According to Odaily, Ethena Labs' stablecoin USDe has seen a 4.69% increase in supply over the past week, equivalent to 158 million tokens. The total market value of USDe is currently $35.23 billion, making it the fourth largest stablecoin by market value. As of June 16, 2024, at 6:30 PM Eastern Time, the market value of USDe was $979 million higher than the fifth largest stablecoin, FDUSD, managed by First Digital Labs.
However, the daily trading volume of USDe is approximately $28.58 million, significantly lower than FDUSD's $1.12 billion. Despite the increase in supply, the trading volume of USDe remains relatively low compared to other stablecoins in the market. This could be an indication of the market's perception of the stability and reliability of the USDe stablecoin.
The growth in the supply of USDe suggests an increasing demand for this stablecoin. Stablecoins are digital currencies pegged to a stable asset, such as gold or a fiat currency like the US dollar. They are designed to minimize the volatility of the price of the stablecoin relative to the pegged asset, making them an attractive option for investors looking for stability in the cryptocurrency market.