Ethena's synthetic stablecoin USDe has surged to a market cap of $9.29 billion, marking a 75.13% increase in just one month, making it the third-largest stablecoin.
Ethena's synthetic stablecoin USDe has reached a market cap of $9.293 billion, reflecting a 75.13% increase over the past month, positioning it as the third-largest stablecoin after USDT and USDC. This growth occurs amidst a general decline in Bitcoin, while Ethereum remains stable. Ethena's Total Value Locked (TVL) has surpassed $8 billion, indicating ongoing institutional interest in Ethereum despite overall market volatility.