Korean Investors Fuel Stablecoin Mania: CRCL Dominates Trading, ENA Demand Skyrockets

Stablecoins are stealing the spotlight in South Korea’s crypto frenzy—again. CRCL claims the throne as trading volumes explode, while ENA rides a tidal wave of fresh demand. No surprises here: when markets wobble, traders flock to the illusion of stability.

CRCL Takes the Crown

The token isn’t just leading—it’s lapping the competition. Trading desks across Seoul report CRCL swaps outpacing rivals, though nobody’s quite sure why. (Hint: probably FOMO.)

ENA’s Sudden Surge

Whispers of institutional backing sent ENA’s buy orders into overdrive. Never mind that ‘backing’ might mean a VC’s lunch-money—retail’s piling in anyway.

The Stablecoin Paradox

Investors crave volatility… until they don’t. Now they’re parking profits in ‘safe’ tokens—because nothing says ‘stable’ like algorithmic pegs and reserve audits nobody reads. Classic crypto.

ENA and USDe’s Surging Demand in Korea

As stablecoin issuers are not paying interest to users under new rules under the GENIUS Act, they are looking for newer ways to earn yield on their stablecoins. This ban on yield payments is causing a major shift in the crypto market with stablecoins like USDe gaining traction. 

Ethena’s USDe stablecoin has swiftly surged to $10 billion in market cap with this latest demand. A prominent crypto trader Cas Abbé pointed out in a X post that the “reason behind this growth is GENIUS Act approval, which prohibits issuers from providing yields on stablecoins.”

🚀 @ethena_labs USDe has hit $10B in just 500 days.

It's now the fastest stablecoin to achieve this mark, and you need to pay attention to it.

The reason behind this growth is GENIUS Act approval, which prohibit issuers to provide yields on stablecoins.

Due to this, big money… pic.twitter.com/gFBqW3mPsT

As per CoinMarketCap data, USDe is now the third largest stablecoin by market cap with it reaching 10 billion in total supply faster than any other stablecoin. In the last 1 month, USDe made up 26% of all new stablecoin supply. 

Ethena, the DeFi protocol behind USDe stablecoin, also started a program called Stablecoin X. It raised over $360 million, with 260 million planned for buying back ENA tokens. This buyback equals around 6.7% of all ENA tokens.

This MOVE has brought a strong bullish move to the ENA token price as it rose about over 140% in the last month as per market data. Now trading around $0.81 per token, ENA’s market cap has exceeded $5.4 billion.

Also Read: Arthur Hayes Adds $7.45M in ETH, Boosts DeFi Tokens Holdings