Arthur Hayes Predicts Up to 126x Gains for ENA, ETHFI, HYPE

• Stablecoins may replace Eurodollars as Washington’s key weapon of monetary power.
• DeFi projects like Ethena, Ether.fi, and Hyperliquid could see exponential token gains.
• Codex aims to build the first true crypto bank, reshaping finance for the Global South.

Arthur Hayes, co-founder of BitMEX, has issued one of his boldest forecasts yet, the rise of dollar-pegged stablecoins will not only reshape global finance but also supercharge decentralized finance (DeFi). 

He argues that the dismantling of the Eurodollar system and the growing demand for safe, dollar-denominated assets in the Global South could channel up to $34 trillion into stablecoin deposits.

Dollar Weaponized Through Stablecoins

Hayes contends that Washington will increasingly turn to stablecoins as a tool of monetary dominance. Historically, the Eurodollar market operated beyond U.S. regulatory reach, creating trillions in offshore liquidity. 

However, Hayes predicts that Treasury Secretary Scott Bessent will leverage stablecoin issuers to redirect those flows back under U.S. control. Unlike Eurodollars, stablecoins such as Tether are fully backed by U.S. Treasury bills, ensuring capital directly supports government borrowing needs.

Additionally, Hayes highlights how social media giants could act as Trojan horses for dollar expansion. By embedding stablecoin wallets into apps like WhatsApp or Instagram, billions in emerging markets could bypass weak local currencies. This would erode the power of foreign central banks while giving the U.S. government unprecedented leverage over global capital.

Which DeFi Tokens Does Hayes See as the Biggest Winners?

If Hayes is correct, DeFi projects stand to benefit enormously from what could be a $10 trillion stablecoin market by 2028. He names three specific tokens with explosive potential, a forecast that comes after he added over $770K in LDO and ENA to his own portfolio. 

• Ethena ($ENA): He estimates its token could grow more than 50x as its synthetic-dollar USDe attracts savers seeking high yields.
• Ether.fi ($ETHFI): He sees a 34x rise as the project develops Visa-backed stablecoin spending tools.
• Hyperliquid ($HYPE): He projects a stunning 126x surge as the decentralized exchange rivals Binance and trading moves fully on-chain, a thesis supported by the fact Hyperliquid recently hit $3.4 Billion in spot volume.

What Is the “True Crypto Bank” Hayes Is Backing?

Perhaps his most striking call is for Codex, a new infrastructure project for stablecoin payments and SME lending, which he calls the first “true crypto bank.” Hayes suggests that by providing real-time, on-chain accounting, Codex could extend credit to businesses in the Global South that have been historically shut out of the banking system.

If he’s right, stablecoins are about to graduate from being crypto’s plumbing to the backbone of America’s next financial era, making a few key DeFi tokens the biggest winners of this cycle.