Ethena's USDe stablecoin has surged 25,645% in market capitalization on Base over the past 90 days, reaching $337 million and becoming the network's second-largest stablecoin. The token saw approximately $67 million in net inflows over the last 30 days. Its growth is attributed to a custody arrangement with Coinbase and integrations with Morpho and other DeFi protocols. USDe operates via a delta-neutral strategy, distributing funding rate income from perpetual futures to stakers. The token's global supply now stands near $4.08 billion, with holdings distributed across 21 blockchains. The figures come from CryptoBriefing, as relayed by Techub News.
USDe, the stablecoin issued by Ethena, has seen its market cap on Base surge 25,645% over 90 days to $337 million. It now ranks as the second-largest stablecoin on the network.
Growth drivers
Over the past 30 days, USDe pulled in roughly $67 million in net inflows. The spike is tied to a custody partnership with Coinbase and integrations with Morpho and other DeFi protocols.
Mechanics and supply
USDe runs on a delta-neutral strategy, passing perpetual futures funding rate income to stakers. Its total global supply is around $4.08 billion, spread across 21 chains, according to CryptoBriefing.
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