Launched in February, the synthetic U.S. dollar stablecoin USDE, which offers yield earnings on holdings, has exceeded the $3 billion threshold. As of June 2, USDE’s market valuation is approximately $3.02 billion, surpassing FDUSD’s $2.9 billion.

Ethena’s USDE market capitalization on Sunday, June 2, 2024.

Consequently, after crossing the $3 billion mark, USDE is now the fourth-largest stablecoin. Around 13,238 unique addresses hold USDE, with the coin experiencing 395,430 transfers since its launch.

Ethena’s smart contract address holds the most tokens with 1.21 billion USDE, or 40.16% of the total supply, while Ethena’s LP staking address holds the second-largest amount at 511.2 million USDE or 16.92% of the circulating supply.

Other major holders include Pendle Finance, Morpho, Ethena, and Zircuit. Despite 13,238 wallets holding USDE, the top 100 holders collectively own 99.2% of the total supply or 2.99 billion USDE tokens. USDE tokens see limited movement as many holders stake the stablecoin for yield. Global trade volume remains low, with only $31.91 million traded in the past day.

The ethena.fi portal shows the current annual percentage yield (APY) for USDE at 33.5%, attracting its user base. Ethena.fi indicates new participants still need an invite code to join, with 199,990 users leveraging the ethena.fi application at the time of writing.

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