Ethena’s USDe Stablecoin Outpaces BlackRock ETFs With $3.1B Growth in 20 Days
Ethena’s synthetic dollar, USDe, has experienced record-breaking momentum, adding over $3.1 billion in supply within just 20 days — surpassing inflows into BlackRock’s leading crypto ETFs during the same period.
According to on-chain data compiled by Ethena community members, USDe’s circulating supply has now climbed past $8.4 billion, marking the fastest expansion since the protocol launched in February 2024.
The $3.14 billion surge since July 17 outpaced the combined $4.35 billion that flowed into BlackRock’s ether (ETHA) and bitcoin (IBIT) ETFs. The yield-bearing DeFi-native asset has become the top destination for capital across both traditional and decentralized markets in recent weeks.
This growth has also spilled into Ethena’s governance token, ENA, which doubled in price over the past month. Still, ENA has pulled back 12% in the last 24 hours, as investors await the long-anticipated activation of the platform’s fee-sharing mechanism.
Ethena is reportedly close to unlocking that revenue distribution feature, having surpassed most of the necessary metrics. The final hurdle — a favorable yield spread over competitors — is expected to be achieved imminently.
Reflexive Growth Engine Powers Stablecoin Momentum
Analysts attribute USDe’s sharp rise to a reflexive loop baked into Ethena’s design. According to a Nansen research report, as bitcoin and ether rise, perpetual futures funding rates tend to move higher. Ethena captures this through delta-neutral hedges and passes the yield directly to sUSDe holders.
That rising yield draws in new users, increases USDe issuance, and further boosts protocol revenue — a feedback cycle that continues to accelerate the ecosystem’s growth.
Over the past month, Ethena generated nearly $50 million in protocol fees and $10 million in net revenue, placing it among DeFi’s top earners, per DeFiLlama data.
ENA is currently trading at $0.58.
