As per Jinse, USDe, a stablecoin launched less than two years ago, has surpassed $14 billion in circulation as of September 23, 2025, ranking third behind USDT and USDC. Notably, USDe holds nearly 40% of the stablecoin market excluding the top two, rapidly challenging established players. The stablecoin's growth is attributed to its high yield model and delta-neutral strategy, which leverages ETH/BTC spot and futures positions to maintain value stability while generating returns. However, concerns remain regarding funding rate risks, centralized custody, and liquidity challenges.
USDe Surpasses $14 Billion in Circulation, Challenges Traditional Stablecoins
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