A week in, both USDe and USDG sit at around $570-600M of supply on @solana. USDe was at $3.5M on May 10. It's at $570M today. That's the asset @ethena actually wanted to scale, and it's the one that did. USDG moved the other way. Before the launch it was already a ~$820M stablecoin on Solana. Ethena bridged in another ~$770M of seed inventory on May 11, briefly pushing supply above $1.59B. Over the following week it drained back down — borrowed into loops and swapped to USDe. Sharp move by Ethena. They used USDG — a regulated, deep-liquidity stablecoin — as the inventory to bootstrap demand for their own product, now sitting in two Solana lending markets, earning yield, with institutional curators watching the risk. https://dune.com/blog/lending-institutional-curation-solana(Dune)