Adoption of Ethena’s yield-bearing stablecoin, USDe, is soaring.
Data from CoinMarketCap shows USDe’s market cap surging by $1.46 billion or nearly 61% to an all-time high of $3.87 billion since tagging a local low on Oct. 17.
The move has solidified USDe as the fourth-largest stablecoin by capitalization, beating out First Digital USD (FDUSD) with $2.19 billion, and closing in on Sky’s DAI token with $4.25 billion — although Sky recently launched a second stablecoin in USDS, which adds $1 billion to the capitalization of the project’s stablecoin ecosystem.
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#undefined [Source: TheDefiant]