🚀 Ethena’s StablecoinX Goes Live as ENA Surges 8% & USDe Supply Blasts Past $6B
Ethena just dropped a bombshell—StablecoinX is live, and the market's eating it up. ENA's pumping 8% on the news, while USDe supply cracks the $6B ceiling. Traders are piling in, but let's see how long the hype lasts before Wall Street 'discovers' it was their idea all along.
### The Stablecoin Arms Race Heats Up
Another day, another algorithmic dollar-pegged contender. Ethena's play? Absorb volatility like a crypto sponge while offering yields that'd make a TradFi banker sweat. USDe's supply growth isn't just climbing—it's moonwalking past milestones.
### Price Action That Speaks Volumes
That 8% ENA pop isn't random—it's the market voting with its wallet. Liquidity's flooding in, but remember kids: in crypto, what goes 'to the moon' usually comes back for fuel. Still, credit where it's due—this isn't your grandma's stablecoin project.
### The Punchline
Another $6B locked in a protocol that didn't exist last year? Either we're witnessing financial revolution... or the greatest yield-chasing circus act since negative interest rates. Place your bets.
StablecoinX
StablecoinX will be listed on Nasdaq under the ticker symbol USDE. The firm said it WOULD operate infrastructure around the ENA ecosystem, including validator services and staking tools.
Meanwhile, the funding round includes a $60 million investment from the Ethena Foundation, alongside participation from top-tier crypto investors such as Dragonfly, Pantera Capital, Galaxy Digital, Wintermute, and Polychain Capital.
Guy Young, founder of Ethena Labs, emphasized the deal’s importance while saying:
“The launch of StablecoinX will provide the first pure play exposure for equity investors to the fastest growing company in the most important thematic trend in crypto: digital dollars upgrading money into the internet era and eating all of finance in the process.”
USDe’s supply reaches a new high
The StablecoinX announcement comes amid rising interest in Ethena’s synthetic dollar, USDe.
Last week, USDe saw its second-largest weekly issuance ever, minting nearly $698 million worth of tokens, according to data from Entropy Advisors via Dune Analytics.
According to the data, the net minting of USDe reached $267 million on July 14 alone, followed by $160 million each of the next two days.
With the latest supply boost, USDe’s total circulation has surpassed $6 billion tokens, its highest since February. This makes it the third-largest stablecoin in the crypto market behind Tether’s USDT and Circle’s USDC.
This growth highlights rising demand for digital dollars, particularly as regulatory clarity improves. Young said:
“It is now obvious that the growth of digital dollars and stablecoins is not only the most important story in crypto, but all of finance. There are hundreds of billions in latent TradFi demand for crypto exposure, but this demand is primarily focused on a narrow subset of themes: BTC, ETH & stablecoins.”
Last week, President Donald TRUMP signed the GENIUS Act, which brings stablecoin issuers under direct oversight from the US Federal Reserve. The legislation mandates full asset backing with highly liquid instruments such as cash or Treasury bills and sets clear compliance and redemption standards.
