Ethena Overtakes Rivals With $9.3B Supply, Now Third in Stablecoins, Sixth in DeFi TVL

ccn.comPubblicato 2025-08-07Pubblicato ultima volta 2025-08-07

Key Takeaways

Ethena’s synthetic stablecoin USDe has surged to become the third-largest stablecoin by market cap.
Its supply jumped 75% in the past month, hitting $9.3 billion amid growing market demand.
The passage of U.S. stablecoin legislation has ignited fresh momentum across the stablecoin space.

Ethena’s USDe is on a roll; it has officially overtaken FDUSD to claim the third spot among all stablecoins, trailing only giants Tether (USDT) and USD Coin (USDC).

This rise comes as the broader stablecoin market heats up, fueled partly by the recent passage of U.S. legislation to regulate dollar-pegged stablecoins.

The result? A new supply all-time high and a massive increase in its DeFi Total Value Locked (TVL).

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Ethena Climbs Stablecoin Ranks

Ethena’s synthetic stablecoin USDe has taken the stablecoin market by storm, rapidly climbing the ranks.

In just one month, USDe’s supply has soared an impressive 75%, reaching a remarkable $9.3 billion, driven by surging investor interest.

Interestingly, its ascent doesn’t stop at stablecoins. According to DeFiLlama , Ethena’s protocol has now reached a TVL of $9 billion, making it the sixth-largest DeFi project by total value locked.

That marks a 75% surge in USDe supply and a 40% TVL increase just since July 1.

Institutional Firepower and Strategic Buybacks

Adding fuel to the fire, StablecoinX Inc. — a newly formed treasury entity — raised $360 million to support the USDe ecosystem.

Of that, $260 million was in cash and $60 million in ENA, used to acquire 8% of ENA’s circulating supply.

Additionally, the company is planning to list on Nasdaq under the ticker “USDE”, while also conducting $5 million in daily ENA buybacks over six weeks.

The aim? To stabilize supply, boost liquidity, and further align the ecosystem with institutional capital.

As a result, ENA’s price soared 57% in just one week, reflecting the market’s confidence in this bold strategy.

Stablecoin Market Set for a Boom

The recent passing of the STABLE Act in the U.S. has created a rush to build and adopt compliant, fiat-pegged stablecoins.

The total market cap for stablecoins now exceeds $261 billion, with USDT and USDC dominating 62% of that share.

However, while USDe’s share is smaller, its synthetic model makes it unique among the top stablecoins.

Unlike competitors backed by treasury bills and fiat reserves, Ethena’s USDe is fully crypto-native, backed by cryptocurrency collateral and short perpetual futures.

This model aims to maintain a decentralized dollar peg and has drawn both attention and scrutiny.

The system operates using smart contracts, price oracles, and on-chain transparency, with no need for traditional intermediaries — positioning Ethena at the frontier of DeFi innovation.

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