Synthetic stablecoins are soaring! Ethena's revenue has surpassed $500 million, and USDe's market capitalization has skyrocketed to a historical high.

The synthetic stablecoin market is entering a period of explosive growth. Ethena Labs announced on August 21 that its protocol's cumulative revenue has surpassed 500 million USD, and the supply and market capitalization of its core product, Ethena USDe stablecoin, have reached all-time highs. As the global regulatory environment becomes clearer, synthetic stablecoins are rapidly expanding their market territory, challenging the dominance of traditional stablecoins.

Ethena Revenue and USDe Market Capitalization Hit Record Highs

(Source: Ethena Labs)

Total revenue: over 500 million USD

Weekly Revenue: 13.4 million USD

USDe supply: reached 11.7 billion USD (historical high)

Market capitalization ranking: third in the stablecoin market, first among synthetic stablecoins.

A spokesperson for Ethena Labs stated that the revenue growth was attributed to strong capital inflows into USDe and a favorable market environment, which amplified the returns of its Delta-neutral hedging reserve model, reflecting the increasing market confidence in USDe as a store of value.

Synthetic stablecoin market is heating up

In addition to USDe, other synthetic stablecoins are also growing rapidly:

Sky Dollar (USDS): market capitalization increased by 14%, positioned as an upgraded version of DAI

Falcon USD (USDf): Market capitalization surged by 89.4%, issued by Falcon Finance.

Advantages of synthetic stablecoins:

1. No need for physical asset collateral, low transaction costs.

2. High flexibility, can be quickly deployed in the DeFi ecosystem.

Risk:

1. Easily affected by market fluctuations, with a risk of decoupling.

2. Extreme market conditions may lead to significant losses for investors.

Stablecoin market overall warming

According to DefiLlama data:

August stablecoin total market capitalization: increased from 266.6 billion USD to 277.8 billion USD (+4%)

Driving factors: On July 18, U.S. President Trump signed the GENIUS Act, which clarifies the regulatory framework for stablecoins.

Federal Reserve Governor Christopher Waller stated at the 2025 Wyoming blockchain seminar that the "GENIUS Act" will help stablecoins unlock their full potential and expand the use of the USD globally.

International Dynamics: China May Launch Renminbi Stablecoin

According to reports, China is considering allowing the issuance of a renminbi-backed stablecoin, which would be a significant policy shift and could compete with US dollar stablecoins in the areas of international settlement and cross-border payments.

Conclusion

The explosive growth of Ethena USDe marks the transition of synthetic stablecoins from niche markets to the mainstream financial stage. With the clarification of U.S. regulations and intensified international competition, the stablecoin market may face a new round of reshuffling. For investors, synthetic stablecoins like USDe coexist with high returns and high risks, and future trends will depend on market confidence and the speed of regulatory policy implementation.