@Ethena_Labs’ USDe Hits $3.65B Supply, Cementing Its Position In DeFi

@Ethena_Labs’ innovative stablecoin, $USDe, has reached a new milestone with a total supply of $3.65 billion, driven by strong demand for its funding rate yield.

This growth highlights the increasing confidence in $USDe, as 75% of the coin’s supply is now staked, solidifying its stability. Since its launch, $USDe has consistently maintained its 1:1 peg within a tight 1% range, further boosting its reliability.

. @ethena_labs's USDe has reached an all-time high supply of $3.65B, fueled by strong demand for its funding rate yield.

With 75% of USDe now staked, confidence in its stability grows, as it has consistently maintained its peg within a 1% range since launch. pic.twitter.com/gkt8AKQqSU

— IntoTheBlock (@intotheblock) November 22, 2024

In just a few months, Ethena Labs has quickly emerged as a key player in the DeFi ecosystem with its rapidly growing product. $USDe, a scalable crypto-native stablecoin, is designed to facilitate internet money and has already reached $3 billion in total value locked (TVL). This impressive growth has placed $USDe among the top stablecoins, currently ranking 4th in the market.

Backed by crypto assets like Ethereum (ETH) and Bitcoin (BTC), $USDe is a synthetic dollar built on the Ethereum blockchain. It uses delta-hedging strategies to maintain its dollar peg, ensuring its stability even in volatile markets. These strategies involve taking offsetting positions in derivatives and futures markets on centralized exchanges (CEX), keeping $USDe entirely independent of the traditional financial system, and making it a fully decentralized stablecoin.

One of the most innovative aspects of $USDe is its staking mechanism. Users can stake $USDe to receive $sUSDe, a yielding asset that benefits from both Ethereum staking rewards and profits from the derivatives market’s funding spreads. As the value of $sUSDe grows, stakers earn passive returns, positioning $USDe as a key player in the decentralized finance space.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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