Ethena Labs protocol has generated over $500 million in cumulative revenue. The growth in revenue and the supply of the synthetic stablecoin USDe accelerated since July, amid an increasing market share of such assets.
Today Ethena has crossed $500m in cumulative gross interest revenue
Over the last week:
→ Protocol weekly revenue: $13.4m
→ USDe mints: +670m
→ USDe supply ATH: $11.7bn
→ sUSDe APY: ~9% pic.twitter.com/ccfUBFHSLY— Ethena Labs (@ethena_labs) August 21, 2025
The project team reported that over the past week, the protocol’s revenue amounted to $13.4 million. The supply of USDe reached an all-time high of $11.7 billion.
At the time of writing, the annual percentage yield of the staked asset stands at 9%.
“Ethena’s revenue is driven by a significant inflow of funds into USDe and favorable market conditions that have enhanced returns from the delta-neutral reserve hedging model. The protocol’s dynamics reflect the growing demand and trust in the stablecoin as a means of savings,” a representative of Ethena Labs told Cointelegraph.
The governance token of Ethena (ENA) has increased by 36.6% over the month, with the asset trading at $0.64 at the time of writing.
Market Position
According to CoinGecko, USDe ranks third in market capitalization among all stablecoins. Over the past month, this figure has increased by 86.6%.
Other synthetic stablecoins are also showing growth. The capitalization of Sky Dollar (USDS) increased by 14%, while Falcon USD (USDf) rose by 89.4%.
In August, the total market value of the stablecoin segment grew by 5%—from $266.6 billion to $280.4 billion.
The growth is presumably linked to the resolution of regulatory uncertainty in the US following the adoption of the GENIUS Act.
Back in February 2024, members of the crypto community compared USDe to the collapsed UST from Terra.
In March 2025, German authorities halted the sale of USDe, citing “serious deficiencies” and non-compliance with MiCA requirements. In April, Ethena Labs announced the cessation of operations in Germany.