Ethena's stablecoin USDe is about to enter a rapid growth phase.

According to official data, the supply of USDe has increased from 5.3 billion on July 14 to 12.3 billion today, growing by 7 billion in just 45 days. Previously, the supply of USDe started at 5.3 billion and took nearly a year and a half to reach that level.

I specifically researched the historical data of USDC and USDT, and found astonishing similarities in their growth patterns. The two graphs below show the changes in MarketCap. From the graphs, it can be seen that USDC also experienced slow growth at the beginning, and lingered around the 3 billion mark for a long time. However, starting in December 2020, FDV began to grow rapidly, soaring to 55.6 billion USD, an increase of over 1800%.

Similarly, USDT's growth was also comparable; around the 6 to 8 billion mark, its market cap began to experience explosive growth, reaching 78.6 billion USD. It has now reached 167.3 billion USD.

I believe the logic behind this pattern is as follows: initially, the market takes time to recognize the stablecoin, which also includes related ecological projects. Just like a new brand, it requires time to cultivate user perception. Once a certain stage is reached, around 5 billion USD based on the data, market recognition increases, trust is established, and the growth flywheel begins to turn.

@ethena_labs

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