A notable newcomer has recently emerged in the stablecoin sector - ENA, which is generating significant interest in the market. The Ethena Foundation has announced a large-scale buyback plan, pledging to repurchase $260 million worth of ENA Tokens from the open market, a figure that accounts for approximately 8% of its circulating supply.

This measure will inject $5 million of stable buying pressure into the market every day over the next six weeks. This not only provides strong support for the price of ENA but may also drive its continuous rise, making it extremely difficult to short ENA.

At the same time, the legislation in the U.S. cryptocurrency sector has brought good news for ENA. With the introduction of the "GENIUS Act", stablecoins have gained legal status in the U.S., being positioned as "necessary financial infrastructure". As a leader in the stablecoin protocol, ENA is expected to attract significant institutional funds and be widely adopted across various applications.

In terms of market performance, ENA has recently reached a new high in 23 weeks, demonstrating strong upward momentum. Notably, this surge occurred before the full implementation of the buyback plan, reflecting investors' high confidence in ENA.

From a market structure perspective, although the repurchase plan has been publicly announced, its continuity and daily nature make it difficult for the market to immediately fully digest this information. An additional purchase of 5 million dollars each day will continue to inject vitality into the market, creating a favorable risk-reward ratio for bullish investors against the backdrop of the overall warming of the current cryptocurrency market.

As the importance of stablecoins in the financial system becomes increasingly prominent, ENA, as an emerging stablecoin protocol, stands at a turning point full of opportunities. However, investors still need to be cautious and closely monitor market trends and changes in the regulatory environment to make informed investment decisions.