Ethena Labs’ synthetic dollar stablecoin, USDe, has surpassed Solana in revenue and reached a $3 billion market cap. This milestone makes USDe the fourth-largest stablecoin by market capitalization, accounting for about 2% of the overall market.
USDe’s growth is driven by a high yield rate of over 30% and adoption by major crypto projects like MakerDAO and Bybit. Despite concerns about using Bitcoin as a backing asset, USDe generated $7 million in revenue last week, exceeding Solana’s $6.3 million.
Ethena’s founder, Guy Young, highlighted that only Tron and Ethereum outperformed USDe in revenue generation, per Token Terminal data. This positions Ethena to potentially generate $222.5 million in revenue over the next year.
José Maria Macedo of Delphi Labs predicts that USDe will become the largest stablecoin outside of USDC and USDT by 2024, and Ethena will be the highest revenue-generating crypto project. This growth emphasizes Ethena’s strategic importance in the DeFi ecosystem.
