The Ethena stablecoin ecosystem is rapidly expanding. On Friday, Ethena Labs announced a partnership with the institutional-grade OTC platform Flowdesk, aimed at expanding the market channels for its two tokens—USDe and USDtb.
According to both parties, Flowdesk serves clients including token issuers, hedge funds, and exchanges, and will support trading and incentive programs related to the two stablecoins.
USDe is a synthetic dollar launched by Ethena, primarily backed by crypto assets, and stabilizes its value through a neutral hedging strategy, maintaining its peg to 1 dollar.
USDtb, on the other hand, is backed by real-world assets, mainly including the tokenized money market fund BUIDL launched by BlackRock and stablecoins, making its overall risk profile similar to fiat-backed stablecoins like USDC and USDT.
According to CoinMarketCap, the market capitalization of USDe has surpassed 14 billion, with a 21% increase in circulation over the past month. This growth has propelled USDe to become the third-largest stablecoin by market cap, following USDT and USDC.
Ethena's rapid growth is partly attributed to USDe's yield model, which allows holders to earn returns while providing high-quality collateral for the decentralized finance market.
Benefiting from the yield potential of USDe, Mega Matrix has completed a 2 billion registered issuance, providing flexible space for its acquisition of Ethena governance token ENA. Holding ENA will allow Mega Matrix to participate in governance and share in the revenue generated by USDe.
Ethena's cumulative revenue surpassed 500 million in August, bringing the protocol closer to launching its anticipated "fee distribution mechanism," which will allocate a portion of the protocol's revenue to ENA holders.
Another upcoming company is also paying attention to Ethena. StablecoinX and TLGY Acquisition recently secured 890 million through a merger, with the newly formed entity clearly targeting the acquisition of digital assets, including ENA.
Despite rapid growth, Ethena is still approached with caution by market participants, who are taking a wait-and-see attitude towards the derivatives-backed stablecoin model. Cointelegraph Research points out that synthetic stablecoins face risks from funding rate fluctuations, as their yields depend on positive funding rates, along with counterparty risks and exposure to USDT margin contracts.
The core issue is whether synthetic dollars can maintain resilience under long-term negative funding rates or sustained pressure in the derivatives market.
Currently, USDe has successfully addressed related concerns, with market demand continuing to rise, and users are willing to take on synthetic risks in exchange for returns.
Related: Analysts say that as the world enters the "fourth great turning," Bitcoin (BTC) will "accelerate upward."
Original: “As Synthetic Dollars Surge, USDe Reaches $14 Billion, Ethena Partners with Flowdesk Strategically”
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