The Stablecoin Market Landscape Changes: Ethena's USDe Market Cap Surpasses $2 Billion
The algorithmic stablecoin project Ethena's USDe market cap has grown from zero to $2 billion in just two months, setting a record for the fastest growth in the stablecoin sector. USDe offers high yields through a Delta hedging strategy, with the current APY remaining above 15%. This innovative model has attracted a large amount of capital but has also sparked discussions about its long-term stability. Traditional stablecoin issuers are closely monitoring this trend, and some institutions have begun developing similar products. Analysts warn that algorithmic stablecoins carry systemic risks, and investors should not over-allocate.