Stablecoin-Driven Altcoin Gains: Why HYPE, ENA, and ETHFI Could Deliver 34–126x Returns by 2028

The global financial system is undergoing a seismic shift. By 2028, stablecoins—once dismissed as mere payment tools—are projected to become the bedrock of decentralized finance (DeFi), driving explosive growth in tokens like Ethena (ENA), Ether.fi (ETHFI), and Hyperliquid (HYPE). This transformation is not speculative but structural, fueled by regulatory clarity, institutional adoption, and a $34 trillion global capital reallocation into dollar-anchored systems [1].

The Macro-Driven Catalyst: Regulatory Clarity and Capital Inflows

The U.S. GENIUS Act, enacted in July 2025, has been a game-changer. By mandating 100% reserve backing for stablecoins and excluding them from securities laws, the Act has transformed stablecoins into regulated, liquid instruments [3]. This has redirected capital from traditional banking into DeFi, with total value locked (TVL) in the sector surging to $123.6 billion in 2025 [1]. The Act’s impact extends globally: it has accelerated dollarization in emerging markets and positioned U.S. dollar-backed stablecoins as the dominant force in cross-border transactions [2].

Institutional adoption is now accelerating. Hedge funds, pension funds, and sovereign wealth entities are deploying capital into DeFi protocols that leverage stablecoin liquidity to generate yields. For example, Ethena’s decentralized yield strategies and its USDtb expansion have driven its USDe stablecoin to $10 billion in TVL, capturing a critical role in the stablecoin-driven ecosystem [1].

Token-Specific Growth Drivers

Ethena (ENA): As a leader in stablecoin yield optimization, Ethena benefits from the $1.2 trillion projected stablecoin market by 2028 [4]. Its USDe stablecoin, backed by Treasury bills, offers institutional-grade safety while enabling decentralized lending and staking. Analysts predict ENA could deliver 51x returns by 2028 as it scales its USDtb product and captures a larger share of the $34 trillion global deposits expected to flow into DeFi [1].

Ether.fi (ETHFI): Ether.fi’s ETHFI token is positioned to capitalize on Ethereum’s post-merge scalability upgrades and liquid restaking innovations. With Ethereum’s network fees and staking rewards surging, ETHFI’s utility as a governance and liquidity token is expanding. Projections suggest a 34x return by 2028, driven by its role in securing and optimizing Ethereum’s infrastructure [2].

Hyperliquid (HYPE): Hyperliquid’s HYPE token is already capturing 60% of the perpetual derivatives market share in Q3 2025 [1]. Its low-latency trading infrastructure and integration with stablecoin liquidity pools make it a critical player in the derivatives segment. With derivatives markets expected to grow alongside DeFi’s TVL, HYPE’s 126x return forecast is anchored in its ability to dominate this high-margin niche [2].

The Inevitability of Growth

The convergence of macroeconomic trends and technological innovation creates a self-reinforcing cycle. As stablecoins gain legitimacy, they attract more capital, which in turn fuels DeFi’s expansion. This dynamic is amplified by the GENIUS Act’s role in reducing counterparty risk and enhancing transparency [3]. By 2028, stablecoins could account for 12% of global cross-border payment volumes, further cementing their role as the “money legos” of the new financial system [2].

For investors, the implications are clear: tokens like ENA, ETHFI, and HYPE are not just speculative plays but foundational assets in a hybrid financial ecosystem. Their growth trajectories are tied to the same forces that are reshaping global finance—regulatory clarity, institutional adoption, and the relentless pursuit of yield in a low-interest-rate world.

**Source:[1] The 2028 Crypto Bull Run: How Stablecoins and DeFi Will Power 100x Gains [2] Arthur Hayes Sees 126x HYPE Gains by 2028 as DeFi Infrastructure Expands [3] U.S. Stablecoin Dominance and the 2028 Bull Market [4] Future of Stablecoins Set to Soar with Apparent $1.2 Trillion Market Cap by 2028