Ethena Labs’ USDe stablecoin hits $3 billion supply, the fastest USD-backed growth.
USDe captures 3.3% market share, and aims to rival DAI.
USDe integrates with Bybit and launches ENA token with a $1.3 billion cap.
Ethena Labs’ USDe stablecoin has exceeded $3 billion in supply in just four months, becoming the fastest USD-backed asset in history. The stablecoin’s supply expanded by $1 billion since reaching the $2 billion mark, demonstrating strong investor confidence and utility.
USDe is now poised to challenge DAI as one of the largest decentralized stablecoins, albeit needing another $2 billion to reach this goal. Currently holding a 3.3% share of the stablecoin market, it trails behind Tether, which dominates with a 57% market share.
Despite its rapid ascent, USDe distinguishes itself from competitors like Terraform Labs’s UST with unique yield mechanisms from cash-and-carry trades and staking revenues shared among holders.
#Ethena's 'synthetic dollar' #USDe crosses $3 billion supply just four months after launch#Bitcoin #BTC #Crypto #LQR #LaqiraProtocol pic.twitter.com/FHbvLGcmDh
— TOBTC (@_TOBTC) June 2, 2024
Integration and Governance Developments
Recently integrated with Bybit, facilitating spot trading pairs with Ethereum and Bitcoin, USDe continues to expand its utility within the crypto ecosystem. Additionally, the stablecoin launched an airdrop of its governance token, ENA, in April.
ENA has achieved a market capitalization of $1.3 billion, reflecting significant investor interest despite a recent price adjustment from its peak.
Ethena Labs’ USDe stablecoin has made waves in the crypto world, rapidly becoming a key player in the stablecoin market. With its innovative approach to maintaining stability and rewarding holders, USDe’s journey to $3 billion underscores its potential to redefine the landscape of digital finance.
Read Also:
ERD DeFi Lending Platform and USDE Stablecoin Unveiled at EDCON 2023
Ethena and Doge Experience Huge Losses, Could DTX Presale be the Saving Grace for Crypto Investors?
Unlocking Potential: May 2024’s Top Crypto Gems Revealed
LENDS, WIF, BOME, ENA Surge Ahead on May 7’s Trading Frenzy
Here Are 4 Of The Fastest Rising Stars In The Crypto Market (OP, DTX, ENA, AKT)
The post Ethena Labs’ USDe Stablecoin Surpasses $3 Billion Supply Milestone appeared first on Crypto News Land.
