Ethena, an Ethereum-based decentralized stablecoin protocol, has surpassed major DeFi platforms like PancakeSwap and Jupiter to become the third-largest protocol by daily fees, trailing only Tether and Circle, according to data from DeFi Llama reported on March 14, 2025.
In the past 24 hours, Ethena generated approximately $3.28 million in fees from its stablecoin, USDE, which boasts a market cap of $5.4 billion, a 23.6% increase in 24-hour trading volume to $63 million, and a circulating supply of 5.4 billion USDE. This achievement underscores Ethena’s growing prominence in the stablecoin market, though it remains behind Tether, with $18.31 million in daily fees, and Circle, with $6.12 million.
Ethena’s daily revenue outpaced PancakeSwap ($2.54 million), Jupiter ($1.99 million), Meteora ($1.89 million), and Uniswap ($1.73 million), solidifying its position among DeFi leaders. Stay informed on DeFi revenue trends with Crypto Market Insights on news.thecoininfo.com, and explore in-depth analysis on The Coin Info Hub at thecoininfo.com.
Following this milestone, Ethena’s native token, ENA, surged more than 4%, reaching a market cap of nearly $2 billion and a 24-hour trading volume of $282 million, reflecting strong investor confidence amid Bitcoin’s recent volatility below $80,000 and broader market uncertainties like U.S. tariffs. Ethena’s success is bolstered by strategic moves, including a $200 million allocation to BlackRock’s tokenized U.S. Treasury fund, BUIDL, and the launch of its second stablecoin, USDtb, in December 2024.
Backed by BUIDL, USDtb offers yield generation, making it an attractive passive income option for investors, distinguishing it from conventional stablecoins and driving its rapid supply growth. For crypto investors, Ethena’s rise signals potential in the stablecoin sector, but its sustainability depends on regulatory clarity and market demand, especially as competition intensifies. Resources like Crypto News Updates on news.thecoininfo.com can keep you updated on this transformative moment for Ethena.
