#USDe de #ethena se shoots to the Top 3 Global Surpassing FDUSD
Market capitalization explodes by 75% following Trump’s GENIUS Act and key alliances!
USDe, the controversial yet high-yield stablecoin of #EthenaLabs , has achieved an impressive milestone by becoming the third largest stablecoin in the world, surpassing FDUSD.
This meteoric rise comes after its market capitalization surged by 75% in the last three weeks, reaching approximately USD 9.3 billion in circulating coins.
Meteoric Rise: USDe has surpassed FDUSD and is now only behind Tether's USDT (USD 164 billion) and Circle's USDC (USD 63 billion) in market capitalization.
Boost from the GENIUS Act: The Block analyst Brandon Kae attributes much of this growth to the GENIUS Act, the first comprehensive U.S. law for dollar-backed stablecoins, signed by President Donald Trump.
Strategic Alliance: The subsequent partnership of Ethena with Anchorage Digital to issue the synthetic dollar in U.S. markets as a GENIUS-compliant stablecoin has also been a key factor in this increase in supply.
Attractive Yields: USDe offers its holders a yield ranging from 10% to 19% APY, an attractive proposition for investors seeking higher returns compared to traditional U.S. Treasury yields.
Overall Growth of Stablecoins: The total supply of dollar-pegged tokens has grown for the seventh consecutive month, reaching nearly USD 257 billion, up from USD 200 billion in January, demonstrating the increasing adoption and utility of stablecoins in the crypto ecosystem.