5 hours ago
USDe has acceptable a caller manufacture grounds by hitting $10 cardinal successful full worth locked (TVL) successful conscionable 500 days, making it the fastest stablecoin successful past to scope that milestone.
USDe reaches $10B milestoneThe protocol down USDe, Ethena Labs, posted:
“everyone wants to cognize what we’d accidental if we didn’t scope $10b supply
i conjecture we’ll ne'er know”
The GENIUS down the emergence of USDe
USDe’s accelerated ascent has coincided with the passing of the GENIUS Act, the Guiding and Establishing National Innovation for U.S. Stablecoins Act, which represents the archetypal broad national model for stablecoins successful the United States.
Enacted connected July 18, 2025, it imposes strict caller rules connected issuers, including 1:1 reserve requirements successful low-risk assets, robust national oversight for ample issuers, and beardown user protections specified arsenic precedence repayment rights successful the lawsuit of failure.
The astir impactful proviso of the ACT, however, and the catalyst down the emergence of USDe, is the prohibition connected regulated issuers paying yields connected stablecoins, arsenic CoinFund president Chris Perkins told CryptoSlate:
“Under GENIUS, stablecoins bash not wage involvement to extremity users, and without interest, stablecoins are depreciating assets. So, holders volition question yield. And that’s wherever DeFi comes in. If the Treasury Department’s projections are close and trillions of stablecoins travel into the system, expect DeFi summertime connected steroids arsenic users question to maximize output by engaging crossed a assortment of output strategies. Users volition beryllium drawn to yield-bearing vaults, and they volition committee AI agents to optimize their returns.”
This prohibition connected output payments is causing a profound realignment successful the stablecoin market. Capital that erstwhile flowed to traditional, yield-paying stablecoins specified arsenic USDC has been seeking alternatives, and overmuch of it has landed with USDe. As salient crypto trader, Cas Abbé, pointed out:
“The crushed down this maturation is GENIUS Act approval, which prohibit issuers to supply yields connected stablecoins.
Due to this, large wealth has present shifted to $USDe which provides lucrative yield.”
DeFi output opportunities substance demand
Ethena Labs has been capable to pull this request acknowledgment to continued output offerings via decentralized concern (DeFi) mechanisms, which autumn extracurricular the restrictions placed connected federally supervised issuers. The effect is simply a monolithic inflow of organization and retail capital, propelling USDe past galore of its competitors. The ENA governance token has besides experienced a terms appreciation of implicit 100% successful the past month.
USDe’s $10 cardinal milestone is simply a testament to however dramatically the GENIUS Act has reshaped the stablecoin landscape. While the instrumentality tightens controls and imposes caller safeguards, it has besides created opportunities for nimble, DeFi-native protocols to seizure yield-hungry capital, proving that regulatory shifts don’t person to stifle innovation.
The station Ethena Labs’ USDe overtakes rivals arsenic fastest-growing stablecoin, reaching $10B successful TVL successful conscionable 500 days appeared archetypal connected CryptoSlate.
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