Tina Fey Tackles Ethena’s USDe Market Cap Spree: It’s Like a Reality Show!

by

So, apparently Ethena’s synthetic dollar stablecoin, USDe, has become the new Mean Girls of the crypto world. Its market cap has soared to $9.3 billion, up 75% in just one month. Can you believe it? I mean, I’ve seen quicker growth in my collection of vintage 30 Rock scripts, but this is something else!

Every week, it’s like USDe is hosting a “Who Wants to Be a Billionaire” contest, with a weekly jump of 24%. Since July 18, it’s added a whopping $2.73 billion to its supply, according to Artemis. That’s more than the budget for a summer blockbuster!

USDe: The New Kid on the Block Making All the Moves

USDe isn’t just playing catch-up; it’s sprinting past the competition. Even Tether (USDT) and First Digital’s USDS, who thought they had the market cornered, saw their supplies increase by only $2.47 billion and $1 billion, respectively. Meanwhile, USDC took a nosedive, losing nearly $800 million. Ouch! Talk about a fall from grace.

The real drama started on July 21 when Ethena launched Stablecoin X, a long-term treasury arm that’s all about capital allocation. They pledged to buy $260 million worth of ENA, which is like 8% of the entire supply. It’s like they’re setting up a trust fund for their crypto baby!

And let’s not forget the 11% annualized yield offered by staked USDe (sUSDe). It’s like a high-interest savings account, but with a side of crypto flair. This has led to a significant uptick in minting activity. But here’s the kicker: Ethena Foundation can block any ENA sales made by Stablecoin X, forcing them to reinvest or upgrade infrastructure. It’s like a parent setting rules for a teenager’s allowance!

Ethena founder Guy Young tweeted that USDe supply over the past 20 days has outpaced all BTC ETFs and BlackRock’s ETHA ETF combined. It’s like he’s running a marathon while everyone else is still tying their shoelaces.

The ENA Bounce Back: From Zero to Hero

This surge in stablecoin demand has been a godsend for ENA, Ethena’s native token. After a brief dip to $0.51 over the weekend, it’s now back at $0.62. Over the past month, ENA has surged over 140%, with its market cap hitting $8.4 billion at the end of July and then breaking the $9.4 billion mark by August 4. It’s like ENA is on a revenge tour, showing everyone what it’s made of!

ENA is starting to show signs of a strong recovery, hinting at renewed market interest and momentum. It’s like the underdog in a sports movie, finally getting the win after a series of setbacks. 🏆✨

Read More

2025-08-04 23:27