Ethena's stablecoin USDe has shown impressive market growth in recent weeks, reaching a market cap of $9.3 billion.
Growth Momentum of USDe and Demand for Stablecoins
Since July 18, the yield-bearing stablecoin USDe has recorded the largest rise in supply among major competitors, adding approximately $2.73 billion, according to data from Artemis. This growth surpasses other stablecoins like Tether (USDT) and First Digital’s USDS, indicating a rising investor interest.
Impact on ENA Token
The surge in demand for USDe has positively influenced the performance of the ENA token. After briefly dipping to $0.51, ENA rebounded to around $0.62 and has surged over 140% in the past month, reflecting renewed market interest.
Future Prospects for Ethena and USDe Stablecoin
With the launch of Stablecoin X on July 21, Ethena has reinforced its strategy to attract capital across its ecosystem, potentially leading to further growth for USDe in the market. The high annualized yield of 11% for staked USDe has significantly increased minting activity.
The rapid growth of USDe highlights the increasing investor interest in stable assets and may signal new opportunities for Ethena and its ecosystem.
