- The creator of the protocol claims that the USDe stablecoin, produced by Ethena Labs, is the fastest USD asset to reach this milestone in history, having reached the $3 billion supply level just four months after being public.
Four months after going live for the public in February, Ethena Labs’ USDe stablecoin—dubbed a “synthetic dollar” because it maintains its peg through arbitrage mechanics and yield-returning cash-and-carry trade—has surpassed a supply of $3 billion tokens.
The stablecoin’s supply has grown by $1 billion since April 5, when it last crossed the $2 billion threshold. It is presently on track to overtake DAI as the largest algorithmic or decentralized stablecoin, but doing so will need adding an extra $2 billion to its supply.
Since April 5, when it last passed the $2 billion mark, the stablecoin’s supply has increased by $1 billion. It is currently on course to surpass DAI as the largest algorithmic or decentralized stablecoin, however, it will need to add an additional $2 billion to its supply to do so.
With a 3.3% market share of stablecoins overall, USDe ranks fourth in terms of supply, considerably below market leader Tether’s commanding 57% dominance.
Additionally, in April, USDe started airdropping its governance token, ENA. Since then, the token has dropped from its all-time high price of $1.52 to roughly $0.91 as of Saturday night, and has reached a market capitalization of $1.3 billion.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
