Learn about the latest trends in the cryptocurrency market.
USDe volume reached $4 billion dollars in 30 months and set a record.
As of 4/5, the "synthetic dollar" has accumulated 10 billion dollars.
USDe can compete with #DAI as the largest algorithm or decentralized stable coin.
USDe, Ethena Labs' stable coin, set a record by becoming the first #cryptocurrency in this category whose revenue reached 4 billion pounds just 30 months after launch. USDe, also known as the "synthetic dollar", was launched in 2024/2 and remains pegged thanks to its arbitrage mechanism and the profitability of cash-and-carry trading.
According to reports, USDe supply surpassed the 44.5 billion threshold in Q20. Since then, stable cryptocurrencies have accumulated an additional 110 billion and will rival DAI as the largest algorithmic or decentralized stable cryptocurrency. This assumption is based on the growth rate of synthetic dollars, as it is known that they will need to raise an additional 220 billion to match the DAI.
USDe's impressive growth makes it fourth in the overall stable coin market with a 3.3% share. However, this figure remains insignificant compared to flagship stable coin Tether, which leads the stable coin market with a 57% advantage.
Conservative cryptocurrency users believe that Usde's rise is a reminder of Terraform Lab's infamous stable coin UST. However, the former uses a different tokenization mechanism. USDe's yield is generated by cash and carry trading and earning income from bets, which is then distributed among holders. It is also worth noting that the well-known cryptocurrency exchange Bybit recently consolidated USDe, offering spot trading in pairs with #StartInvestingInCrypto and #StartInvestingInCrypto .
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