Stablecoin

Ethereum

Cryptocurrency

USDe

Ethena

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethenas-ena-cryptocurrency-surges-as-usde-stablecoin-competes-with-tether/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethena’s ENA Cryptocurrency Surges as USDe Stablecoin Competes with Tether</a><br></p>
<p style="text-align: justify">The Ethereum -based DeFi project Ethena has experienced a significant surge in its native <a href="https://en.coin-turk.com/fetch-ai-and-singularitynet-the-rising-stars-of-the-ai-sector/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> ENA, which offers direct competition to <a href="https://en.coin-turk.com/tether-issues-significant-amount-of-usdt/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether</a>‘s stablecoin. The price of ENA rose by 25%, reaching $0.35, while its market capitalization exceeded $920 million. Furthermore, ENA’s daily trading volume increased by 180%, hitting $233 million.</p>
<h2 id="usde-will-compete-with-tether-s-usdt">USDe Will Compete with Tether’s USDT</h2>
<p style="text-align: justify">In recent months, Ethena Finance has propelled its USDe stablecoin to a market value of $3 billion, making it one of the fastest-growing DeFi projects in history. Popular crypto trader Eugene Ng Ah Sio indicated that Ethena is entering into direct competition with Tether, suggesting that USDe will transition from a DeFi-originated stablecoin to a legitimate stablecoin.</p>
<p style="text-align: justify">The USDe stablecoin allows users to gain a delta-neutral position by investing $1, which is divided between staked ETH and a short position on ETH, generating returns. Currently, sUSDe offers the highest sustainable yields among stablecoins, ranging from 10% to 13% APY. Such features have contributed to its rapid growth, achieving a total value locked of $3.7 billion just seven months after its launch.</p>
<h2 id="usde-will-benefit-from-fed-rate-cuts">USDe Will Benefit from Fed Rate Cuts</h2>
<p style="text-align: justify">In terms of yield, Ethena’s USDe offers a premium of 5-8% above the Federal Reserve’s funding rates, attracting capital seeking returns. With the commencement of the Fed’s rate-cutting cycle last month, this difference is expected to widen, making USDe even more attractive to users.</p>
<p style="text-align: justify">A <a href="https://en.coin-turk.com/signs-of-weakness-in-altcoins-as-macro-data-turns-negative/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a> noted that the launch of the UStb stablecoin could further boost the adoption of USDe. Additionally, the price of ENA has increased by 60% in the past month, indicating a significant market recovery.</p>
<p style="text-align: justify">Ethena’s USDe stablecoin gains a competitive advantage in the market due to its secure structure and high yield rates. Its ability to compete directly with major rivals like Tether could accelerate the adoption of USDe. Offering attractive return opportunities makes USDe a significant player in the stablecoin market.</p>
<p>The post <a href="https://en.coin-turk.com/ethenas-ena-cryptocurrency-surges-as-usde-stablecoin-competes-with-tether/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethena’s ENA Cryptocurrency Surges as USDe Stablecoin Competes with Tether</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Ethena’s ENA Cryptocurrency Surges as USDe Stablecoin Competes with Tether

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