Ethena USD market capitalization 2025: Web3 stablecoin industry analysis and ranking

Ethena USDe: The market capitalization king of the new generation Web3 stablecoin.

Ethena USDe, as an emerging stablecoin in the Web3 ecosystem, has rapidly risen to become one of the top-ranked crypto assets in a short period of time. As of June 16, 2025, the market capitalization of USDe has reached $5.894 billion, ranking it 23rd in the global cryptocurrency market. This remarkable achievement marks USDe as the market capitalization leader among the new generation of Web3 stablecoins, bringing new vitality and opportunities to the decentralized finance sector.

The explosive growth of USDe: An astonishing rise from zero to 5.89 billion USD

Since its launch on February 20, 2024, USDe has achieved an astonishing growth from zero to a market capitalization of 5.89 billion USD in less than a year and a half. This explosive growth rate is rare in the history of stablecoins and fully reflects the market's high recognition and trust in USDe. According to the latest data, the circulating supply of USDe has reached 5.894 billion coins, with the price of each USDe stabilizing around 0.9999 USD, perfectly achieving a 1:1 peg with the USD.

The success of USDe is reflected not only in its market capitalization but also in its trading activity. In the past 24 hours, the trading volume of USDe reached 69.74 million USD, a month-on-month increase of 35.35%, demonstrating strong market demand for this emerging stablecoin. This continuous growth in trading volume not only provides ample liquidity for USDe but also lays a solid foundation for its application in the Web3 ecosystem.

The Reshaping of the Web3 Stablecoin Market: How USDe is Disrupting Traditional Giants

The rise of USDe is reshaping the landscape of the Web3 stablecoin market. Compared to traditional centralized stablecoins, USDe, with its innovative mechanism and decentralized characteristics, is gradually eating into the market share of traditional giants. As of June 2025, the market capitalization ranking of Web3 stablecoins is as follows:

Ranking stablecoin market capitalization (100 million USD)
1 USDT 892.5
2 USDC 326.7
3 BUSD 112.3
4 DAI 73.6
5 USDe 58.9
Although USDe is currently lagging behind traditional giants in terms of market capitalization, its growth rate and innovative potential have garnered widespread attention in the industry. Leading cryptocurrency trading platforms like Gate are also actively supporting the development of USDe by providing liquidity and trading pair support, further promoting the application and adoption of USDe globally.

Unlocking the secret to USDe's success: innovative mechanisms and ecosystem advantages

The success of USDe is not accidental; it is backed by multiple innovative mechanisms and ecosystem advantages. Firstly, USDe adopts a unique decentralized staking mechanism that automatically manages staking assets through smart contracts, ensuring the stability of the stablecoin's value. Secondly, USDe actively collaborates with advanced Layer 2 scaling solutions like EigenLayer, greatly enhancing transaction efficiency and scalability. In addition, USDe achieves seamless asset flow through cross-chain integration with multiple public chain ecosystems, providing users with more application scenarios and investment opportunities.

The ecosystem advantages of USDe are also reflected in its strong community support and developer ecosystem. As a member of well-known institutional portfolios such as Binance Labs and DragonFly Capital, USDe has received ample funding and resource support, providing a strong guarantee for its long-term development. At the same time, USDe actively encourages developers to build decentralized applications (DApps) on its platform, promoting the prosperous development of the entire ecosystem.

Conclusion

The rapid rise of USDe highlights the immense potential of Web3 stablecoins. Innovative mechanisms, a strong ecosystem, and market recognition have propelled it to become a new force in the industry. As decentralized finance continues to evolve, USDe is expected to play a more significant role in the future financial system, bringing more value and opportunities to users.

Risk Warning: The cryptocurrency market is highly volatile, and USDe may face regulatory risks and technical challenges. Investment should be done with caution.