Ethena’s USDe surged 85% in a month to a $5.8B supply, surpassing MakerDAO’s Dai as the third-largest stablecoin. Offering a 27% annual yield—over double Dai's 12.5%—USDe’s BTC, ETH and SOL-backed model brings high returns but increased risk.

Ethena’s USDe surged 85% in a month to a $5.8B supply, surpassing MakerDAO’s Dai as the third-largest stablecoin. Offering a 27% annual yield—over double Dai's 12.5%—USDe’s BTC, ETH and SOL-backed model brings high returns but increased risk.

Defillama •