Ethena crosses $500M in cumulative revenue as synthetic stablecoins gain ground

By: Coinstats

2025/08/22 06:02

While the overall stablecoin market is up 4% in August, some synthetic stablecoins, such as Sky Dollar and Falcon USD, have had even more substantial gains.

Ethena Labs on Thursday said its Ethena protocol has generated more than $500 million in cumulative revenue. Growth in both revenue and the circulating supply of its synthetic stablecoin, Ethena USDe (USDe), has accelerated since July as synthetic stablecoins gain market share.

Ethena Labs shared the news via a post on X, saying that in the past week, protocol revenue hit $13.4 million and USDe supply hit an all-time high of $11.7 billion.

“Ethena’s revenue has been driven by strong inflows into USDe and favorable market conditions that have amplified returns from its delta-neutral hedging reserve model,” an Ethena Labs spokesperson told Cointelegraph. “The protocol’s momentum reflects growing demand for and confidence in USDe as a store of value.”

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