Ethena's US Dollar Supply Exceeds $8.4 Billion within 20 Days
In the ever-evolving world of cryptocurrency, a new player is making waves. Ethena's USDe, a synthetic stablecoin, has outpaced the combined inflows into BlackRock's Bitcoin and Ethereum ETFs, marking a significant milestone in its rapid growth.
USDe, with an annual percentage yield of 10%-12%, is emerging as a rapidly growing player in the highly competitive synthetic stablecoin sector. As of mid-2025, USDe has a market capitalization of approximately $5.3–$6 billion, making it the fourth largest stablecoin overall and the third largest USD stablecoin behind Tether (USDT) and USDC.
Ethena differentiates itself by integrating an efficient yield mechanism that delivers an annualized yield of 18%, about four times that of Circle’s USDC interest income. This yield outperformance is achieved through leveraging the crypto futures and basis trading market, which Ethena productizes to enhance returns on its collateral, primarily Tether. By holding Tether in collateral, Ethena also supports Tether’s growth, establishing a symbiotic relationship rather than toxic competition with the dominant stablecoin.
Regulatory clarity, particularly the passage of the Genius Act, has also improved Ethena’s appeal by providing a smoother compliance framework. Tether continues to lead with a massive $159.1 billion market cap, but its market share is slightly declining from 70% to 61% in the past year due to growing competition. USDC holds $63.13 billion and faces yield compression due to reliance on Treasury bonds.
Ethena USDe currently holds a price of $1.00 and a market cap of $8.62 billion. Its circulating supply surpassed $8.4 billion within 20 days in July 2025, reflecting a strong demand for this innovative stablecoin.
Meanwhile, Gate US has officially launched to offer secure and compliant crypto trading to U.S. customers. Sophia Panel, the brain behind Ethena, has a background in Blockchain Content Strategy, SEO & Web Analytics, Public Relations & Community Growth, and Longform & Thought Leadership Writing. Sophia is also passionate about educating underserved communities about blockchain potential.
In the realm of news, there are sections for "Latest" news articles, press releases, and "Other Posts" categorized by time frames such as 24 days ago, 7 days ago, and more. These sections cover a wide range of topics, from the White House halting CFTC nomination vote for Brian Quintenz to Indonesia setting to increase cryptocurrency taxes in 2026.
As the synthetic stablecoin landscape continues to evolve, Ethena’s USDe stands as a strong competitor and an appealing choice for both traditional and crypto investors looking for yield-enhanced stablecoins.
- Ethena's USDe, a fast-growing synthetic stablecoin, has surpassed the combined inflows into BlackRock's Bitcoin and Ethereum ETFs, marking a notable milestone.
- USDe's annual percentage yield of 10%-12% and an annualized yield of 18% through crypto futures and basis trading market make it an attractive investment option in the cryptocurrency finance sector.
- Gate US, a new platform for secure and compliant crypto trading, has been launched in the United States, adding to the technological advancements in the crypto trading industry.
- Sophia Panel, the founder of Ethena, has a diverse background in blockchain strategy, public relations, community growth, and writing, reflecting her passion for both technology and educating underserved communities about the potential of blockchain and cryptocurrency.
