USDe Stablecoin Don Rise Reach 3rd Largest with $9.44B Market Cap
Ethena Labs synthetic dollar stablecoin USDe don climb reach third biggest stablecoin by market cap, reach $9.44 billion, na only behind Tether (USDT) and USD Coin (USDC). E get 24-hour trading volume of $363 million, rank USDe fifth for stablecoins. For Q3 2025, USDe supply jump $4.02 billion for first two months, pass the big rivals dem. With volume-to-market-cap ratio of 6.10—lowest for top dollar-pegged tokens—holders dey focus on yield farming instead of transfers. Main drivers include DeFi yields from futures basis trade, better regulatory clarity for U.S., plus hybrid reserve model wey blend futures positions with liquid-staking assets. Traders suppose watch yield-curve shifts, health of liquid-staking reserves (now 5%), and if on-chain transfers increase. Ethena native token ENA rally double digits near resistance at $0.6293, show say e fit breakout soon.
Bullish
Ethena USDe stablecoin don grow market cap fast, e enter top three, show say people get strong demand and confidence for synthetic stablecoins. Di $4.02 billion increase for supply for Q3 plus $363 million daily volume show say on-chain liquidity dey strong and dem dey adopt am because of yield. DeFi features, regulatory clarity plus hybrid reserve model dey make protocol trustworthy, e benefit both USDe and native token ENA wey get double-digit gains. Like di past rally wey algorithmic and hybrid stablecoins like DAI get when regulation set, traders fit see USDe as one stable and yield play. Short-term momentum fit push ENA price higher, long-term e fit help grow DeFi activities and make stablecoin dem get better spread.