USDE, a stablecoin developed by Ethereum-based synthetic dollar protocol Etocol (ENA), has over $600 billion in total supply, marking the highest ever high for USDE.
Ethena’s USD supply exceeds $60 billion. New Record Set
Esena announced that USDE supply has exceeded $600 billion (winning in about 8.35 trillion Korean), marking a historic milestone. The company shared the following on X: “We are currently in the ‘supply discovery’ phase. I’m fastening the seat belt. ”
Known as “Internet Bond”
USDE stands out as a stable created by using Ethereum (ETH) as collateral and maintaining the stability of the dollars in a “delta-neutral” structure by occupying a short position in ETH futures.
This structure allows users to earn high income from staking and funding fees. Because of these features, USDE is often referred to as “internet bonds” within the crypto community.
The supply of USDE to reach this level indicates a continuing strong demand for next-generation stubcoins that offer high returns. This growth has made Ecena a major competitor in the industry following notable stubcoin projects such as Tether (USDT), USD Coin (USDC) and DAI.
Ecena’s “Suid Discovery” statement suggests that the early stages of the project have been abandoned and that the company is currently moving towards organic market growth driven by supply demand dynamics. This strengthens expectations that USDE will grow even faster over the coming period.
Etana aims to create a Stablecoin ecosystem independent of traditional financial infrastructure by providing a fully digital asset-based solution. The project has become a major industry asset, attracting support from key investors such as Binance, Dragonfly Capital and Arthur Hayes.
It is still unclear how the aggressive growth of USDE will affect the balance of power in the Stablecoin market in the coming months.
*This is not investment advice.