{"id":39957,"date":"2025-08-01T12:17:16","date_gmt":"2025-08-01T12:17:16","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=39957"},"modified":"2025-08-01T12:17:16","modified_gmt":"2025-08-01T12:17:16","slug":"ethenas-usde-outpaces-blackrocks-bitcoin-ether-etfs-with-3-1b-inflow-surge","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=39957","title":{"rendered":"Ethena’s USDe Outpaces BlackRock\u2019s Bitcoin, Ether ETFs With $3.1B Inflow Surge"},"content":{"rendered":"
\n

Ethena\u2019s<\/a> synthetic stablecoin, USDe, has crossed $8.4 billion in supply, adding more than $3.14 billion over 20 days in a surge that outpaced flows into BlackRock\u2019s (BLK) flagship bitcoin and ether exchange-traded funds.<\/p>\n

\"(Ethena)\"<\/p>\n

According to on-chain data curated by the Ethena community, the supply increase since July 17 is the fastest period of growth since the protocol’s inception in February 2024. <\/p>\n

Inflow into the yield-bearing stablecoin exceeds the $2.75 billion added to BlackRock\u2019s ether ETF (ETHA) and the $1.60 billion into its bitcoin ETF (IBIT) in the same period, making the DeFi-native stablecoin the biggest magnet for capital across both on- and off-chain markets in recent weeks.<\/p>\n

The rally has spilled over into Ethena\u2019s governance token ENA<\/a>, which more than doubled<\/a> in the past month, though it is down 12% in the past 24 hours as traders hope the long-awaited fee switch will soon activate.<\/p>\n

The protocol has already surpassed most of the thresholds required to distribute revenue to staked ENA holders, with the final benchmark, a favorable yield spread versus rivals, expected to be met soon.<\/p>\n

USDe’s reflexive loop<\/strong><\/p>\n

USDe\u2019s recent growth reflects a powerful reflexive loop built into its core design, as Nansen explained<\/a> in a recent research report on the Ethena ecosystem.<\/p>\n

As bitcoin and ether prices rally, perpetual funding rates in turn increasingly positive. Ethena captures this funding via delta-neutral hedges<\/a>, and distributes it as real-time yield to sUSDe holders.<\/p>\n

That higher yield then draws in more users, leading to greater USDe issuance, more hedging, and more protocol revenue.<\/p>\n

In the last month, Ethena has brought in nearly $50 million in feed and $10 million in revenue, according to DeFiLlama data<\/a>. This makes it the sixth best-performing protocol for monthly fee revenue according to the data aggregator.<\/p>\n

ENA is currently trading for $0.58. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethena\u2019s synthetic stablecoin, USDe, has crossed $8.4 billion in supply, adding more than $3.14 billion over 20 days in a surge that outpaced flows into BlackRock\u2019s (BLK) flagship bitcoin and ether exchange-traded funds. According to on-chain data curated by the Ethena community, the supply increase since July 17 is the fastest period of growth since […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-39957","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/39957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39957"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/39957\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}