US EditionENA Surges on Upbit Debut, but ‘Synthetic Dollar’ Model Raises Structural Red Flags in Korea
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ENA Surges on Upbit Debut, but ‘Synthetic Dollar’ Model Raises Structural Red Flags in Korea
Ethenas native token ENA jumped over 20% following its listing on South Koreas largest crypto exchange Upbit on July 11. While investors initially cheered the debut, concerns are mounting over the sustainability and regulatory vulnerability of the underlying systemUSDe, a synthetic stablecoin backed not by fiat or treasuries, but by crypto derivatives. The listing marks Ethenas full entry into the Korean retail market after earlier listings on B…
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