Ethena's ENA Surges 17% as USDe Supply Hits $9.284 Billion

Digital asset market participants are closely watching Ethena’s native token, ENA, following a significant milestone for the project’s synthetic stablecoin, USDe. As of June 26, 2025, USDe reached a record circulating supply of $9.284 billion, placing it in the third-largest stablecoin by market capitalization—behind only USDT and USDC, according to DeFillama data[1]. This surge reflects growing interest in yield-bearing stablecoins, which offer users not just price stability but also returns on idle assets, a trend accelerated by recent regulatory developments such as the GENIUS law.

Ethena's ecosystem has experienced rapid expansion, with USDe’s supply increasing by more than 75% over the previous months. This growth has directly contributed to Ethena becoming the sixth-largest DeFi protocol in terms of total value locked (TVL), with $9.47 billion in assets secured on the platform[1]. The increasing TVL suggests strong user confidence in Ethena’s liquidity provision, staking, and USDe minting services, which together offer a compelling value proposition for investors seeking both stability and yield in a competitive DeFi market.

The positive momentum has translated into a notable price rebound for ENA, which rose 17% from $0.5321 to $0.6228 over the reporting period[1]. While the token is currently trading slightly below its peak at $0.6147, the broader performance is seen as a reflection of the project’s progress and the growing adoption of USDe. However, analysts caution that the rally may not be sustained if trading volumes remain weak, and further corrections could occur before any firm upward movement is confirmed[1].

Another factor that has raised market caution is the scheduled token unlock of $103 million on August 5, which could exert downward pressure on ENA’s price. Despite this, Ethena remains positioned as a leader in the yield-bearing stablecoin space, with its innovative on-chain mechanisms and composability attracting liquidity providers and stakers. As USDe continues to gain traction, the ecosystem is likely to see increased demand for ENA, particularly as users seek to participate in the platform's expanding utility and governance features[1].

The developments highlight a broader shift in the stablecoin market toward yield-generating alternatives, with Ethena at the forefront of this transition. As regulatory clarity continues to shape the crypto landscape, platforms that combine stability with financial utility are expected to gain further ground—potentially driving long-term value for tokens like ENA[1].

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[1] ENA Price Turns Bullish as Ethena’s Stablecoin Supply Surpasses $9B Milestone – Invezz (https://invezz.com/news/2025/08/04/ena-price-turns-bullish-as-ethenas-stablecoin-supply-surpasses-9b-milestone/)