Ethena's (ENA) price surges by 14% despite substantial token releases, fueling market confusion.

Ethena's (ENA) price surges by 14% despite substantial token releases, fueling market confusion.

Ethena's USDe Stablecoin Tops Third-Largest Market Cap, Marking a Milestone in DeFi and Institutional Adoption

Ethena's USDe stablecoin has made a significant leap, becoming the third-largest stablecoin by market cap, with values around $9.3 to $9.5 billion as of early August 2025. This surge reflects a 75% supply increase in about one month, driven in part by the passage of the GENIUS Act on July 18, 2025, which has catalyzed a yield-bearing stablecoin boom, especially for USDe[1][2][3].

The GENIUS Act, a recent legislation, potentially enables the issuance of a USD-compliant stablecoin. In response, Ethena partnered with Anchorage Digital, a federally regulated crypto bank, to issue a USD-compliant stablecoin called USDtb in the U.S. market under the Act's regulatory framework. This move aims to bolster institutional adoption and enable usage through regulated financial channels[5].

USDe, a synthetic, yield-bearing stablecoin, maintains its $1 peg using a delta-neutral strategy that balances crypto collateral (ETH, BTC, USDT) with short perpetual futures, enabling attractive APYs (10%-19%)[2]. Its design and collateral strategy differentiate it from failed models like Terra's UST by emphasizing full collateralization, hedging, and third-party audits[2]. USDe is deployed cross-chain on 23 blockchains via LayerZero, facilitating broad DeFi integration and institutional backing by firms like Dragonfly Capital and Binance Labs[4].

Meanwhile, the BTC Hyper presale is open for investors seeking new opportunities. The project, which aims to deliver a Layer 2 solution for Bitcoin, has raised a total of $6,873,141.49 so far. Participation in the presale can be done via ETH, BNB, USDT, or credit card on the official Bitcoin Hyper website. Best Wallet is recommended for token management during the presale. The current price of BTC Hyper during the presale is $0.012525[6].

The growth of USDe has boosted Ethena's native token ENA, which has seen bullish price action and increased market cap, reflecting investor confidence[1][3]. ENA's price has increased by more than 14% over the last 24 hours, currently at $0.6230. The 24-hour trading volume has increased by 33.59%.

In summary, Ethena's current status is as a leading, rapidly expanding synthetic stablecoin with strong DeFi adoption and institutional support. The GENIUS Act passage enabled Ethena to collaborate with Anchorage Digital to issue a USD-compliant stablecoin (USDtb) within the regulated U.S. market, marking a significant step in regulatory alignment and institutional integration[1][5]. The BTC Hyper presale offers a new investment opportunity for those interested in the Bitcoin Layer 2 solution.

References: 1. CoinDesk 2. Decrypt 3. Cointelegraph 4. Finance Magnates 5. The Block 6. Bitcoin Hyper Official Website

Institutional investors may find appeal in USDe's growing market dominance in DeFi, given its transformation into a USD-compliant stablecoin through the partnership with Anchorage Digital, a federally regulated crypto bank [5]. As technology advances, investing in projects like BTC Hyper, which aims to provide a Layer 2 solution for Bitcoin, could present novel opportunities for forward-thinking investors [6].

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