USDe’s Market Supply Reaches $3 Billion in Less Than Four Months From Launch


In only four months, the USDe supply has reached $3 billion, setting a new record.
Since April 5, the value of the “synthetic dollar” has grown by $1 billion.

With a supply of three billion USDe, Ethena Labs’ USDe stablecoin has broken all previous records for its category of cryptocurrency only four months after its inception. Launched in February 2024, the USDe (or “synthetic dollar”) uses arbitrage techniques and a yield-returning cash-and-carry transaction to maintain its peg.

According to the available data, the supply of USDe surpassed $2 billion on April 5. With an additional $1 billion in supply since then, the stablecoin is now well-positioned to compete with DAI for the title of biggest algorithmic or decentralized stablecoin. It is known that the synthetic dollar would need an additional $2 billion in supply to catch up to DAI, therefore this projection is predicated on its growth rate.

Particularly noteworthy is the fact that USDe now ranks #4 in the stablecoin market, with a 3.3% share, thanks to its remarkable rise. Tether, the flagship stablecoin, dominates the stablecoins market with 57% share, therefore this amount is still rather small.

For conservative cryptocurrency investors, USDe’s ascent brings to mind the now-infamous UST stablecoin from Terraform Labs. But the former has a fresh token system. Holders get a portion of the yield that USDe generates via cash-and-carry trades and staking income. Notably, the well-known cryptocurrency exchange Bybit has just added USDe, allowing for spot trade pairings with Bitcoin and Ethereum.

The recent airdrop launch of the project is another significant event that has helped raise awareness and encourage adoption. In April, USDe began airdropping its governance token, ENA, at the same time as market supply surged. At the time of writing, the stablecoin’s market value had hit $1.98 billion, according to statistics from CoinmarketCap. The token had fallen 1.99% in the past 24 hours, selling for $0.994.

Also Read: Uniswap Foundation Will Hold Off on Voting on UNI Staking and Delegation Rewards for the Time Being

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