The Ethena team expects that the project will be present in most markets and meet the demands of traditional financial institutions by 2025.
USDe by Ethena: The Fastest-Growing Stablecoin of 2024
Ethena has recently published an article on Mirror, outlining its full-year achievements for 2024 and its roadmap for 2025.
Within just 10 months, USDe, Ethena's flagship stablecoin, has achieved a supply of 6 billion tokens, making it the third-largest stablecoin in the crypto market, trailing only USDT and USDC.
USDe also set a new record as the fastest stablecoin to reach a supply milestone of 5 billion tokens in crypto history, underscoring its potential to meet the growing demand for stablecoins.
Ethena: The Second-Fastest Protocol to Reach $100 Million in Revenue.
Source: Ethena
In the final month of 2024, Ethena achieved an estimated annual revenue of over $1.2 billion, making it the second-fastest crypto startup to reach $100 million in revenue, surpassed only by pump.fun. Additionally, Ethena set a new record for the highest revenue per employee in the crypto industry as of December.
Following this milestone, Ethena began expanding into the CeFi space. USDe has been integrated into approximately 60% of centralized exchanges (CEXs), and its supply has surpassed USDC's balances on Bybit.
In December 2024, Ethena launched USDtb, a stablecoin backed by BlackRock's BUIDL, specifically designed to share economic benefits with partners such as centralized exchanges.
USDe: The Fastest Stablecoin to Reach a $5 Billion Supply in History.
Source: Ethena
Ethena has also solidified its role in supporting other protocols. Over 50% of Pendle's total value locked (TVL) originates from Ethena, while approximately 30% of Morpho's TVL is built on Ethena's assets. Similarly, protocols like Sky and Aave have experienced significant growth thanks to their integration with Ethena's products.
2024 marked a pivotal year for Ethena, showcasing its growth potential and laying the groundwork for further expansion in 2025, as the company begins to enter traditional financial markets and continues to grow its on-chain ecosystem.
Capital Inflows into Spot BTC ETFs Compared to USDe
The team has developed iUSDe, a new version of sUSDe, tailored to meet regulatory requirements and the needs of traditional financial institutions. The development of iUSDe is accompanied by partnerships within TradFi to ensure the widespread distribution of this product.
Ethena's Roadmap for 2025
In 2025, Ethena plans to expand its operations into the traditional financial market through the iUSDe product. This is an upgraded version of sUSDe, designed to meet the legal and technical requirements suitable for the TradFi environment.
Ethena intends to collaborate with asset management funds, private credit funds, prime brokers, and investment organizations to introduce iUSDe, expanding the product's reach within the traditional market.
The Profit Potential of the Market
In addition to TradFi, Ethena will expand its ecosystem through the Ethena Network, supporting developers in building new financial applications around sUSDe.
The first two applications to be announced are Ethereal, a spot and perpetual exchange, and Derive, a project focused on the options market. Ethereal is expected to launch its testnet in early 2025, while Derive will release its token in the coming weeks.
The Profit Potential of sUSDe Compared to Other Stablecoins
Ethena plans to launch the sUSDe application on Telegram, integrating features such as sending, spending, and saving within a mobile digital banking platform. This app will connect with Apple Pay, providing access to over 900 million users on Telegram, enabling them to use the project's USDe assets.
Ethena will expand into dApps on Telegram.
With its strategic plans and existing infrastructure, Ethena is expected to scale and make a significant impact in both the crypto and traditional financial sectors in 2025 and beyond.