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.
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