which is independently verified monthly.

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