$3.1B Rush Into Ethena’s USDe Leaves BlackRock’s Bitcoin, Ether ETFs Behind

USDe Supply Soars Past $8.4B, Surpassing BlackRock ETF Inflows in Just 20 Days

Ethena’s synthetic stablecoin USDe has emerged as one of the crypto market’s fastest-growing assets, adding more than $3.14 billion in supply since July 17 — a growth spurt that eclipses combined inflows into BlackRock’s flagship bitcoin and ether ETFs over the same timeframe.

The surge has brought USDe’s total supply to $8.4 billion, marking its strongest expansion since Ethena launched in February 2024, according to on-chain data aggregated by the community. The inflows exceed the $2.75 billion taken in by BlackRock’s ETHA and the $1.6 billion seen by IBIT during the same 20-day period, making USDe the leading capital magnet across both on-chain and traditional investment vehicles.

The rise in demand has also buoyed Ethena’s governance token ENA, which has more than doubled over the past month. However, ENA has declined 12% in the past 24 hours amid anticipation around the protocol’s upcoming fee switch — a mechanism that will distribute revenue to staked ENA holders.

Ethena has already cleared most of the benchmarks required for the switch, with only a yield spread threshold left to meet. This final metric is expected to be reached soon, according to protocol analysts.

Reflexive Growth Model Driving Momentum

USDe’s explosive growth is fueled by a self-reinforcing feedback loop designed into the protocol. As bitcoin and ether rally, perpetual futures funding rates climb. Ethena captures that premium through delta-neutral strategies and passes the yield directly to holders of its interest-bearing sUSDe.

Higher yields attract more capital, which leads to increased USDe issuance, more hedging, and higher protocol earnings — amplifying the cycle.

In the past month alone, Ethena has generated nearly $50 million in fees and $10 million in protocol revenue, placing it among the top-performing DeFi protocols, according to DeFiLlama.

ENA currently trades at $0.58.