Ethena’s USDe stablecoin rockets past $2b supply
Ethena Labs’ synthetic dollar has surged to a $2 billion market cap less than two months after the protocol released its product on Ethereum’s public mainnet.
Launched in February, the market cap of stablecoin USDe has grown over 147% in the last 30 days, per DefiLlama. CoinGecko categorizes the cryptocurrency as the fifth largest token in the stablecoin market.
USDe is a yield-bearing crypto that deviates from the typical stablecoin model, holding cash reserves and cash equivalents to maintain pegs to fiat currencies like the U.S. dollar. Instead, USDe taps derivative hedging against collateral positions denominated in Bitcoin (BTC), Ethereum (ETH), ETH liquid staking tokens, and Tether (USDT).
At a $2 billion supply and market cap, Ethena’s synthetic dollar is ahead of incumbents. Only USDT, Circle’s USD Coin (USDC), DAI, and First Digital USD (FDUSD) currently eclipse USDe among stablecoin options.
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