Yield-bearing stablecoins have steadily carved out a significant role in the market, with Ethena’s USDE now standing as the fourth-largest stablecoin, trailing behind Sky’s DAI, Circle’s USDC, and Tether’s USDT. In essence, USDE is a synthetic stablecoin that keeps its peg through a mix of spot crypto holdings and short positions in margined perpetual contracts.

USDE supply via defillama.com.

USDE holders benefit from funding rates tied to perpetual contracts and staking rewards on the Ethereum network. As of Nov. 28, 2024, the annual percentage yield (APY) sits at 29%, far outpacing most competitors in the space. This sky-high APY has drawn a significant number of holders, driving the USDE supply to an all-time high of $4.12 billion, distributed across 19,174 unique addresses.

By comparison, competitors offer more modest rates: Circle’s USDC provides a 4.7% APY when stored in a Coinbase Wallet, while Sky’s newly launched USDS delivers an 8.5% APY, which, like Ethena’s rate, can fluctuate. As of Nov. 28, Blast’s stablecoin USDB is offering a 7.5% APY, but USDE’s APY is further ahead—about 6.17 times higher than USDC’s, 3.41 times higher than USDS’s, and 3.87 times higher than USDB’s current rate.

USDE’s distribution is highly concentrated. Of the 19,174 unique wallets holding the token, the top 100 addresses collectively control a staggering 99.72% of the supply. Most of this isn’t being used for transactions but instead sits idle to earn staking rewards, highlighting that USDE is primarily leveraged for yield rather than payments. To put this in context, USDE has only recorded 686,155 transfers since its inception.

USDC, however, has a much broader reach and is actively used for paying for goods and services, even though it can offer a smaller yield. Circle’s stablecoin boasts a hefty market valuation of $39.32 billion, dwarfing Ethena’s USDE by a long shot. Meanwhile, Sky’s USDS has a market cap of $911 million, with ​​$726.7 million upgraded from existing DAI, according to etherscan.io. At the same time, USDB holds a market cap of $411 million.

Ethena’s USDE reflects a shift in the stablecoin market, where some participants appear to be chasing high-yield opportunities over transactional use cases. This trend hints at a diversification in stablecoin applications, with USDE’s appeal tied to its enticing APY.

While transactional giants like USDC and USDT continue to lead in accessibility and flexibility, USDE’s approach seems tailored to cater to yield seekers, particularly during bullish market conditions. But the real question remains: can it maintain its allure in the face of increasing competition and evolving market demands?

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