New Delhi | Aug 9, 2025 (IST) — Ethena’s synthetic dollar USDe has surpassed $5.7 billion in total cross-chain volume, as the token cements its position as the No. 3 “synthetic dollar” by market capitalization across crypto. The milestone underscores rising multi-chain demand for USDe and its yield-bearing counterpart, sUSDe.
Key points
- $5.7B all-time cross-chain volume for USDe, reflecting growing usage across 20+ networks via LayerZero messaging.
- Third by market cap among synthetic dollars; USDe is also now the third-largest stablecoin overall, trailing only USDT and USDC.
- Protocol momentum: Ethena’s rapid supply growth and expanding custody/bridge rails have drawn institutionalj interest this quarter.
Why it matters
USDe’s cross-chain traction points to sustained demand for crypto-native “synthetic dollars” that are backed by delta-neutral strategies (long spot, short perps) rather than traditional cash and T-bills. That design has helped Ethena scale quickly in 2025, even as yields have normalized from earlier highs.
By the numbers
Market trackers show USDe ranks #3 among all stablecoins by circulating supply—behind Tether (USDT) and USD Coin (USDC)—a spot it captured in early August following a sharp month-over-month expansion.
Context
Ethena’s approach packages basis-trade yields into a dollar-peggedj instrument (USDe) and a yield-accruing version (sUSDe). Analysts have flagged both the innovation and the trade-offs: funding-rate sensitivity, exchange counterparty risk, and the test of maintaining the peg through a full market cycle.
What’s next
With multi-chain connectivity broadening and0 custody integrations rolling out, attention will stay on:
- Sustained demand vs. yield compression in perp markets;
- Risk management through volatile periods;
- Regulatory developments that could shape disclosures and0 backing requirements for synthetic-dollar issuers.
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