Ethena’s synthetic dollar stablecoin, USDe, just climbed into the top three. It now trails only Tether (USDT) and USD Coin (USDC). The milestone cements Ethena Labs as a major issuer in the stablecoin space.
USDe’s market cap sits at $9.44 billion, per CoinMarketCap’s latest data. This positions it third among all dollar-pegged tokens.
By 24-hour trading volume, USDe ranks as the fifth most active stablecoin. CoinMarketCap reports a daily volume of $363 million, underscoring growing interest in on-chain liquidity for the asset.
Growth in Q3 2025 has been nothing short of explosive. USDe supply jumped by $4.02 billion this quarter. And there are still 60 days left before the quarter closes.
That surge outpaces almost every rival, including USDT and USDC. Ethena now claims its spot alongside legacy giants.
What Does the Volume/Market Cap Ratio Tell Us?
Volume-to-market-cap ratios offer a peek into how coins are used on chain. Lower ratios often mean holders keep tokens in pockets, chasing yield rather than trading. Comparing ratios:
- USDC: 22.75
- USDS: 18.74
- USDT: 7.60
- USDe: 6.10
These figures, per RWA.xyz data, show USDe sitting at the bottom. Users seem to lock USDe away for yield or farming, not for swaps and payments.
Ethena is experiencing the fastest growth in Q3 2025
It’s up $4.02 billion this quarter, and we still have 60 days left in this quarter.
Compared to other stablecoins like USDT, USDC, and USDS, Ethena has low transfer volume compared to its market cap. The transfer… pic.twitter.com/RYb2UI7ebP
— Heechang (@xparadigms) August 4, 2025
Why This Matters
1. DeFi Yield Magnet. USDe’s synthetic design taps crypto futures basis trades. Users earn sUSDe rewards on top of the dollar peg.
2. Regulatory Momentum. Its rise comes amid clearer U.S. stablecoin rules. That adds confidence for institutions staking large sums.
3. Protocol Credibility. Ethena’s reserves blend futures positions with a small slice of liquid-staking tokens. This hybrid model offers a fresh take versus purely fiat-backed coins.
What to Watch Next, $ENA Moves With USDe Movement
Yield Curve. As more arbitrageurs join, basis returns could narrow. Watch funding-rate swings.
Reserve Health. Liquid staking tokens make up about 5 % of holdings. If those assets depeg, stability could wobble.
Token Utility. Will USDe’s low transfer activity climb as it gains adoption? Higher on-chain use would validate beyond yield hunting.
Today’s momentum has already rippled back to Ethena’s native token, ENA, which spiked double-digit percentages in response to USDe’s milestone.
Resistance Level: $0.6293. This is the primary resistance level where ENA has faced selling pressure. A successful break and close above this level with strong volume could signal a bullish breakout and potential for further upward movement.
#Ethena’s USDe Becomes 3rd Largest Stablecoin by Market Cap!
Synthetic dollar stablecoin by @Ethena_Labs $ENA, $USDe supply has surged to ~$9.35B, making it the third-largest stablecoin by market cap, trailing only $USDT and $USDC.
By trading volume, USDe now ranks as the fifth… pic.twitter.com/gCQhywI0MS
— Crypto Miners (@CryptoMiners_Co) August 4, 2025
Ethena’s ascent in Q3 makes clear one thing: synthetic stablecoins are here to stay. And it’s not just a passing trend. As USDe cements its place, market participants will be watching closely. Will it climb higher? Or will yields and reserve risks clip its wings? The next 60 days of Q3 should offer some answers.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/ethenas-usde-becomes-3rd-largest-stablecoin-by-market-cap-ena-reacts/