Regulated Expansion Path

Regulators allow Ethena to test tokenized equities as collateral under tight disclosure, custody, and redemption controls. This is the most likely constructive path because the SEC tokenized stock pilot, NYSE partnership activity, and Fed reserve-rule process already point toward supervised experimentation rather than an outright ban.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.