A post by @whale_alert on X.

A wallet of unknown origin moved 100 million PYUSD, valued at roughly $100.04 million, to the Ethena protocol on Ethereum. The transfer, flagged by Whale Alert, represents one of the larger single stablecoin movements into Ethena, whose synthetic dollar design relies on stablecoin collateral and delta-hedged derivatives positions. The deposit could signal fresh minting capacity for Ethena's USDe or simply a liquidity repositioning by a large holder. Traders will watch whether the inflow translates into higher USDe supply and total value locked, and whether it shifts PYUSD's standing among stablecoins used as backing.