Ethena USDe (USDe)

Something is quietly changing about how stablecoins get distributed.

The traditional path: exchange listings, CeFi integrations, marketing spend.

The emerging path: DeFi composability as a distribution layer, with @pendle_fi and lending protocol acceptance as the core stack.

- USDe + sUSDe had $7.2B of PT deposits on @aave and @Morpho at peak. PT-sUSDe alone = 50%+ of total supply through lending markets.
- USR: 30 → 69,806 holders. Barely moved through an 86% supply drawdown.
- USDG's Pendle SY contract = single largest holder venue on Ethereum within 7 weeks.

For anyone building stablecoins right now, DeFi composability is increasingly the path to distribution.

Data from @Dune (200+ stablecoins, every major chain):

https://t.co/cICeEdF6sV

Since launch, @ethena has already paid out almost $0.5 BILLION in yield.

DeFi is huge. https://t.co/z8ycP5SQ8s

if @ethena keeps minting ~$100m USDm per day, we should hit the next 3 kpis as early as next week

incredible tech https://t.co/512A4wlg0T