In the past 3 months, the fastest-growing is neither the USDC, which has been crazily subsidizing annual returns after going public, nor the traditional USD1, but Ethena's on-chain synthetic stablecoin USDe.

Additionally, the upgraded version of DAI, USDS, has also shown significant momentum, including the original DAI, which is also growing in market share among stablecoins.

The on-chain DeFi market is returning in the form of stablecoins.

Meanwhile, USDC has been noticeably squeezed.