Ethena’s USDe expands by 75% as growth turns vertical in July

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Ethena’s USDe expanded by 75% as growth turned nearly vertical in July. The stablecoin surpassed SkyProtocol’s USDS to become the third-largest stablecoin by supply. Ethena’s USDe expanded its supply rapidly, leaving the months of supply crunch behind. For the past month, USDe grew by 75%, for a total market cap of $9.69B. The USDe supply expanded rapidly in November 2024, leading up to the December peak market. The current expansion may suggest additional months of crypto rallies, based on more...