USDe, a stablecoin launched less than two years ago, has reached a circulation of over $14 billion as of September 23, 2025, positioning it as the third-largest stablecoin globally, following USDT and USDC. USDe now commands nearly 40% of the stablecoin market share, excluding the top two competitors.
The rapid growth of USDe is driven by its high yield model and delta-neutral strategy, which utilizes ETH/BTC spot and futures positions to ensure value stability while generating returns. Despite its success, the stablecoin faces challenges related to funding rate risks, centralized custody, and liquidity issues.
USDe Stablecoin Circulation Exceeds $14 Billion, Ranks Third Globally
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