In July 2025, Ethena's USDe supply increased by over $3.14 billion in just 20 days, reaching $8.4 billion. This growth surpasses the inflows into BlackRock's Bitcoin and Ethereum ETFs.
USDe Growth Dynamics
Since its launch, USDe has exhibited unprecedented growth, reaching $8.4 billion in supply. This increase coincides with rising interest in decentralized assets and the attraction of both retail and institutional investors. Ethena Labs’ strategy focuses on decentralized stable yields and risk mitigation through synthetic dollars. The annual percentage yield ranged from 10% to 12%, making USDe an attractive option compared to traditional fiat-backed coins.
Current Market Data
Currently, USDe is trading at $1 with a market cap of $8.62 billion, accounting for 0.23% of the total market. In the last 24 hours, the trading volume reached $273 million, though this represents a 47.49% decrease compared to previous levels.
Analysis and Impact on DeFi
Analysis by the Coincu research team suggests that USDe’s rapid expansion may signal forthcoming changes in the DeFi landscape, potentially affecting stablecoin strategies and market positioning. Amid delays in SEC decisions regarding crypto ETFs, Ethena might carve out an important niche in the rapidly evolving decentralized finance ecosystem.
The growth of Ethena's USDe highlights changing investor preferences, confirming interest in decentralized assets. The evolution of these processes may significantly impact the future of stablecoins and DeFi as a whole.
