Ethena’s USDe supply has hit $12B—over 15% of USDC’s—driven by leveraged yield loops on Pendle and Aave. As a yield-bearing stablecoin offering 9–11% APY via delta-neutral hedging, USDe is emerging as a serious challenger to USDC and USDT.

Ethena’s USDe supply has hit $12B—over 15% of USDC’s—driven by leveraged yield loops on Pendle and Aave. As a yield-bearing stablecoin offering 9–11% APY via delta-neutral hedging, USDe is emerging as a serious challenger to USDC and USDT.

The Block •