| Unlock | 5/10 |
| Tokenomics | 6/10 |
| Insider | 6/10 |
| Onchain | 7/10 |
| Dev Activity | 1/10 |
| Revenue | 5/10 |
| Institutional | 5/10 |
| Etf | 4/10 |
| Market Structure | 8/10 |
| Security | 5/10 |
Ethena's USDe reached $12B supply in March 2026, becoming the third-largest stablecoin by market cap. Major token unlocks in January 2026 created temporary sell pressure but were absorbed by strong institutional demand. The protocol partnered with BlackRock to back USDe with BUIDL tokens, improving backing quality. However, the synthetic dollar model faced stress during February's negative funding rate environment, with USDe briefly depegging to $0.97. Revenue from basis trades exceeded $800M annually.
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