In the past three months, the fastest-growing #稳定币 is not the USDC, which relies on large subsidies and crazy annualized returns, nor the traditional dollar-pegged currency USD1, but rather Ethena's on-chain synthetic stablecoin #USDe .

At the same time, the upgraded version of DAI, USDS, has also shown a good upward momentum, and the original DAI has also increased its market share.

Overall, the on-chain DeFi market is returning in the form of stablecoins. In contrast, the market space for USDC is clearly being squeezed.