{"id":26384,"date":"2025-08-22T12:52:08","date_gmt":"2025-08-22T09:52:08","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=26384"},"modified":"2025-08-22T17:58:17","modified_gmt":"2025-08-22T14:58:17","slug":"ethena-labs-reports-500-million-in-revenue","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ethena-labs-reports-500-million-in-revenue\/","title":{"rendered":"Ethena Labs Reports $500 Million in Revenue"},"content":{"rendered":"<p>Ethena Labs protocol has generated over $500 million in cumulative revenue. The growth in revenue and the supply of the synthetic stablecoin <a href=\"https:\/\/forklog.com\/en\/news\/delta%e2%80%91neutral-synthetic-dollars-why-the-usde-stablecoin-matters\">USDe<\/a> accelerated since July, amid an increasing market share of such assets.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today Ethena has crossed $500m in cumulative gross interest revenue<\/p>\n<p>Over the last week:<br \/>\u2192 Protocol weekly revenue: $13.4m<br \/>\u2192 USDe mints: +670m<br \/>\u2192 USDe supply ATH: $11.7bn<br \/>\u2192 sUSDe APY: ~9% <a href=\"https:\/\/t.co\/ccfUBFHSLY\">pic.twitter.com\/ccfUBFHSLY<\/a><\/p>\n<p>\u2014 Ethena Labs (@ethena_labs) <a href=\"https:\/\/twitter.com\/ethena_labs\/status\/1958484780959584312?ref_src=twsrc%5Etfw\">August 21, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The project team reported that over the past week, the protocol&#8217;s revenue amounted to $13.4 million. The supply of USDe reached an all-time high of $11.7 billion.<\/p>\n<p>At the time of writing, the annual percentage yield of the staked asset <a href=\"https:\/\/ethena.fi\/\">stands<\/a> at 9%.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cEthena&#8217;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&#8217;s dynamics reflect the growing demand and trust in the stablecoin as a means of savings,\u201d a representative of Ethena Labs told <a href=\"https:\/\/cointelegraph.com\/news\/ethena-crosses-500m-cumulative-revenue-synthetic-stablecoins-gain-ground\">Cointelegraph<\/a>.<\/p>\n<\/blockquote>\n<p>The governance token of Ethena (ENA) has <a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethena\">increased by 36.6%<\/a> over the month, with the asset trading at $0.64 at the time of writing.<\/p>\n<h2 class=\"wp-block-heading\">Market Position<\/h2>\n<p>According to <a href=\"https:\/\/www.coingecko.com\/en\/categories\/usd-stablecoin\">CoinGecko<\/a>, USDe ranks third in market capitalization among all stablecoins. Over the past month, this figure has increased by 86.6%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXf9QQyxXicuKj_69oA1aneCFtQ86vkhK1vxgv9W08DACxOfYQ3i1NXBP9jxhGJL6uJ8j2RsXH5c2aNr4pZprm4uYJXztZoP-h4uEE3Oq_WZwegzb_50U7TZKdf5yh2mWcPkw5B8ag?key=I-ZfxB3daqODYalaBpsMQw\" alt=\"Ethena Labs Reports $500 Million in Revenue\"\/><figcaption class=\"wp-element-caption\">USDe capitalization dynamics over three months. Source: <a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethena-usde\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>Other synthetic stablecoins are also showing growth. The capitalization of Sky Dollar (USDS) increased by 14%, while Falcon USD (USDf) rose by 89.4%.<\/p>\n<p>In August, the total market value of the stablecoin segment grew by 5%\u2014from $266.6 billion to $280.4 billion.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXeWC0ES4Q1FvaxW7xFwajfPlpBUD5YOmnPhTOqBV3XmS1Bz189T-tn1o34KzXR2mHgCpv3JRulkKjxZxnvjbMMr7o0iUY_uCIFqLie29M8ucrI8He_I4_F4I5YF6mrCoGNtv7lqUw?key=I-ZfxB3daqODYalaBpsMQw\" alt=\"Ethena Labs Reports $500 Million in Revenue\"\/><figcaption class=\"wp-element-caption\">Source: CoinGecko.<\/figcaption><\/figure>\n<p>The growth is presumably linked to the resolution of regulatory uncertainty in the US following the adoption of the <a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-enacts-stablecoin-legislation\">GENIUS Act<\/a>.<\/p>\n<p>Back in February 2024, members of the crypto community <a href=\"https:\/\/forklog.com\/en\/news\/doubts-arise-over-ethena-labs-stablecoin-viability\">compared<\/a> USDe to the collapsed UST from Terra.<\/p>\n<p>In March 2025, German authorities <a href=\"https:\/\/forklog.com\/en\/news\/german-authorities-halt-sale-of-usde-stablecoin\">halted<\/a> the sale of USDe, citing \u201cserious deficiencies\u201d and non-compliance with MiCA requirements. In April, Ethena Labs <a href=\"https:\/\/forklog.com\/en\/news\/ethena-withdraws-from-german-market-amid-regulatory-concerns\">announced<\/a> the cessation of operations in Germany.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":1,"featured_media":26385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Ethena Labs has generated over $500 million in revenue, with USDe supply growth accelerating since July.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1500,1145,1252,807],"class_list":["post-26384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ethena","tag-market-analysis","tag-reports","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"432","promo_type":"1","layout_type":"1","short_excerpt":"Ethena Labs has generated over $500 million in revenue, with USDe supply growth accelerating since July.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=26384"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26384\/revisions"}],"predecessor-version":[{"id":26386,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/26384\/revisions\/26386"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26385"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=26384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=26384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=26384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}