Ethena Labs’ USDe Stablecoin Hits $12 Billion Record High

Ethena Labs, behind the successful USDe stablecoin, has just achieved a new record high of $12 billion in supply on August 24, 2025. This remarkable milestone marks the coin as the third largest by market capitalization and signifies growing institutional trust and robust growth within DeFi. The increase is attributed to new collateral strategies implemented by Ethena Labs, which include the integration of BNB for supply management. 85% of this rise occurred in just one month, demonstrating the significant impact on DeFi ecosystem liquidity.