Ethena’s USDe Outperforms as Stablecoin Market Surpasses $280 Billion

The stablecoin market has crossed the $280 billion mark for the first time ever, adding about $2.8 billion in the last week alone.

Among them, Ethena’s stablecoin (USDe) has been the standout, growing in market capitalization by more than 200% since August 2024.

By comparison, over the same timeframe, Circle’s USDC grew 87% and Tether’s USDT by 39.5%, cementing its position as the largest stablecoin by market cap, according to Artemis data.

USDe now accounts for over 4% of the market, trailing only USDC at 24% and USDT at more than 61%.

USDe’s success can partly be attributed to on-chain yields and DeFi integrations with apps like Pendle and Aave. On lending platforms, holders can stake USDe to earn higher rewards than competing stablecoins. For instance, as of press time, Aave’s USDe APY is about 13.78%, compared with 4.17% for USDT and 4.19% for USDC.

In late 2024, Ethena Labs launched USDtb, a stablecoin designed to comply with the GENIUS Act in the U.S. It was also approved by Ethena as an eligible backing asset for USDe, and by March this year, USDtb had entered the top 10 stablecoins by market capitalization.

Among blockchains, Ethereum remains the undisputed leader, holding more than $148.5 billion, or roughly 53% of the total stablecoin market cap, and followed by TRON with $82.6 billion, though over 99% of the stablecoin supply there is concentrated in USDT alone.