Key Highlights
- EtherFi launched its own stablecoin using Ethena’s white-label infrastructure for reserves, minting, redemption, and compliance.
- EtherFi holds more than $300 million in stablecoin deposits and has recorded nearly $1 billion in cumulative card spending across 100,000+ active cards.
- The total stablecoin market capitalization reached $307.567 billion, up $1.286 billion, or 0.42%, over seven days.
EtherFi has introduced its own stablecoin, with reserves, minting, redemption, and compliance managed end-to-end by Ethena through a white-label arrangement.
According to the official announcement on October 6, the platform holds more than $300 million in stablecoin deposits. EtherFi previously launched a cash card in 2024 and has recorded nearly $1 billion in cumulative spend with more than 100,000 active cards.
EtherFi joins projects including Jupiter Exchange, MegaETH, Sui Network that have launched stablecoin products using Ethena’s infrastructure.
Current stablecoin market scenario
Data from DefiLlama (on October 6 at 1:50 pm UTC), shows the total stablecoin market capitalization at $307.567 billion. The figure rose by $1.286 billion, or 0.42 percent, over the prior seven days. Tether’s USDT accounts for 59.87 percent of the overall market.
A market-cap chart covering 2018 through 2026 depicts a gradual rise until 2021, followed by sharper increases and subsequent fluctuations, reaching levels above $300 billion in the later period. At the time of this writing (on October 6 at 1:50 pm UTC), the five largest stablecoins by market capitalization are
- Tether (USDT) at $184.148 billion, trading at $1 with a one-day change of +0.05 percent and a one-month off-peg reading of -0.07 percent.
- USD Coin (USDC) at $74.327 billion, trading at $1 with a one-day change of +0.17 percent and a one-month off-peg reading of -0.04 percent.
- Sky Dollar (USDS) at $6.776 billion, trading at $1 with a one-day change of +0.83 percent and a one-month off-peg reading of -0.07 percent.
- Ethena USDe (USDe) at $4.955 billion, trading at $1 with a one-day change of +0.93 percent and a one-month off-peg reading of -0.08 percent.
- Dai (DAI) at $4.799 billion, trading at $1 with a one-day change of +0.10 percent and a one-month off-peg reading of -0.03 percent.
Each of the listed tokens maintains a price of $1, with percentage-off-peg figures ranging from 0 percent to -0.04 percent on a daily basis.
Related stablecoin developments
Open Standard has launched Open USD (OUSD), a dollar-pegged stablecoin issued by Bridge, the stablecoin infrastructure firm acquired by Stripe. OUSD is available on four blockchain networks, including Base, Ethereum, Solana and Tempo, and is intended for payments, settlement, foreign exchange, and institutional trading.
Reserves are held at BlackRock, Lead Bank, and BNY, with monthly reserve attestations planned. The announcement was published on September 30.
Visa survey on stablecoin interest in Asia Pacific
A Visa survey found that 46 percent of consumers across Asia Pacific said they are likely to use stablecoins within the next five years for everyday payments and money transfers. The survey measured awareness, understanding, potential use cases, and barriers to adoption.
Actual usage remains lower: 16 percent of respondents reported having used stablecoins in the past 12 months. Respondents identified online shopping, travel spending, and overseas purchases as areas of interest. About 49 percent said stablecoins could become a common method for cross-border money movement within five years, including sending funds abroad, receiving payments, or making purchases while traveling.
Awareness stood at 66 percent, yet only 6 percent demonstrated an accurate understanding of how stablecoins function. Nearly half (49 percent) of those aware of stablecoins believed they can be used only to buy or sell other cryptocurrencies. Another 41 percent believed stablecoins always increase in value. The survey highlighted a gap between stated interest and current knowledge of the instruments.
Ethena brings USDe and sUSDe to TRON network
Ethena has expanded its USDe and sUSDe tokens to the TRON blockchain, enabling users to bridge, hold, and transfer the assets on the network. An announcement dated September 11 stated that the tokens can be moved to TRON via Stargate Finance.
The addition places USDe on a chain where stablecoin volume remains dominated by USDT. The initial phase centers on cross-chain transfers through Stargate. USDe is Ethena’s dollar-denominated synthetic dollar, and sUSDe is the yield-bearing version of the same asset.
The combined data place EtherFi’s launch against a backdrop of a $307.567 billion stablecoin sector in which USDT holds the largest share. Ethena’s USDe ranks fourth by market capitalization among the top five tokens.
Parallel announcements, including OUSD and the Visa findings, form part of the recent record of stablecoin activity and consumer research.
Also Read: Crypto ‘Godfather’ Adam Iza Gets 78 Months for $37M Meta Fraud and Corrupt Deputy Scheme
