LIVEโ๏ธ The supply volume of the stablecoin Ethena has exceeded $2 billion
๐ข The stablecoin $USDe from Ethena surpassed the $2 billion supply threshold just two months after its public introduction.
๐ This makes it the fifth-largest stablecoin by market capitalization, accounting for 1.25% of the total $160 billion market.
๐ What is the key difference of $USDe from traditional stablecoins:
โ๏ธ $USDe uses a unique mechanism that does not rely on direct fiat or asset collateral. Instead, it incorporates hedging with derivatives to maintain its dollar peg.
โ๏ธ It also employs cash-and-carry trading, which generates income that is then shared with stablecoin holders (for example, buying ETH and selling ETH futures).
โ๏ธ Additionally, Ethena Labs added bitcoin as collateral yesterday.
โ Currently, the price of $ENA is $0.86.
