Ethena’s USDe Supply Surges Past $8.4 Billion in 20 Days

Ethena’s synthetic stablecoin USDe’s supply soared over $3.14 billion within 20 days in July 2025, surpassing $8.4 billion, outpacing BlackRock’s Bitcoin and Ethereum ETFs’ inflows.

USDe’s unparalleled growth signifies shifting dynamics in decentralized finance, reinforcing Ethena’s position amid increased investor interest and competitive tensions within the synthetic stablecoin sector.

Ethena’s Rapid Growth Shakes DeFi and Boosts ENA Token

Ethena’s USDe achieved a significant milestone of $8.4 billion in circulating supply, marking a $3.14 billion increase within just 20 days. This surge was faster than the combined inflows into BlackRock’s Bitcoin and Ethereum ETFs, which saw $1.6 billion and $2.75 billion respectively.

Ethena Labs’ strategy focuses on a decentralized stable yield and risk-minimized synthetic dollars, allowing it to capture the interest of both retail and institutional investors. USDe’s design, offering 10%-12% annual percentage yield, employs a delta-neutral hedging mechanism using ETH, setting it apart from traditional fiat-backed coins. According to Web3 by OKX, this underscores the evolving nature of decentralized finance.

Guy Young, Founder & CEO, Ethena Labs: “USDe’s exponential growth continues to validate user demand for decentralized stable yield and risk-minimized synthetic dollars.”

Market Data and Analysis

Did you know? Ethena’s USDe has become one of the fastest-growing synthetic stablecoins since its inception, marking a historic supply expansion comparable to other rapid-growth events like TerraUSD’s initial rise in the past.

According to CoinMarketCap, Ethena USDe currently holds a price of $1.00 with a market cap of $8.62 billion, accounting for 0.23% of the market’s dominance. The trading volume in the last 24 hours has surged, reflecting $273 million in activity, albeit a decrease of 47.49%.

Analysis by the Coincu research team suggests the rapid expansion of Ethena’s USDe could signal forthcoming changes in DeFi’s landscape, potentially influencing stablecoin strategy and competitive positioning within the sector. SEC delays spot crypto ETF decisions serve as a cautionary backdrop as the industry evolves.