Ethena's USDe Crosses $10B Supply on Yield-Bearing Demand
The synthetic dollar has grown into one of the largest stablecoins on-chain, defying earlier scepticism around its delta-neutral funding model.
Sebastian Cole//Jul 8, 2025//5m
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The synthetic dollar has grown into one of the largest stablecoins on-chain, defying earlier scepticism around its delta-neutral funding model.
Issuers are competing for stablecoin TVL by passing more of the underlying treasury yield through to holders, reshaping the long-static stablecoin landscape.