According to BlockBeats, Ethena Labs' Ethereum-based stablecoin, USDe, has reached a circulation of over 3.6 billion, as per data from Etherscan.
USDe is a stablecoin backed by derivatives and achieves price stability through 'delta neutral' hedging in centralized and decentralized venues. To create USDe, Ethena allows users to use US dollars, ETH, or liquidity pledge tokens as collateral.
The stablecoin market has seen significant growth in recent years, with various companies launching their own versions. Ethena Labs' USDe is one of the latest entrants in this market, and its rapid growth in circulation indicates a strong demand for stablecoins.