- ENA jumps 13.4% in 24h as USDe supply hits $9.3B, overtaking FDUSD in stablecoin market cap.
- Bullish technicals and $1.13B daily volume push ENA toward a potential $0.90 target range.
ENA has become the center of attention after recording a 13.4% price surge in the past 24 hours. It didn’t take long for this token from the Ethena network to quickly become one of the top three gainers today. Behind this price rally lies an interesting story about the growth of their flagship stablecoin, USDe.
Ethena Climbs DeFi Ranks on USDe Surge and High Returns
According to DeFiLlama data, in the past month, USDe’s supply has surged 75% and now stands at $9.3 billion. This figure is enough to overtake FDUSD and make USDe the third-largest stablecoin on the market, behind only USDT and USDC.
Furthermore, this achievement has boosted Ethena’s reputation as a DeFi protocol. They now rank sixth in terms of total value locked (TVL).
Looking back, the flow of funds to Ethena in July also surged dramatically. From just $47 million in June, it quickly rose to $2.96 billion. The protocol also benefited from the positive impact—its monthly revenue doubled to $36.5 million. This means that the revenue support for the ENA token is becoming stronger.
Not only that, the yield on the USDe stablecoin is also increasingly attractive. Due to rising crypto prices, the funding rate from perpetual trading has also increased, meaning USDe holders can earn returns of up to 18% per year. This situation makes the Ethena stablecoin increasingly attractive, especially for those looking to profit without the hassle of trading.
On the technical side, ENA’s daily chart shows a bullish engulfing pattern accompanied by hidden RSI divergence. This is a strong signal that the uptrend is not over.

From Fibonacci analysis, the A-B-C correction appears to be complete—and the market is now targeting the $0.77 to $0.90 area as the next target. Trading volume also reflects real market enthusiasm: $1.13 billion in a day, equivalent to 29% of its market cap.
Interestingly, Ethena is also starting to seriously enter the regulatory arena. Last July, they announced a partnership with Anchorage to develop a stablecoin called USDtb, which complies with United States law. In fact, according to the CNF, this stablecoin is poised to be the first to comply with the GENIUS Act—a crucial milestone if Ethena wants to compete in the institutional arena.
In addition, last month, the Strata protocol officially joined the Ethena network. Its goal? Developing structured finance products based on sUSDe and real-world assets. For investors seeking more specific exposure to the returns of the Ethena ecosystem, this project represents an attractive new avenue.

