Ethena's USDe stablecoin grew $0.76B in 30 days to $4.88B supply, with the protocol's fee switch set to buy ENA tokens once supply reaches $7.5B threshold. Ethena Pay card volume surged 296% in its first 30 days, though supply growth driven primarily by crypto perpetuals funding rates remains the key catalyst.
X users discuss stablecoin developments, including Ethena's diversification of USDe backing, token unlock completion, new partnerships with tokenized funds, and the launch of Ethena Pay. Tim Draper advocates Bitcoin and stablecoins as bridges to frictionless on-chain commerce. Stepan Simkin describes stablecoins enabling decentralized financial services through open protocols rather than traditional banking.
Discussion of stablecoin and blockchain ecosystem developments, including Circle's Arc mainnet launch on September 16 with infrastructure for on-chain markets, methods for earning returns through token launches and trading on Arc, and Ethena's dual stablecoin strategy with USDe and USDtb growing at double-digit rates.