USDe Supply Hits Record $9.55 Billion Amid Ethena Labs' Rapid Market Expansion

Ethena Labs' synthetic stablecoin, USDe, has reached a new milestone, with its total supply surpassing 9.55 billion tokens, according to the project's official transparency dashboard. This marks a significant rise from around 5.5 billion tokens recorded just a month ago, reflecting accelerating demand and growing market adoption.

With this surge, USDe has reinforced its position as the third-largest stablecoin by market capitalization, demonstrating strong momentum that could challenge the dominance of industry leaders USDT and USDC. As highlighted by @artemis, "Since GENIUS, yield bearing stablecoins actually lead in supply growth, with @ethena_labs adding a massive $2.7bn"

While USDe has been making headlines with its growth, Ethena Labs' native token ENA has also demonstrated remarkable price resilience. Over the past month, ENA has seen a price increase of 146.3%, reflecting strong market sentiment and confidence in Ethena Labs' expanding ecosystem.

Ethena Labs' protocol has achieved a TVL of nearly $10 billion, ranking it as the sixth-largest DeFi platform globally. This achievement underscores the platform's growing influence in the decentralized finance space and its ability to attract liquidity and users.

Despite its recent successes, ENA faced a challenge with the unlock of 172 million tokens, valued at approximately $95.8 million. This unlock represents 2.7% of ENA's circulating supply and has exerted downward pressure on its price.

In the past 24 hours, ENA's price has dropped by over 4%, falling below the $0.6 mark. The unlock event has sparked concerns among investors about potential sell-offs, highlighting the delicate balance between token unlock schedules and market stability.

Beyond the immediate developments surrounding ENA and USDe, Ethena Labs has been proactive in enhancing liquidity through partnerships with exchanges and custodians while diversifying its collateral assets to include Bitcoin and major stablecoins.