**News Flash: Ethena's USDe Stablecoin Surges in Market Cap**

Ethena's stablecoin, USDe, has climbed to the third spot in stablecoin market capitalization, overtaking Sky's DAI. Despite its rise, USDe's market cap remains under $6 billion, trailing behind Tether (USDT) and USD Coin (USDC), which boast $140 billion and $40 billion, respectively.

Launched in February, USDe's growth is fueled by Ethena's CeDeFi yield strategy, offering attractive returns. Staked USDe (sUSDe) currently yields around 24% annually. Ethena's native token, ENA, has surged fivefold since June.

Sky, now rebranded as Maker, faces criticism over changes to DAI, now USDS, amid cybersecurity concerns.