DeFiLlama statistics show a sharp rise in the supply of Ethereum USDe stablecoin, which increased by 75% in a month, reaching $9.3 billion.
Surge in USDe Stablecoin Supply
According to DeFiLlama, Ethereum USDe is breaking new records, increasing its supply by 75% to exceed $9.3 billion. This allows it to surpass FDUSD, becoming the third-largest stablecoin by market cap, second only to USDT and USDC.
Competition with USDT and USDC
Data from Artemis shows that following the passage of the GENIUS Act on July 18, yield-bearing stablecoins began to lead in supply growth, with a $2.7 billion increase. However, for USDe to surpass USDC with a market cap of $64.1 billion, it needs to increase its value by $54.8 billion, while to reach USDT's level of $163.8 billion, a $154.5 billion increase is required.
Future of Ethena and the Role of ENA Token
The Ethena crypto token, ENA, may have played a part in the recent success of USDe. Despite Arthur Hayes selling 7.76 million ENA, the token's price continues to rise and currently stands at $0.6163 with a market cap of $3.91 billion. Technical analysis indicates potential for growth, although a sell signal from MACD was also registered.
The rising supply of USDe stablecoin and the robust growth of Ethena confirm increasing investor interest. While stablecoin dominance is still distant, the overall trend cannot be ignored.
