Ethena’s USDe Skyrockets 75% in 30 Days as Treasury Goes Live—DeFi’s New Cash Cow?

DeFi just found its latest golden goose—and Wall Street bankers are probably seething. Ethena’s USDe stablecoin isn’t just growing; it’s exploding, with market cap surging 75% in a single month. The trigger? A shiny new Treasury launch that’s pulling yield-hungry degens like moths to a flame.

Forget ‘slow and steady’—this is crypto’s version of a moonshot. While traditional finance fiddles with bond yields, USDe’s trajectory looks more like a SpaceX launch. And let’s be real: when was the last time your savings account delivered triple-digit APY without a side of existential risk?

But here’s the kicker: this isn’t just another DeFi bubble. That 75% surge? It’s cold, hard on-chain data—the kind that makes even Bitcoin maximalists peek over the fence. The Treasury rollout didn’t just open the floodgates; it built a whole new dam.

So is USDe the real deal or just the latest shiny object in crypto’s dopamine casino? Only time will tell. But for now? The numbers don’t lie—and they’re screaming bull market.

USDe Growth Signals Strong Investor Appetite

Since July 18, yield-bearing stablecoin USDe has recorded the largest rise in supply among all major competitors, adding approximately $2.73 billion, according to data from Artemis.

This growth surpasses even Tether (USDT), which saw a $2.47 billion rise, and First Digital’s USDS, which increased by around $1 billion. Other stablecoins like USD Falcon and PayPal’s PYUSD also saw moderate gains, while USDC recorded the largest decline in supply, dropping by nearly $800 million.

This rise aligns with renewed attention on Ethena following the July 21 launch of Stablecoin X, a long-term treasury arm designed to allocate capital across the ecosystem. When the move was announced, Stablecoin X pledged to purchase $260 million worth of ENA, which is approximately 8% of the supply.

Alongside this strategic development, the high annualized yield of 11% offered by staked USDe (sUSDe) has significantly increased minting activity. Importantly, Ethena Foundation holds the authority to block any ENA sales made by Stablecoin X, compelling the entity to channel the purchased tokens into reinvestments or infrastructure upgrades.

According to Ethena founder Guy Young’s latest tweet, USDe supply over the past 20 days has outpaced those seen across all BTC ETFs and BlackRock’s ETHA ETF.

Impact on ENA

This surge in stablecoin demand appears to have positively influenced the performance of ENA, Ethena’s native token.

After briefly dipping to $0.51 over the weekend, ENA climbed back to around $0.62. The token has surged over 140% in the past month. Its market cap hit $8.4 billion at the end of July before reaching a new all-time high of over $9.4 billion by August 4. At the same time, ENA is starting to show signs of a recovery, hinting at renewed market interest and momentum.