Stablecoins are currently the most sought-after piece by major players due to their utility and the enormous profit potential of this sector. Besides USDT, USDe from Ethena is among the TOP fastest-growing stablecoins, with nearly 6 billion USD in supply, tripling since the beginning of 2024.

In the upcoming roadmap, Ethena also aims for further expansion:

1️⃣ Integration with Telegram - Reaching 1 billion users

Ethena partners with Telegram to integrate USDe and tsUSDe into the Telegram wallet ecosystem. Users can store USDe and then stake it into tsUSDe to earn an 18% APY (8% from the protocol + 10% incentive from the TON Foundation over 16 weeks).

2️⃣ Connecting traditional finance through Converge

Ethena has partnered with Securitize to launch the RWA - Converge project. With Converge, iUSDe and crypto assets will play a central role, supported by major DeFi protocols like Aave, Pendle, and Morpho. The goal is to attract billions of USD in institutional capital, leveraging the trend of tokenizing real assets to create a bridge between TradFi and DeFi.

3️⃣ Promoting DeFi growth

USDe has established a foothold on major DeFi protocols; as of June 2025, the total TVL of USDe on major DeFi protocols:

- Pendle: 2.6 billion USD.

- Aave: 2.2 billion USD.

- Sky: 600 million USD.

4️⃣ Increasing presence on CEXs

From May 2024, users on Bybit can use USDe as collateral and earn profits while trading. Unlike USDT or USDC (which do not yield profits when used), USDe provides an average of ~11% APY. Just a few months after its launch, the amount of USDe held by users on Bybit has exceeded 700M. This stepping stone allows USDe to expand into other CEXs like Binance, OKX,... which hold more than 60 billion USD in stablecoins.

The above are the expansion ambitions of Ethena; however, it is important to acknowledge the reality that the project still faces many challenges such as:

- CEX risk: About 50% of Ethena's collateral is held on CEXs like Binance, Bybit, OKX, and Deribit. This tightly binds the project to the operations of these exchanges — a factor beyond its control.

- Downtrend: The collateral mechanism of 1 BTC to open a short position of 1 BTC with x1 leverage on CEX will not earn profits from the funding rate (the difference in buying/selling volumes) during a downtrend. In fact, the protocol may even incur negative interest rates, reducing the appeal of USDe and posing a risk of a sell-off.

- Competition: Besides USDT, USDC, and USD1, Ethena is also about to encounter major competitors from Wall Street who are eyeing the lucrative stablecoin market: BlackRock, JPMorgan, VanEck,…