Ethena (ENA) is rapidly gaining traction in the stablecoin market, attracting institutional investors due to high demand and regulatory alignment.
Success of Stablecoin $USDe
Ethena's flagship stablecoin, $USDe, became the **fastest-growing stablecoin**, reaching **$1 billion** in circulation within just a few months. As of July 2025, it has already surpassed **$7 billion**, making it the third-largest stablecoin globally.
$USDtb: A Step Toward Regulation
$USDtb, launched in **December 2024**, represents Ethena Labs' attempt to create a compliant and scalable alternative to USDC and USDT. Its reserves are allocated as follows:
* **80%** invested in BlackRock's **BUIDL tokenized treasury fund** (U.S. Treasuries). * **20%** held in stablecoins to maintain liquidity during weekends and holidays.
This structure allows Ethena to fully comply with the GENIUS Act, being transparent and fully collateralized.
User Opportunities with Ethena
Users can engage in various ways to earn through Ethena:
* Hold sUSDe and earn **12%+ APY**. * Participate in **Season 4** for airdrop points. * Use **Pendle Finance** to lock in fixed 8.8% returns or earn up to **30%+ APR** on Principal Tokens. * Explore **Ethereal DEX**, which offers a **30x reward multiplier** for $USDe deposits without lock-ups. * Stake via **Strata**, a risk-tranching protocol offering triple rewards across Ethena's partner ecosystem.
Ethena is building a full-stack stablecoin ecosystem that is scaling rapidly, winning over regulators, and attracting deep-pocketed investors. Ethena's positioning in the stablecoin market captures attention and may indicate the future of the financial sector.
