The stablecoin bill Genius has made progress, and many analysis posts have listed related stablecoin concept coins, such as Ethena, Sky, Liquity, Aave, etc.
In fact, if Genius's legislation is officially passed, the above projects do not meet the compliance requirements of the bill, but would instead introduce competition from Trafi institutions, making the market a more intense battleground.
The Genius bill is actually bearish for most decentralized stablecoin projects, rather than bullish. Whether ENA can rise or not can be seen from today's market situation; personally, I am not optimistic about $ENA
Why is that?
Because most projects are essentially 'dead on arrival' when exposed to the light. Before the bill, they can spin stories, but when the actual legislation is passed, they lack the resources and channels to develop further, just like internet companies that won’t acquire but will instead use degrading tactics to push you out.
Real financial institutions entering the market will not recognize and play along with the current projects, just as we expect Bitcoin to be approved through an ETF; Bitcoin will not take any current coin along with it 🛫🛫🛫
