Ethena's synthetic dollar, USDe, has reached a supply of $3 billion within just four months of its launch, making it the fourth-largest stablecoin. Built on the Ethereum blockchain, USDe is fully backed on-chain and integrates with other blockchain protocols. Despite its rapid growth, experts have raised concerns about potential risks similar to the collapse of TerraUSD (UST). Nevertheless, USDe continues to attract DeFi enthusiasts with its high annual percentage yield (APY) and innovative approach to stablecoins.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
