Ethena Labs' USDe, a synthetic dollar stablecoin, has achieved significant community adoption, making it the fourth-largest stablecoin by market capitalization.

Recently, USDe surpassed the entire Solana blockchain in revenue generation, marking a significant milestone.

USDe supply exceeds $3 billion

According to CryptoSlate, the supply of USDe has exceeded $3 billion just four months after its launch in February. This rapid growth makes USDe the fastest-growing USD-pegged asset in crypto history. Its market capitalization now surpasses that of Binance's FDUSD stablecoin, trailing only MakerDAO’s DAI.

Notably, USDe’s market cap has surpassed the combined value of all stablecoins on the Solana blockchain. Data from DeFillama shows that USDe currently holds about 2% of the overall stablecoin market share.

DeFi analyst Patrick Scott commented on this milestone, highlighting the importance of USDe sustaining its growth, developing deep liquidity, and further integrating into the DeFi ecosystem.

USDe’s rapid growth can be attributed to its high yield rate of over 30% and adoption by major crypto projects like MakerDAO and the Bybit exchange. However, some market experts have expressed concerns about USDe’s use of Bitcoin as a backing asset, citing potential contagion risks.

Revenue generation

In the past week, Ethena’s USDe emerged as the highest-earning decentralized application (DApp), generating $7 million in revenue, surpassing Solana’s $6.3 million revenue for the same period.

Token Terminal data shared by Ethena founder Guy Young on X revealed that only Tron and Ethereum outperformed USDe in revenue generation.

This impressive performance supports Token Terminal's prediction that Ethena could generate $222.5 million in revenue over the next year.

José Maria Macedo, CEO of Delphi Labs, stated that Ethena Labs is set to become the highest revenue-generating crypto project. He said:

“USDe will become the largest stablecoin outside of USDC/USDT in 2024. Ethena will become the highest revenue-generating project in all of crypto.”