Ethena Labs’ USDe Stablecoin Reaches $12 Billion in Circulation

Ethena Labs has achieved a significant milestone with its USDe stablecoin, reaching a record $12 billion circulating supply. This places USDe as the third-largest stablecoin by market cap and reflects the growing popularity of synthetic stablecoins in 2025. The surge in supply is attributed to Ethena’s robust ecosystem development, collateral expansion, and regulatory clarity that has boosted institutional confidence.