Ethena’s USDe Surges Past $12B, Captures 4% of Stablecoin Market

Ethena Labs’ synthetic dollar, USDe, has crossed the $12 billion market cap milestone, securing more than 4% of the global stablecoin market, according to Messari data.

The rise cements Ethena’s growing influence in a sector long dominated by Tether and Circle.

Perpetual funding fuels momentum

Much of USDe’s growth has been fueled by rising perpetual funding rates, which have more than doubled since the second quarter. Average rates climbed from 3.94% to 9.21%, creating a favorable environment for Ethena’s model, which thrives on arbitraging these funding flows against declining treasury yields.

A bullish setup for $ENA

Messari highlighted that this reflexive business model makes ENA, Ethena’s governance token, particularly attractive in bullish conditions. Anticipation is also building around the project’s Digital Asset Treasury (DAT) launch, which could bring additional institutional inflows.

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Macro backdrop adds weight

The timing of this growth coincides with Jerome Powell’s recent hawkish Jackson Hole speech, which rattled traditional markets and pushed investors to re-examine yield-bearing alternatives like stablecoins.

With USDe’s rapid ascent and ENA’s bullish setup, analysts suggest Ethena is positioning itself not just as another stablecoin issuer, but as a potential disruptor in the next phase of digital asset infrastructure.