Ethena’s USDe Stablecoin Surges to Third Place in Market Cap Rankings

BTCC / BTCC Square / Global Cryptocurrency /

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2025-08-04 07:21:02

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Ethena's USDe stablecoin has catapulted into the top tier of digital assets, with its supply ballooning 75% in just 30 days to $9.3 billion. The rapid expansion displaces FDUSD as the third-largest stablecoin by market capitalization, now trailing only industry giants Tether (USDT) and Circle (USDC).

The protocol's ascent mirrors its growing dominance in decentralized finance, where Ethena now ranks sixth by total value locked at $9.47 billion. This trajectory underscores mounting institutional appetite for yield-generating stablecoins amid evolving regulatory landscapes.

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