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Ethena’s USDe Hits $3 Billion Supply in Four Months, Surpasses FDUSD

June 2, 2024
in Business
Ethena’s USDe Hits $3 Billion Supply in Four Months, Surpasses FDUSD
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Ethenas’ synthetic dollar, USDe, has quickly reached a $3 billion supply just four months after its launch.

This achievement highlights the growing demand and confidence in stablecoins within the decentralized finance (DeFi) ecosystem.

Ethena’s Synthetic Dollar Breaks $3 Billion Barrier

USDe is a dollar-pegged stablecoin created by Ethena Labs. It generates returns by staking ETH and managing derivatives. Built on the Ethereum blockchain, USDE is fully backed on-chain and can integrate with other blockchain protocols.

As of June 2, USDE’s market valuation reached approximately $3.02 billion, surpassing First Digital’s FDUSD with its $2.9 billion supply. This milestone has made USDE the fourth-largest stablecoin. Ethena’s founder, Guy Young, noted that USDe became the fastest USD asset in crypto history to reach this mark.

According to EtherScan, USDE is held by approximately 13,235 unique addresses. Ethena’s smart contract holds the largest share with 1.22 billion USDE, over 40% of the total supply, while the LP staking address holds 511.2 million USDE, or 16.8%. Other significant holders include Pendle Finance, Morpho, and Zircuit.

Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?

USDe road to $3B supplyUSDe Reached $3B in 4 Months. Source: X/Ethena

However, Ethena’s rapid growth has raised concerns. DeFi expert Andre Cronje warned that USDe might face a collapse similar to TerraUSD (UST) due to its use of perpetual contracts and reliance on yield-based collateral. CryptoQuant founder Ki Young Ju echoed this opinion, questioning its ability to maintain a delta-neutral strategy during bear markets.

Despite the criticism, the project keeps gaining traction. At the time of writing, Ethena offers a 33.5% annual percentage yield (APY) for USDe, attracting many DeFi enthusiasts. While 200,200 users already joined the platform, new participants still need an inviting code.

Read more: How To Use Ethena Finance To Stake USDe

In conclusion, USDe’s quick growth to a $3 billion supply within a short period stresses the increasing demand for innovative stablecoin solutions. Ethenas’ success demonstrates the viability of synthetic stablecoins and sets a new benchmark in the DeFi space, signaling future adoption​.

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