Ethena’s $USDe stablecoin is rapidly approaching a supply of $6 billion, marking a remarkable 140% increase since its October lows. While this growth is significant, $USDe still holds just a 2.83% market share, highlighting its potential for further expansion as it continues to gain traction in the stablecoin sector. Although far from challenging dominant players like USDC and USDT, the upward trend positions Ethena as a strong contender in the space. Driving this momentum is the resurgence in on-chain leverage demand, where Ethena Labs has emerged as a key beneficiary. Favorable funding rates have propelled sUSDe yields to exceed 20%
The post Ethena’s $USDe Supply Nears $6 Billion Amid Explosive Growth And Rising On-Chain Demand appeared first on The Merkle News.
