1️⃣ Revenue and trading growth:
Ethena Labs announced that its protocol Ethena has achieved over $500 million in cumulative revenue.
Since July, the revenue and supply of the synthetic stablecoin USDe have seen a notable acceleration.
Over the past week, the protocol's revenue reached $13.4 million, and the supply of USDe reached $11.7 billion 💹.
2️⃣ Reasons for growth:
Strong inflows towards USDe.
Favorable market conditions have boosted returns from the Delta-neutral hedging reserve model.
The demand and confidence in USDe as a store of value are on the rise.
3️⃣ Market capitalization:
According to DefiLlama, USDe is now ranked third among all stablecoins by market value, and the highest among synthetic stablecoins 🏆.
Over the past month, the market value of USDe has risen by 86.6% 📈.
4️⃣ Other synthetic stablecoins experiencing growth:
Sky Dollar (USDS) has seen its market value increase by 14%.
Falcon USD (USDf) surged by 89.4% ⚡.
Its advantage: lower transaction fees, but it carries risks of instability and loss of dollar peg.
5️⃣ Overall stablecoin market:
The market rose by 4% in August 2025, from $266.6 billion to $277.8 billion.
Support for the new US regulation like the GENIUS Act enhances trust and provides regulatory clarity 🇺🇸.
China is considering launching yuan-backed stablecoins to enhance the global role of its currency 🇨🇳.
💡 Conclusion:
Synthetic stablecoins, such as Ethena USDe, Sky Dollar, and Falcon USD, are experiencing rapid growth, presenting an opportunity for investors, but they come with higher risks compared to asset-backed currencies.
