Ethenas USDe supply on Solana rises by over $450M in 4 days
Tech Ethenas USDe supply on Solana rises by over $450M in 4 days Ethena‘s synthetic dollar USDe just had a very good week on Solana. The token’s supply on the network surged by more than $450 million in just four days, a pace of capital inflow that most DeFi protocols would be thrilled to see over an entire quarter. The growth is particularly striking in relative terms. USDes supply on Solana is now approaching ten times the amount circulating on HyperliquidX, making Solana the clear center of gravity for USDe liquidity outside of Ethereum. Whats behind the surge USDe isnt your typical stablecoin. Its a synthetic dollar created by Ethena Labs, which launched the token in February 2024. Unlike USDC or USDT, which are backed by traditional reserves held in bank accounts, USDe maintains its peg through a delta-neutral hedging strategy. Think of it like this: Ethena holds crypto collateral and simultaneously opens short positions to offset price risk, producing a dollar-equivalent value without needing actual dollars in a vault. That model has clearly resonated. Within roughly a year of launch, USDe climbed to become the third-largest dollar-pegged asset in all of DeFi. By April 2025, the total USDe supply had reached approximately $4.7 billion, with