Ethena’s USDe Becomes 3rd Largest Stablecoin by Market Cap, $ENA Reacts
Main Idea
Ethena's synthetic dollar stablecoin, USDe, has become the third-largest stablecoin by market cap, trailing only Tether (USDT) and USD Coin (USDC), with significant growth in Q3 2025.
Key Points
1. USDe's market cap is $9.44 billion, making it the third-largest dollar-pegged stablecoin, with a daily trading volume of $363 million.
2. USDe's supply surged by $4.02 billion in Q3 2025, outpacing most rivals, including USDT and USDC, with 60 days remaining in the quarter.
3. USDe's low transfer volume compared to its market cap suggests it is primarily used for yield farming rather than swaps and payments.
4. USDe's growth is attributed to its synthetic design, which leverages crypto futures basis trades, and clearer U.S. stablecoin regulations boosting institutional confidence.
5. Ethena's reserves combine futures positions with liquid-staking tokens, offering a hybrid model that enhances protocol credibility.
Description
Ethena’s synthetic dollar stablecoin , USDe, just climbed into the top three. It now trails only Tether (USDT) and USD Coin (USDC). The milestone cements Ethena Labs as a major issuer in the stablecoin space. USDe’s market cap sits at $9.44 billion, per CoinMarketCap’s latest data. This positions it third among all dollar-pegged tokens. By 24-hour trading volume, USDe ranks as the fifth most active stablecoin. CoinMarketCap reports a daily volume of $363 million , underscoring growing interest i...
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