Ethena's 'Synthetic Dollar' Crosses $2 Billion Supply Within Two Months of Public Launch

Ethena's USDe stablecoin, also known as an "internet bond" and a "synthetic dollar" has exceeded the $2 billion supply threshold only seven weeks following its public introduction. Ethena Labs confirmed the market capitalization, positioning it as the fifth-largest stablecoin by market cap, now accounting for 1.25% of the entire $160 billion stablecoin market, as reported by The Block's data dashboard. Tether's USDT/USD remains the leading stablecoin, with a market capitalization of $112 billion or a 70% market share. Circle's USDC/USD ranks second at $35 billion (22%), followed by MakerDAO's DAI/USD at $5 billion (3%), and First Digital's FDUSD in fourth place with a market cap of $2.5 billion (1.5%).

Read the full story at The Block.