Ethena Labs’ USDe overtakes rivals as fastest-growing stablecoin, reaching $10B in TVL in just 500 days

Usde has set a brand new trade file by reaching $ 10 billion in whole worth in simply 500 days (TVL), making it the quickest stablecoin in historical past to succeed in that milestone.

The protocol behind Usde, Ethena Labs, posted:

“Everybody needs to know what we’d say if we had not achieved a $ 10 billion provide

I believe we’ll by no means know “

The genius behind the rise of Usde

The quick climb of Usde has merged with the products of the Genius Act, the steering and the institution of nationwide innovation for the American Stablecoins Act, which represents the primary intensive federal framework for Stablecoins in the US.

The strict new guidelines arrange on EXPENTS on July 18, 2025, together with 1: 1 reserve necessities in belongings with a low danger, strong federal supervision for giant points and robust shopper safety similar to precedence dependence rights within the occasion of failure.

Essentially the most impactful dedication of the legislation, and the catalyst behind the rise of Usde, is the prohibition of regulated points who pay returns on stablecoins, as Coinfund president Chris Perkins advised CryptoSlate:

“Underneath Genius, Stablecoins don’t pay curiosity to finish customers, and with out curiosity, stablecoins are the belongings. The offset. So holders will discover a yield. And that’s the place Defi is available in. If the tasks of the Treasury ministerie apply to maximise a wide range of technique.

This prohibition on income funds causes an in -depth redeers within the Stablecoin market. Capital that after stabbed to conventional, income paying stablecoins similar to USDC is in search of alternate options and far of it has landed with Usde. As a outstanding crypto dealer, Cas Abbé, noted:

“The explanation behind this development is the approval of the Genius Act, which forbids emitting folks to present yields on Stablecoins.

In consequence, huge cash has now been shifted to $ Usde, which provides a profitable yield. “

Defi offers alternatives for gasoline demand

Ethena Labs has been in a position to entice this query because of steady income provides by way of decentralized finance (Defi) mechanisms, which fall exterior the constraints positioned on federally guided emennin. The end result is a big inflow of institutional and retailer capital, in order that a lot of its rivals are propelled past. The ENA Governance additionally skilled a value score of greater than 100% previously month.

The milestone of $ 10 billion from Usde is proof of how dramatically the good motion has reformed the Stablecoin panorama. Whereas the legislation tightens the controls and imposes new ensures, it has additionally created alternatives for agile, Defi-Native Protocols to catch yield-hungry capital, which exhibits that authorized shifts would not have to suppress innovation.

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