Ethena’s USDe Surpasses $8.4 Billion Supply with $3.1 Billion Inflow
Ethena's synthetic stablecoin, USDe, has surpassed $8.4 billion in supply, gaining over $3.14 billion in just 20 days. This growth outpaces inflows into BlackRock’s bitcoin and ether ETFs.
Key points:
- The supply surge since July 17 marks the fastest growth since USDe's launch in February 2024.
- Inflow into USDe exceeds $2.75 billion for BlackRock’s ether ETF and $1.60 billion for its bitcoin ETF.
- Ethena’s governance token ENA doubled in value over the past month but dropped 12% in 24 hours.
- The protocol is close to meeting thresholds required for revenue distribution to staked ENA holders.
- USDe's rise is driven by a reflexive loop linked to market momentum, attracting more users and generating revenue.
- Ethena generated nearly $50 million in fees and $10 million in revenue over the last month, ranking sixth for monthly fee revenue.
- ENA is currently trading at $0.58.