In the past, my impression of @ ethena was limited to the synthetic dollar protocol labeled as "high-yield leverage", which created the world's fourth largest stablecoin USDe. And after observing recent data, I found that Ethena's business model and strategic positioning are undergoing changes. Firstly, the rapid growth of Whitelabel stablecoins has given me a clear signal. In just 6 weeks, Whitelabel's stablecoin supply has surpassed $130 million from zero, with most of the growth coming from jupUSD and suiUSDe. This is not simply an increase in the number of currencies, but rather an indication that Ethena is opening up its hedging capabilities and infrastructure to multiple public chains through the "stablecoin as a service" model, allowing them to customize stablecoins according to their own needs. In other words, Ethena is no longer satisfied with its role as a single stablecoin issuer. It is transforming into a liquidity engine that provides the backing for more blockchain projects. This change makes me feel that the future stablecoin market may no longer be simply about who issues more and whose scale is larger, but about 'whoever can provide more flexible and powerful infrastructure can dominate the ecosystem'. Meanwhile, I am very interested in the progress of USDtb. USDtb has become a key component of Anchorage Digital's bank grade stablecoin solution. This indicates that USDtb is not just serving DeFi, it is expanding into regulated traditional financial markets. Unlike many synthetic stablecoins, USDtb has improved compliance and stability through its asset-backed design, making it easier to integrate with the traditional financial system. This design makes USDtb not only suitable for decentralized finance, but also meets the compliance requirements of financial institutions. This is exactly what I think is unique about Ethena, where USDe earns profits for ordinary users, USDtb serves institutions, and Whitelabel has output capabilities. This division of labor is becoming increasingly clear. It seems that Ethena is undergoing a transformation from a "stablecoin issuer" to a "stablecoin infrastructure provider". This is not only a change in product form, but also a profound reshaping of market roles. In the future, Ethena may no longer just provide a "stablecoin" to the market, but become an "infrastructure platform for the stablecoin ecosystem". This change in positioning means that it may usher in more opportunities for cooperation, especially deep integration with traditional financial institutions. Ethena's ambition to take over the market through a mature product matrix can be seen.