\USDe Stablecoin Circulating Supply Hits $10 Billion for the First Time
The circulating supply of $USDe, a synthetic dollar stablecoin from Ethena Protocol, has surged to $10 billion for the first time ever. This represents a remarkable 90% increase in just one month.
USDe’s supply rose rapidly due to growing adoption among both institutional and retail users looking for stable, yield-generating dollar exposure without relying on traditional banks. The surge coincides with BlackRock-backed USDtb variant gaining traction and Anchorage Digital adding regulatory credibility, which boosted investor confidence. The Ethena governance token (ENA) also surged sharply, driven by whale accumulation and a $260 million buyback program that lowered circulating supply pressure.
