Ethena Labs Surpasses $500M Revenue Amid Synthetic Stablecoin Surge

Ethena Labs announced its Ethena protocol has surpassed $500 million in cumulative revenue, with $13.4 million earned in the last week, reflecting rapid growth in the synthetic stablecoin sector. The circulating supply of its synthetic stablecoin, Ethena USDe, reached an all-time high of $11.7 billion, making it the third-largest stablecoin by market capitalization and the largest among synthetic stablecoins, with an 86.6% market cap increase in the past month. The protocol's total value locked (TVL) has nearly doubled recently to about $11.9 billion, supported by strong inflows and attractive yields, including a 9% APY on sUSDe and over 200% APY from the Snorter presale. Investor confidence is evident as over 140 million ENA tokens were withdrawn from exchanges in four days, suggesting a shift towards long-term holding and reduced selling pressure. Despite a recent 10% weekly price pullback and decreased derivatives activity signaling caution among traders, analysts see strong support at $0.65 and potential for price recovery if this level holds. The rise of synthetic stablecoins like Ethena USDe coincides with broader market trends and regulatory developments, including the recent GENIUS Act signed by President Donald Trump, which has brought greater clarity to the U.S. crypto regulatory landscape.