Ethena USDe Stablecoin Surges 72%—Tether’s Market Lead at Risk

• Ethena USDe’s 72.65% monthly growth highlights its potential to disrupt stablecoin leaders.
• Tether’s $135B market cap and multi-chain reach secure its dominance in the stablecoin space.
• USDC’s 14.62% monthly growth shows resilience but lags Ethena USDe’s meteoric rise.

Ethena Labs has entered the stablecoin market with its new, Ethena USDe (USDe). This comes as the market has long been dominated by Tether (USDT) and USD Coin (USDC).

As noted by Arthur Hayes, Co-Founder of BitMEX, USDe is growing remarkably, making established players like Circle, the issuer of USDC, take notice. Ethena Labs’ aggressive entry into the stablecoin arena suggests that a market shake-up might be underway.

Circle … be afraid, be very afraid @ethena_labs is coming for you! pic.twitter.com/dHdFbY7Bs3

— Arthur Hayes (@CryptoHayes)
December 3, 2024

Tether Still Leads, But the Market Is Changing

Tether (USDT) remains the dominant stablecoin, supported across 78 blockchains, which shows its versatility. Its price is consistently $1, showing stability, with deviations of +0.10% daily and +0.50% monthly.

Also, USDT has improved substantially, with a 1-month gain of +12.18%. This dominance is shown by its market capitalization of $135.004 billion, which is much higher than competitors.

USD Coin (USDC), issued by Circle, is second in this market. It is available across 76 chains and has a stable $1 price. Although it has no immediate off-peg deviation, its monthly deviation of +0.80% shows minor fluctuations. USDC’s 1-month gain of +14.62% is higher than Tether, showing strong recent performance. However, its $39.876 billion market cap is still much lower than USDT.

Ethena USDe Gains Momentum

Ethena USDe, supported on 11 blockchains, is becoming more popular. Although its reach is smaller than its rivals, USDe has grown impressively. Its price stability is similar to its competitors at $1, with deviations of +0.20% daily and +1.00% monthly.

USDe is growing quickly, with a 1-day performance of +6.34% and 1-month growth of +72.65%. Its market capitalization, at $4.763 billion, is modest but shows that many people are using it.

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