$ENA A stablecoin USDe, from Ethena, has become the third largest stablecoin in the crypto market, reaching about $9.3 billion in market value. Its accelerated growth is due to the innovative "delta-neutral" model that combines spot assets with short positions in futures, ensuring stability without relying on Fiat currency. Additionally, it offers attractive yields through Ethereum staking and derivatives arbitrage, which has boosted adoption on DeFi platforms like Aave.

Institutional support and a clearer regulatory environment have also contributed to the success of USDe, which now ranks just behind USDT and USDC in the stablecoin rankings.