Ethena's synthetic dollar, USDe, is nearing a $15 billion market cap, positioning it as the third-largest stablecoin in the $299.447 billion stablecoin market. As of October 2, 2025, USDe's supply stands at approximately $14.755 billion, marking a staggering growth of 297,878% since December 2023. The token, which is built on Ethereum and other blockchains, maintains its $1 peg through a delta-neutral hedge strategy while providing yield to depositors. USDe has achieved a cumulative trading volume of $31.55 billion across 24 decentralized exchanges, supported by liquidity pools totaling $194.4 million. While primarily issued on Ethereum, USDe is also available on Arbitrum, Base, Mantle, Optimism, and Solana, reflecting its broad adoption across multiple blockchain platforms.