ENA price turns bullish as Ethena’s stablecoin supply surpasses $9B milestone

Digital currencies perform well on Monday after extending weekend recoveries.

Meanwhile, ENA’s 17% rebound has attracted attention as it coincides with Ethena’s stablecoin market cap hitting all-time highs.

DeFillama data shows that the synthetic stablecoin USDe has attained a record high in circulating supply, hitting $9.284 billion today.

Source – DeFillamaThat follows a remarkable +75% increase over the previous months.

USDe has surpassed Sky Dollar’s SUSDS to claim the 3rd place among stablecoins by market capitalization, only behind USDC and USDT.

That’s beyond figures. It underscores shifting trends in the stablecoin marketplace, with yield-bearing alternatives gaining traction since the GENIUS law.

Digital current investors are choosing projects that earn returns with idle assets in wallets.

Ethena dominates this sector as USDe offers on-chain stability while generating yield.

While individuals use traditional stablecoins like USDT as a store of wealth or trading, yield-bearing options offer holding incentives.

They have gained attention after the latest stablecoin regulations in the United States.

Yield-bearing stablecoins adopt advanced strategies that balance rewards and risks, leveraging on-chain mechanisms.

USDe’s growth in the past month shows users looking beyond price stability.

Digital asset enthusiasts want utility, composability, and consistent returns.

USDe enters top 3

The over 75% monthly increase has seen Ethena’s stablecoin climbing the market cap ranks.

It surpassed Sky Dollar to become the 3rd-largest stablecoin.

Meanwhile, USDe remains far from the dominant USDT ($164 billion) and USDC ($63 billion).

Source: DeFillamaThe stablecoin surge fueled the Ethena ecosystem’s growth. It is now the 6th-largest DeFi protocol globally in total value locked (TVL), boasting $9.47 billion.

That shows more money entering the Ethena network.

The figures suggest confidence in the platform’s DeFi offerings, with liquidity provision, staking, and USDe minting driving activity.

These developments set the stage for stablecoin growth in the upcoming sessions, positioning native ENA for remarkable performance.

ENA price outlook

The altcoin exhibited a bullish momentum as the stablecoin and TVL growth sparked optimism.

ENA rallied 17% from $0.5321 to $0.6228 on its daily chart.

It hovers at $0.6147 after brief corrections from the intraday peak.

Chart by Coinmarketcap Also, trading volumes remain weak.

Thus, ENA could see short-lived gains unless broad market recovery continues.

The digital coin will likely retrace further before decisive bounce-backs.

Also, the August 5 $103 million token unlock flashes bearish signals for ENA.

Meanwhile, ENA boasts a lucrative future.

In a space where most projects struggle to find traction due to utility inefficiencies, Ethena establishes itself as a transformative force in the DeFi sector.

ENA will benefit from the prevailing momentum of the USDe stablecoin.

It will unlock more demand and utility as USDe gains increased adoption, users participate in Ethena’s ecosystem, and liquidity stake.

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