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By Ryan Berkun
Updated Oct 30, 2025, 7:27 p.m. Published Sep 26, 2025, 9:54 a.m.
What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Ethena Labs' synthetic dollar stablecoin USDe emerged as a standout performer, surging 47.8% to $12.1 billion in market capitalization. The milestone makes USDe only the fifth stablecoin to cross the $10 billion threshold, achieving the feat in just 609 days since inception - the second-fastest on record after the now-defunct TerraClassic USD.
USDe's growth comes as the stablecoin offers an alternative to traditional yield-bearing products following the approval of the GENIUS Act in the United States, which prohibits stablecoin issuers from offering direct yield. Ethena's protocol generates yield internally through synthetic, basis-trade mechanics, currently offering 4.76% yield with its staked variant sUSDe providing 6.02%.
STORY CONTINUES BELOW
Tether's Grip Loosens
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While maintained its position as the dominant stablecoin with $167 billion in market cap - up 1.62% for the month - its market share declined to 60.2%, the lowest level since February 2023, with newer entrants like USDe and World Liberty Financial's USD1 capturing market share.
USDT remains firmly in control of trading activity, accounting for 80.3% of stablecoin trading volume on centralized exchanges - up from 70.8% in July and marking the first increase in three months.
New Players Rising
World Liberty Financial's USD1 reached a new all-time high of $2.43 billion in market cap, growing 11.6% in August. Trading activity around USD1 pairs surged to $1.71 billion, driven by increased exchange listings.
PayPal's PYUSD also showed strong momentum, rising 23.5% to $1.16 billion. The stablecoin recently expanded to Arbitrum and Stellar blockchain networks and was among the first stablecoins used in a U.S. public offering as part of a $1.15 billion settlement.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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[Test C31-7469] GENIUS Act for Stablecoins Passes House on Way to Being First Major U.S. Crypto Law
[test dek] On the heels of its vote to pass its Clarity Act to oversee crypto markets, the House of Representatives followed up with a 308-122 approval of GENIUS.
Cosa sapere:
- The first major crypto regulatory initiative in the U.S. is about to become law after the House of Representatives passed the stablecoin bill known as the GENIUS Act.
- The approval came directly on the heels of another major legislative accomplishment for the industry, when the House also passed the Clarity Act that would govern the oversight of the digital assets markets in the U.S.
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