Ethena’s USDe has become the third-largest stablecoin, surpassing DAI and USDS

Ethena’s synthetic stablecoin USDe has vaulted into the top tier of the digital dollar market, overtaking DAI and USDS to claim the third spot by market capitalization in the stablecoin ￰0￱ rise in adoption, coupled with progress on governance milestones, has brought Ethena’s long-anticipated “fee switch” closer to reality, as this will allow ENA token holders to share in protocol revenues for the first time. USDe’s circulating supply rose by about 42% in roughly one month, taking its market capitalization to over $12.4 ￰1￱ surge allowed it to climb to third position in the stablecoin market, coming in behind only Tether’s USDT and Circle’s USDC in terms of ￰2￱ circulating supply.