The inflow of capital is FOMOing into yield-bearing stablecoins: The clearest rotation in DeFi currently

🔻 In less than a month, USDe has increased its market capitalization from ~$5.5B to $9.5B, surpassing DAI to become the third largest stablecoin in the world, behind only USDT ($164B) and USDC ($63B). The TVL of Ethena increased from ~$5.5B to ~$9.7B, proudly holding the 6th position among all DeFi protocols, surpassing Pendle, Spark, Sky... and is approaching <c-12/>

🔻 More than 5.2B USDe has been staked in exchange for sUSDe (accounting for over 55% of the total circulating supply). The staking demand surged to the point where sUSDe traded at a premium above $1.15 (a phenomenon rarely seen with stablecoins), indicating that there was a moment of FOMO pushing demand far beyond supply.

-> In terms of growth rate, USDe and Ethena are the two names that have exploded the most in the stablecoin and DeFi sectors in July 2025, with an increase of >70% in just 3 weeks.

📍Of course, Ethena is not a stand-alone project; liquidity is flowing through every corner of the real yield group (LRT, LST...):

🔻 EtherFi also witnessed an increase in TVL from ~$6.5B to ~$9.9B (surpassing Rocket Pool). The price of ETHFI rose by over 50% in 30 days.

🔻 EigenLayer maintains a stable TVL around $17.3B and begins to attract more liquidity from Symbiotic, Veda, Renzo… creating a ripple effect throughout the staking/restaking ecosystem.

-> From mid-July to the present, the inflow into USDe (~$3.14B) has exceeded the total inflow of major crypto ETFs during the same period, such as IBIT, FBTC, and ETHA combined. This clearly confirms that the growth momentum lies within DeFi - specifically in yield-bearing stablecoins.

📍<c-35/> has recorded revenue of nearly $50M/month and net income of ~$10M – one of the most consistently profitable protocols in the market. In just the last 7 days of July, USDe attracted over 960M inflow (averaging over $137M/day). This is real revenue growth, without needing to pump/dump tokens.

-> The inflow into these protocols is always a positive signal. It shows that there is a continuous inflow of sustainable capital into the market rather than being used to take risks with pump/dump projects.