Over $3.1 billion flows into E-sena's yield-bearing stablecoin USDe in 20 days──surpassing BlackRock's Bitcoin ETH and Ethereum ETF pace | CoinDesk JAPAN

• The supply of the synthetic stablecoin USDe by Esena has exceeded 8.4 billion Dollars. In just 20 days, 3.14 billion Dollars have flowed in, surpassing the pace of BlackRock's Bitcoin ETF and Ethereum ETF.
• The growth of USDe is supported by a mechanism that profits from the price increases of Bitcoin and Ethereum, providing real-time yields to holders.
• The governance token ENA of Esena has risen by about 120% in the past month, approaching the threshold for distributing profits to holders.

The supply of the synthetic stablecoin "USDe" from Ethena has exceeded 8.4 billion Dollars. In the 20 days since July 17, 3.14 billion Dollars have flowed in, which surpasses the pace of BlackRock's Bitcoin ETF and Ethereum ETF during the same period.

According to on-chain data aggregated by the Esena community, this increase in supply is the fastest pace since the launch in February 2024.

The inflow into USDe, a yield-bearing stablecoin, has surpassed BlackRock's Ethereum ETF (ETHA) at $2.75 billion and Bitcoin ETF (IBIT) at $1.6 billion during the same period, gathering the largest capital both on-chain and off-chain in recent weeks.

This momentum has also spread to Esena's governance token "ENA," which has more than doubled in price over the past month. Holders are eagerly anticipating the launch of the long-awaited fee switch (fee distribution function).

Esena has almost reached the threshold necessary to begin profit distribution to ENA holders who have already staked, and it is expected that the final condition of securing a yield spread that surpasses competitors will soon be achieved.

Reflexive Loop of USDe

Nansen states in a recent research report that the growth of USDe lies in the powerful "reflexive loop" embedded at the core of its design.

That is, when the prices of Bitcoin and Ethereum rise, the funding rate of perpetual trading expands in a positive direction. Esena captures this capital through delta-neutral hedging and distributes the funds in real-time as yields to sUSDe holders.

The rise in yields attracts new users, further increasing the issuance of USDe, expanding the hedge amount and protocol revenue, and this cycle continues.

According to data from DeFiLlama, Acena has generated approximately $50 million (about 7.4 billion yen, converting at 148 yen per dollar) in fee revenue and $10 million in profit over the past month, making it the 6th ranked protocol in monthly fee revenue.