The USDe stablecoin from Ethena Labs has a circulation of more than 3.5 billion.
BlockBeats reports that, as of June 22, Etherscan data indicates that USDe, the stablecoin developed by Ethena Labs, has more over 3.5 billion units in circulation. Based on Ethereum, USDe is a stablecoin supported by derivatives that uses "delta neutral" hedging in both centralized and decentralized venues to keep prices stable.
Users can utilize ETH, US dollars, or liquidity pledge tokens as collateral to establish USDe on Ethena. The purpose of the stablecoin is to give consumers in the erratic cryptocurrency market a safe and reliable digital currency alternative. The substantial circulation suggests that stablecoins are becoming more and more popular in the virtual currency market.
Notably, stablecoins such as USDe are being used more and more frequently since they provide a means of reducing the risk brought on by the volatility of other cryptocurrencies' prices. The USDe is a dependable option for consumers seeking stability in the digital currency market because of the backing of derivatives, which further increases its stability.