Ethena’s stablecoin, USDe, has seen a remarkable surge, with its market capitalization growing by more than 200% since August 2024. This growth significantly outperforms its competitors over the same period, with Circle’s USDC growing 87% and Tether’s USDT at 39.5%.
USDe now accounts for over 4% of the total stablecoin market, putting it behind only USDT (61%) and USDC (24%).
A key factor in USDe’s success is its high-yield on-chain returns and integrations with DeFi platforms like Aave and Pendle. On Aave, for example, USDe holders can earn a yield of about 13.78%, which is much higher than the 4.17% for USDT and 4.19% for USDC.
In a separate development, Ethena Labs also launched USDtb in late 2024. This new stablecoin is designed to be compliant with the GENIUS Act in the U.S. and has already become one of the top 10 stablecoins by market cap.
When it comes to blockchain networks, Ethereum holds the largest share of the stablecoin market, with over $148.5 billion, or 53% of the total. TRON is the second-largest, with $82.6 billion, though almost all of that is concentrated in USDT.
August 2025, Cryptoniteuae
