Ethena's stablecoin USDe is about to enter a rapid growth cycle. According to official data, USDe's supply has grown from 5.3 billion on July 14 to 12.3 billion today, increasing by 7 billion in just 45 days. Previously, it took nearly a year and a half for USDe's supply to reach 5.3 billion. I went and specifically studied the historical data of USDC and USDT, and discovered an astonishing similarity in their growth patterns. The two charts below show the changes in MarketCap trends. From the charts, you can see that USDC initially grew slowly, staying around the 3 billion mark for quite a while. But starting in December 2020, FDV began to grow rapidly, surging all the way to $55.6 billion, an increase of over 1800%. Similarly, USDT's growth followed a similar trajectory. Around the 6–8 billion range, its market cap began to experience explosive growth, skyrocketing to $78.6 billion. Now, it has reached $167.3 billion. I think the logic behind this pattern is probably like this: in the beginning, the market needs time to recognize the stablecoin, including related ecosystem projects. It's like a new brand that requires time to build user awareness. Once it reaches a certain stage—around $5 billion according to the data—market recognition and trust improve, and the growth flywheel starts spinning. @ethena_labs