$ENA Ethena’s synthetic dollar stablecoin, USDe, has seen impressive market growth in recent weeks. Its market cap now stands at $9.3 billion.

Over the past month alone, it increased by 75%, with a weekly jump of 24%.

USDe Growth Signals Strong Investor Appetite

Since July 18, yield-bearing stablecoin USDe has recorded the largest rise in supply among all major competitors, adding approximately $2.73 billion, according to data from Artemis.

This growth surpasses even Tether (USDT), which saw a $2.47 billion rise, and First Digital’s USDS, which increased by around $1 billion. Other stablecoins like USD Falcon and PayPal’s PYUSD also saw moderate gains, while USDC recorded the largest decline in supply, dropping by nearly $800 million.

This rise aligns with renewed attention on Ethena following the July 21 launch of Stablecoin X, a long-term treasury arm designed to allocate capital across the ecosystem. When the move was announced, Stablecoin X pledged to purchase $260 million worth of ENA, which is approximately 8% of the supply.