USDe Stuns Market: $2.73B Inflows Topple USDT & USDC in Historic Stablecoin Shakeup

The stablecoin pecking order just got flipped—and Wall Street didn't see it coming.

USDe's $2,733.5 million tsunami

While TradFi analysts were busy downgrading crypto (again), Ethena's dollar-pegged asset pulled off a coup. For the first time ever, USDe's weekly inflows bulldozed past both Tether and Circle's offerings. The kicker? No banks were involved in the making of this milestone.

Numbers don't lie—but legacy finance might

The $2.73B surge exposes an ugly truth: decentralized alternatives are outpacing their 'regulated' counterparts. USDT and USDC might still dominate by market cap, but August 2025's inflow data reads like a warning shot across their bows.

Next-gen stablecoins aren't coming—they're here. And they're eating the incumbents' lunch while VCs scramble to explain how they missed it. Typical.

For the first time, USDe, a yield-bearing stablecoin, has experienced significantly higher inflows than its counterparts (traditional stablecoins), USDT and USDC.

USDe, a synthetic stablecoin, powered by Ethena Labs, absorbed $2,733.5 million in the last two weeks since July 18, 2025, according to fresh data posted today by market analyst Satoshi.

USDT came second as it substantially pulled in $2,478.6 million in investor capital inflows. As per the data, USDC took the third position as it drew in $1,006.3 million in capital inflows.

For the first time, a yield-bearing stablecoin is beating $USDT and $USDC in inflows.@ethena_labs's $USDe just led 2-week net flows, a big shift after years of dominance by the old guard. pic.twitter.com/JATI40xO3m

Why USDe?

The performance shows a significant change after years of dominance by renowned giants, USDT and USDC. The records show increasing interest in yield-bearing stablecoins, like USDe, which provide customers with not just price stability, but also yields on idle tokens, a narrative intensified by recent legal developments like the GENIUS Act.

Ethena’s network has witnessed an accelerated growth, with USDe’s supply surging by over 75% in recent months. Currently, USDe is the third-biggest stablecoin in terms of market capitalization. This expansion has made Ethena become the sixth-biggest DeFi platform in terms of TVL, with $10.301 billion in assets locked inside the network.

The surging TVL indicates robust investor enthusiasm in Ethena’s offerings, including staking, USDe yield generation services, which collectively provide advanced benefits for investors looking for both stability and returns in a competitive decentralized finance marketplace.

USDe Redefining Stablecoin Yield

This significant growth can also be seen in Ethena’s native token (ENA)’s market performance. The asset’s value is currently standing at $0.7552, up 34.4%, 23.5%, and 114.4% over the past seven days, two weeks, and one month, respectively. This remarkable performance is an indicator of the ecosystem’s growth and the rising adoption of USDe.

The performance shows that USDe remains the leader in the yield-bearing stablecoin sector, with its advanced on-chain mechanisms attracting investors. As the stablecoin continues to gain popularity, the network is set to potentially experience heightened demand for ENA, especially as people seek to engage in the network’s growing applications and offerings.