Coinspeaker
Oct 24, 2025
4 0

Ethena’s USDe Becomes Third-Largest Stablecoin with $12.26 Billion Market Cap

Ethena's ecosystem has experienced significant growth with its stablecoin, USDe, becoming the third-largest stablecoin, following USDT and USDC.

  • USDe uses a synthetic model with trading and hedging mechanisms for its dollar peg, complemented by USDtb, backed by real assets.
  • This dual-coin strategy targets both high-return crypto investors and stability-focused institutions.
  • The Binance listing of USDe trading pairs highlights Ethena's expansion efforts.

Growing Adoption and Market Challenges

  • USDe surpassed DAI in market cap in late 2024, reaching over $12.26 billion by mid-2025.
  • User base increased by 72%, with over 32,500 holders as of October 2025.
  • A flash crash on October 10 caused USDe to briefly lose its peg, raising concerns about synthetic stablecoins' resilience.

Stablecoin Market Surge

  • Total stablecoin market cap reached $316 billion, with monthly transaction volumes surpassing $4 trillion.
  • The Genius Act provided regulatory clarity, boosting adoption.
  • Analysts forecast the market could exceed $500 billion by 2026 due to growing institutional interest.