USDe, also known as $USDe, first launched on Ethereum but has since expanded to multiple blockchains due to its rapidly growing market cap. This expansion wasn’t arbitrary—it was necessary for broader adoption.

Unlike USDT, which has faced regulatory scrutiny in the US, USDe offers a synthetic dollar alternative. USDC is another stablecoin option, but its usage is heavily concentrated on Solana. USDe, with its $7.44B market cap, stands out by incentivizing users through the Ethena Points program, helping drive further growth.

Recently, USDe was listed on STONfi, the leading DEX on the $TON blockchain. The Ethena Points program is now active in the USDT/USDe pool, and thanks to stableswap mechanics, users benefit from minimal slippage when swapping stablecoins.