Ethena Labs is making waves with the launch of its synthetic USDe stablecoin on 16 December 24, which hit a record-breaking $5.73 billion market cap.

USDe generates its yield from Ethereum staking rewards while bypassing ETH’s short funding rate. This approach enables holders to enjoy an impressive annual percentage yield of up to 29%.

Do you want to get the whole story about Stablecoins? See the latest Onchain report: “Stablecoins: The Most Lucrative Business Onchain .”