Ethena Labs: синтетические стейблкоины поднимают планку дохода до $500 млн Headline: Ethena Labs: Synthetic Stablecoins Raise Revenue Benchmark to $500 Million

The Ethena Labs protocol has generated over $500 million in total revenue. The increase in revenue and the supply of the synthetic stablecoin USDe has accelerated since July, fueled by a growing market share for such assets.

The project team reported that the protocol’s revenue for the last week amounted to $13.4 million. The supply of USDe has reached a historic peak of $11.7 billion.

As of the time of this writing, the annual percentage yield on the staked asset is 9%.

«Ethena’s revenue is driven by a significant influx of funds into USDe and favorable market conditions that have enhanced yield from the delta-neutral hedging reserve model. The protocol’s dynamics reflect the growing demand and trust in the stablecoin as a savings medium,» stated a representative of Ethena Labs to Cointelegraph.

The price of the Ethena governance token (ENA) has risen by 36.6% over the past month and is currently trading at $0.64.

According to CoinGecko, USDe is ranked third in market capitalization among all «stablecoins». Over the past month, this figure has increased by 86.6%.

Other synthetic stablecoins are also exhibiting growth. The market cap of Sky Dollar (USDS) has grown by 14%, while Falcon USD (USDf) has surged by 89.4%.

In August, the total market value of the «stablecoin» segment increased by 5% — from $266.6 billion to $280.4 billion.

This growth is likely linked to the removal of regulatory uncertainty in the U.S. following the passage of the GENIUS Act.

Recall that in February 2024, members of the crypto community compared USDe to the collapsed UST from Terra.

In March 2025, German authorities halted the sale of USDe, citing «serious deficiencies» and non-compliance with MiCA regulations. In April, Ethena Labs announced its withdrawal from the German market due to regulator claims.