Ethena

The Foundation also wants 95 per cent of net revenue routed into open-market ENA purchases once USDe supply passes $7.5 billion. Supply is currently under $5 billion.

BlackRock used the last day of the OCC's GENIUS Act comment window to demand the regulator scrap a proposed limit on how much of a stablecoin's reserves can be held in tokenised form. BUIDL backs more than 90 per cent of two of the largest crypto-native dollar tokens.

Ethena's synthetic dollar USDe reaches $2 billion in total supply within two months, delivering 27% APY from perpetual futures funding rates and Ethereum staking.

Ethena's USDe synthetic dollar reached $2 billion in supply by April 2024, supported by a high-yield mechanism combining staked ETH returns with perpetual futures funding arbitrage.