Ethena Claims Third Place in Stablecoin Rankings

Published by

Sohrab Khawas

August 4, 2025

Ethena Claims Third Place in Stablecoin Rankings

Ethena’s USDe stablecoin has experienced remarkable growth, with its supply surging 75% over the past month to reach $9.3 billion. This impressive expansion has pushed USDe past FDUSD to become the third-largest stablecoin by market capitalization, trailing only USDT and USDC. Meanwhile, Ethena has also climbed to become the sixth-largest DeFi protocol by total value locked at $9.47 billion. The growth reflects strong demand for yield-bearing stablecoins and positions Ethena as a major player in the evolving crypto landscape.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

Published by

Sohrab Khawas

Tags: Stablecoin