- Ethena Labs’ USDe stablecoin hits $3 billion supply, the fastest USD-backed growth.
- USDe captures 3.3% market share, and aims to rival DAI.
- USDe integrates with Bybit and launches ENA token with a $1.3 billion cap.
Ethena Labs’ USDe stablecoin has exceeded $3 billion in supply in just four months, becoming the fastest USD-backed asset in history. The stablecoin’s supply expanded by $1 billion since reaching the $2 billion mark, demonstrating strong investor confidence and utility.
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USDe is now poised to challenge DAI as one of the largest decentralized stablecoins, albeit needing another $2 billion to reach this goal. Currently holding a 3.3% share of the stablecoin market, it trails behind Tether, which dominates with a 57% market share.
Despite its rapid ascent, USDe distinguishes itself from competitors like Terraform Labs’s UST with unique yield mechanisms from cash-and-carry trades and staking revenues shared among holders.
Integration and Governance Developments
Recently integrated with Bybit, facilitating spot trading pairs with Ethereum and Bitcoin, USDe continues to expand its utility within the crypto ecosystem. Additionally, the stablecoin launched an airdrop of its governance token, ENA, in April.
ENA has achieved a market capitalization of $1.3 billion, reflecting significant investor interest despite a recent price adjustment from its peak.
Ethena Labs’ USDe stablecoin has made waves in the crypto world, rapidly becoming a key player in the stablecoin market. With its innovative approach to maintaining stability and rewarding holders, USDe’s journey to $3 billion underscores its potential to redefine the landscape of digital finance.
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