Ethereum-Based Synthetic Dollar Protocol Ethena (ENA) Stablecoin Breaks Supply Record! ENA’s Price Soars!

USDe, the stablecoin developed by the Ethereum-based synthetic dollar protocol Ethena (ENA), has surpassed $60 billion in total supply, marking a new all-time high for USDe. Ethena’s USD Supply Exceeds $60 Billion: New Record Set Ethena announced that its USDe supply has surpassed $60 billion (approximately 8.35 trillion Korean won), marking a historic milestone. The company shared the following on X: “We are now entering the ‘supply discovery’ phase. Fasten your seat belts.” It’s Known as ‘Internet Bond’ USDe stands out as a stablecoin created by using Ethereum (ETH) as collateral and simultaneously maintaining dollar stability in a “delta-neutral” structure by taking 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 an “internet bond” within the crypto community. USDe’s supply reaching this level demonstrates the continued strong demand for next-generation stablecoins offering high returns. This growth has made Ethena a leading contender in the industry, following prominent stablecoin projects like Tether (USDT), USD Coin (USDC), and DAI. Ethena’s “supply discovery” statement suggests that the controlled growth phase of the project’s initial phase has been abandoned and that the company is now transitioning to organic market growth driven by supply-demand dynamics. This reinforces the expectation that USDe will grow even faster in the coming period. Etana aims to create a stablecoin ecosystem independent of traditional financial infrastructure by offering a fully digital asset-based solution. The project has become a key industry asset, having garnered support from leading investors such as Binance, Dragonfly Capital, and Arthur Hayes. It remains to be seen how USDe’s aggressive growth will affect the balance of power in the stablecoin market in the coming months. *This is not investment advice. Continue Reading: Ethereum-Based Synthetic Dollar Protocol Ethena (ENA) Stablecoin Breaks Supply Record! ENA’s Price Soars!

Source: BitcoinSistemi