Stablecoin

Token

Billion Token

USDe

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethena-labs-reaches-3-billion-token-supply-with-usde-stablecoin/" data-wpel-link="internal">Ethena Labs Reaches $3 Billion Token Supply with USDe Stablecoin</a><br></p>
<p class="p1" style="text-align: justify">Ethena Labs’ USDe stablecoin project, known as a synthetic dollar aiming to maintain its fixed price through arbitrage mechanics and yield-generating cash and carry trade transactions, reached a token supply of $3 billion just four months after its public launch in February. The stablecoin supply increased by $1 billion since it last crossed the $2 billion mark on April 5.</p> 
<h2 class="p1" style="text-align: justify" id="ethena-labs-takes-a-noteworthy-step">Ethena Labs Takes a Noteworthy Step</h2> 
<p class="p1" style="text-align: justify">Now, Ethena Labs is on the path to challenge DAI as the largest algorithmic or decentralized stablecoin, but according to blockchain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> platform The Block Data Dashboard, it will need to add another $2 billion in supply to reach those levels.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-358535" src="https://coin-turk.com/wp-content/uploads/2024/06/eth-1.png" alt="" width="500" height="390"></p> 
<p class="p1" style="text-align: justify">In terms of overall stablecoin supply, USDe ranks fourth in the stablecoin <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> with a 3.3% share, much lower than market leader Tether’s dominant 57% position. Although USDe’s rapid rise is reminiscent of Terraform Labs’ UST stablecoin project, each token’s mechanism is different; USDe’s yield comes from cash and carry trade transactions and staking income shared later with holders. The stablecoin was recently integrated with Bybit, providing spot trade pairs with <a href="https://en.coin-turk.com/ethereum-price-rises-significantly-in-recent-weeks/" data-wpel-link="internal">Ethereum</a> and Bitcoin.</p> 
<p class="p1" style="text-align: justify">USDe also recently started releasing its governance token, ENA, through an airdrop event in April; according to Tradingview’s price page, the token has since reached a market value of $1.3 billion and fell from its all-time high price of $1.52 to approximately $0.91 on the night of June 1.</p> 
<h2 class="p1" style="text-align: justify" id="stablecoin-projects-and-crypto">Stablecoin Projects and Crypto</h2> 
<p class="p1" style="text-align: justify">Discussions about stablecoin projects continue to be a hot topic in many countries. In this process, Tether, the largest stablecoin project by market value, stands out. The company enriches its reserves as much as possible, aiming to prepare for potential regulatory processes, especially in the United States.</p> 
<p class="p1" style="text-align: justify">Additionally, central banks in many developed countries continue to bring digital assets to the agenda. Although the project has been put on hold in the US recently, work on these projects continues at full speed in major countries like China and Russia.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethena-labs-reaches-3-billion-token-supply-with-usde-stablecoin/" data-wpel-link="internal">Ethena Labs Reaches $3 Billion Token Supply with USDe Stablecoin</a></h5>

Ethena Labs Reaches $3 Billion Token Supply with USDe Stablecoin

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