Arthur Hayes Predicts ENA 51x, ETHFI 34x, HYPE 126x by 2028; Backs Codex as First Crypto Bank

• 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…

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