• USDe hits $3 billion supply mark in four months, sets record.
• The ‘synthetic dollar’ accumulated $1 billion since April 5.
• The USDe is on track to challenge DAI as the largest algorithmic or decentralized stablecoin.

Ethena Labs’ USDe stablecoin has set a record by becoming the first of its category of cryptocurrency to reach the $3 billion supply mark only four months after it launched. Also known as ‘synthetic dollar,’ the USDe launched in February 2024 and maintains its peg through arbitrage mechanics and a yield-returning cash-and-carry trade.

Available reports show that the USDe’s supply crossed the $2 billion threshold on April 5. Since then, the stablecoin has accumulated an extra $1 billion in supply, putting it on track to challenge DAI as the largest algorithmic or decentralized stablecoin. This assumption is based on the synthetic dollar’s growth rate, knowing it would need to attract an extra $2 billion supply to complete with DAI.

Notably, the USDe’s impressive growth puts it in the fourth position in the overall stablecoin market, posting a 3.3% market share. However, th…

The post USDe Hits $3 Billion Market Supply Just Four Months After Launching appeared first on Coin Edition.

• USDe hits $3 billion supply mark in four months, sets record.
• The ‘synthetic dollar’ accumulated $1 billion since April 5.
• The USDe is on track to challenge DAI as the largest algorithmic or decentralized stablecoin.

Ethena Labs’ USDe stablecoin has set a record by becoming the first of its category of cryptocurrency to reach the $3 billion supply mark only four months after it launched. Also known as ‘synthetic dollar,’ the USDe launched in February 2024 and maintains its peg through arbitrage mechanics and a yield-returning cash-and-carry trade.

Available reports show that the USDe’s supply crossed the $2 billion threshold on April 5. Since then, the stablecoin has accumulated an extra $1 billion in supply, putting it on track to challenge DAI as the largest algorithmic or decentralized stablecoin. This assumption is based on the synthetic dollar’s growth rate, knowing it would need to attract an extra $2 billion supply to complete with DAI.

Notably, the USDe’s impressive growth puts it in the fourth position in the overall stablecoin market, posting a 3.3% market share. However, th…

The post USDe Hits $3 Billion Market Supply Just Four Months After Launching appeared first on Coin Edition.