Ethena (ENA) Soars 20% Amid Upbit Listing and USDT Trading Pairs Expansion

Ethena's native token ENA has experienced a significant surge, gaining 20% in value over four consecutive days following its listing on South Korea's largest cryptocurrency exchange, Upbit. The token's trading volume skyrocketed by 300%, reaching an impressive $1 billion, as it became available for trading against KRW, BTC, and USDT pairs. This bullish momentum was further amplified by Ethena Labs' announcement of a new hedging venue for its USDe stablecoin through Coinbase International Exchange. The partnership with Coinbase and the expanded trading options, particularly the inclusion of USDT pairs, have positioned ENA for continued growth in the competitive crypto market. As of July 12, 2025, ENA's performance highlights the increasing demand for innovative digital assets and strategic exchange listings, underscoring the token's potential for future appreciation.

Ethena (ENA) Surges 20% on Upbit Listing and Coinbase Partnership

Ethena's native token ENA rallied for a fourth consecutive day, gaining 20% following its listing on South Korea's largest exchange Upbit. Trading volumes exploded 300% to $1 billion as the token became available against KRW, BTC, and USDT pairs.

The bullish momentum was further fueled by Ethena Labs' announcement of a new hedging venue for its USDe stablecoin through Coinbase International Exchange. Market participants view this institutional-grade infrastructure as a significant step toward mainstream adoption.

Technical indicators suggest the breakout may have staying power. The trendline breach coincides with fundamental catalysts that could extend gains, particularly with access to Korea's liquid crypto markets now secured.

Crypto Markets Rebound in Q2 2025: Top Takeaways from the Latest 99Bitcoins Report

The cryptocurrency market staged a robust recovery in the second quarter of 2025, outpacing traditional equity indices with a 21.72% aggregate return. Bitcoin led the charge, reversing its Q1 30% correction, as institutional adoption accelerated amid favorable regulatory developments and ETF inflows.

Stablecoins emerged as a standout sector, processing over $35 trillion in transactions across 265 million active addresses. Tether's USDT maintained dominance with 68.77% market share, while Circle's USDC captured 30.83% - a distribution reflected in Circle's spectacular 168% IPO debut, signaling strong investor appetite for stablecoin-adjacent exposure.

The S&P 500 IT index's 18.4% gain paled against crypto's performance, particularly Bitcoin's resurgence from Q1 lows of $74,000. ethereum mirrored this recovery, though the report suggests altcoin trajectories diverged based on protocol-specific developments and ecosystem growth.

XRP Breaks Free With Double-Digit Gains — Flips USDT in Market Shake-Up

XRP has emerged from a prolonged consolidation phase, surging 20% in a single day to approach the $3 mark. The rally marks a decisive breakout from a month-long stagnation between $1.9 and $2.6, with the cryptocurrency now testing $2.8.

Market dynamics shifted dramatically as XRP's capitalization surpassed $160 billion, displacing Tether's USDT to reclaim the third-largest crypto position. Technical charts show the asset repeatedly tested support levels during recent geopolitical tensions, only to rebound with renewed momentum.

Trading volume patterns suggest institutional interest is returning to the Ripple ecosystem. The move comes as analysts note widening adoption of XRP for cross-border settlements, though regulatory uncertainties persist.

Tether to Discontinue USDT on Five Legacy Blockchains, Focusing on TRON and Ethereum

Tether, Inc. announced it will sunset support for USDT on five legacy blockchains—Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand—effective September 1. All remaining tokens on these chains will be frozen as the stablecoin issuer shifts focus to its most active networks, TRON and Ethereum.

The MOVE reflects Tether's strategy to optimize infrastructure based on usage trends. Chains like EOS, with just 4.3 million USDT in circulation, will need to rebuild stablecoin liquidity. Omni and SLP hold significantly larger balances at 87 million and undisclosed amounts, respectively.

'As the digital asset ecosystem evolves, Tether remains committed to adapting alongside it,' said CEO Paolo Ardoino. The decision prioritizes scalability and developer activity, aiming to drive the next phase of stablecoin adoption.

Holders of legacy USDT must migrate assets before the freeze. Tether will allow reissuance on supported chains, though users may need third-party tools for swaps depending on storage methods.