Ethena USDe’s 72.65% monthly growth highlights its potential to disrupt stablecoin leaders.
Tether’s $135B market cap and multi-chain reach secure its dominance in the stablecoin space.
USDC’s 14.62% monthly growth shows resilience but lags Ethena USDe’s meteoric rise.
Ethena Labs has entered the stablecoin market with its new, Ethena USDe (USDe). This comes as the market has long been dominated by Tether (USDT) and USD Coin (USDC).
As noted by Arthur Hayes, Co-Founder of BitMEX, USDe is growing remarkably, making established players like Circle, the issuer of USDC, take notice. Ethena Labs’ aggressive entry into the stablecoin arena suggests that a market shake-up might be underway.
Circle … be afraid, be very afraid @ethena_labs is coming for you! pic.twitter.com/dHdFbY7Bs3
— Arthur Hayes (@CryptoHayes) December 3, 2024
Tether Still Leads, But the Market Is Changing
Tether (USDT) remains the dominant stablecoin, supported across 78 blockchains, which shows its versatility. Its price is consistently $1, showing stability, with deviations of +0.10% daily and +0.50% monthly.
Also, USDT has improved substantially, with a 1-month gain of +12.18%. …
The post Ethena USDe Stablecoin Surges 72%—Tether’s Market Lead at Risk appeared first on Coin Edition.
