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Ethena’s 'synthetic dollar' crosses $2 billion supply within two months of public launch
By:The Block
Quick Take Ethena’s USDe stablecoin has crossed the $2 billion supply mark less than two months after its public launch in February.
Ethena’s USDe stablecoin, also known as an “internet bond” and a “synthetic dollar,” has exceeded the $2 billion supply threshold only seven weeks following its public introduction.
Ethena Labs confirmed the market capitalization, positioning it as the fifth-largest stablecoin by market cap, now accounting for 1.25% of the entire $160 billion stablecoin market, as reported by The Block’s data dashboard .
Tether’s USDT remains the leading stablecoin, with a market capitalization of $112 billion or a 70% market share. Circle’s USDC ranks second at $35 billion (22%), followed by MakerDAO’s DAI at $5 billion (3%), and First Digital’s FDUSD in fourth place with a market cap of $2.5 billion (1.5%).