USDE Soars to $4.12B Market Cap Amid Bull Market Frenzy, Driven by Yield Seekers
Ethena’s USDE has become the fourth-largest stablecoin, reaching a $4.12 billion market cap, driven by its high 29% annual percentage yield (APY).
This synthetic stablecoin blends crypto holdings and short positions to maintain its peg. The APY has attracted yield chasers, with USDE significantly outpacing competitors like USDC (4.7% APY) and USDS (8.5% APY). However, USDE’s supply is highly concentrated, with the top 100 wallets controlling 99.72% of the total. Indicating its use is more focused on earning rewards than transactions.
As the stablecoin market evolves, USDE’s focus on yield highlights a shift toward investment-driven applications.
Clever Robot News Desk 1st December 2024
