Ethena’s synthetic USDe dollar has emerged as the fastest-growing USD-pegged stablecoin over the past 30 days after its market capitalization skyrocketed 73% to an all-time high of $4.77 billion.
The surge has propelled USDe to become the third-largest stablecoin, surpassing DAI’s $4.7 billion market cap. However, USDe still lags behind Tether’s USDT at $135 billion and Circle’s USDC at $40 billion.
Ethena Labs co-founder and CEO Guy Young said:
“We are beginning to now see the effects as USDe blackholes every stablecoin in DeFi while warping lending markets to a new base rate However it has become evident that DeFi is insufficiently sized at the moment to close the arb entirely and larger pools of capital are required The next step for Ethena is plugging directly to $100b-1tn+ asset managers who can provide the capital required.”
Meanwhile, the rapid growth mirrors the momentum seen earlier this year when USDe’s market cap hit the $3 billion mark just four months after
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