Ecena’s USDE grew 75% as growth became almost vertical in July. Stablecoin surpassed Skyprotocol’s USD, making it the third largest Stablecoin due to supply.
Ethena’s USDE rapidly expanded supply, leaving behind a supply crunch for several months. Over the past month, USDE has increased by 75%, with a total market capitalization of 9.69B. USDE supply rapidly expanded in November 2024, reaching its peak market in December. Current expansions may suggest additional monthly crypto rallies based on more reliable sentiment and fluidity.
The main reason for the new mint is the directive move of ETH that exceeds $3,800 in the past month. That scenario will allow Ethena’s revenue model to work better and enable the platform to support larger USDE supplies.
For most of 2025, Eden ETH soaked under $2,000, keeping the USDE supply at a conservative baseline. The month of the preferred condition led to immediate construction, adding 4B or more tokens to the total supply.
Almost all other stubcoins have expanded in the past few weeks, adding another $196 million in total supply over the past seven days. USDE is now ahead of previously highly active stablecoins like Binance’s FDUSD.
The token supports not only Niche Stabelcoins Fraxusd and MKUSD, but also several pairs on curve finance for dealings with USDC.
USDE takes over both centralized and decentralized markets
One of the USDE’s chief boosts comes from Bibit. This currently carries over 30% of token transactions. Another 20% of token activity is based on UniSwap V3 pairs.
Part of the growth of use Its improved reputation has enabled assets to become part of multiple ecosystems. USDE is one of the few synthetic stability that has established a supply close to 10B and will move to both Defi and general trading.
Susde is currently trading at premium, so the main attraction for USDE is its staking ability. Over the past year, the premium has grown from $1.08 to $1.19, with a steady growth. However, Susde without staking depends on the market situation, and if there are too many traders, latency increases when demanding assets.
Susde supply has also increased by more than 5.22b, suggesting that other USDE businesses currently have a free supply of around $4 billion.
ENA trades near a 3 month high
Ecena’s native token ENA traded at $0.60 at close to a three-month high. The token peaked at $0.68 at the end of July, reflecting overall market activity.
ENA has expanded its expectations for “Ethena Summer” and has shown an increase in trust in Defi in the bull market in 2025. It also shows that the project can occur in a controllable way during market revisions.
Currently, USDE is in demand for an average APY of 8.85%, but this is only possible under the preferred conditions of ETH. General ETH bullishness is a major factor in Ecena’s success. In early July, the ETH rally was still in its early stages, so APY was low at 3.51%. The USDE is still supported by Ecena’s market conditions and liquidation may be open. In this scenario, Ecena will need to reduce supply again.
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