According to BlockBeats, Ethena Labs' stablecoin, USDe, has reached a circulation of over 3.5 billion, as per data from Etherscan on June 22. USDe is a stablecoin based on Ethereum, backed by derivatives, and maintains price stability through 'delta neutral' hedging in centralized and decentralized venues.
To create USDe, Ethena allows users to use US dollars, ETH, or liquidity pledge tokens as collateral. The stablecoin is designed to provide a secure and stable digital currency option for users in the volatile cryptocurrency market. The significant circulation indicates a growing acceptance and use of stablecoins in the digital currency market.
It's important to note that the use of stablecoins like USDe is becoming increasingly popular as they offer a way to mitigate the risk associated with the price volatility of other cryptocurrencies. The backing of derivatives further enhances the stability of USDe, making it a reliable choice for users looking for stability in the digital currency space.
