USDe 500 days broke 10 billion USD TVL, the new king of stablecoin is born.

The stablecoin USDe launched by Ethena Labs reached a Total Value Locked (TVL) of 10 billion USD in just 500 days, becoming the fastest-growing stablecoin in history. This astonishing rise is closely related to the ban on traditional stablecoin yields imposed by the "GENIUS Act," which has driven a massive influx of capital into Decentralized Finance yield platforms, reshaping the stablecoin market landscape.

USDe sets a record for stablecoin rise

USDe surpassed 10 billion USD in TVL in just 500 days, setting a new industry record. Ethena Labs humorously stated in the announcement: "What would we say if we didn't reach a supply of 10 billion USD? I guess we'll never know."

This achievement has allowed USDe to surpass many competitors and become the fastest growing stablecoin in the world.

The GENIUS Act Becomes a Growth Catalyst

The "GENIUS Act" (Guiding and Establishing the National Stablecoin Innovation Act of the United States) was enacted on July 18, 2025, establishing the first comprehensive federal regulatory framework for stablecoins in the United States.

The bill requires issuers to hold a 1:1 reserve of low-risk assets, accept strict federal oversight, and prioritize the repayment of user assets in the event of bankruptcy.

However, the most influential provision is the prohibition on regulated issuers paying users stablecoin yields. Chris Perkins, president of CoinFund, pointed out that this ban forces coin holders to seek new sources of income, and DeFi just fills this gap.

Capital shifts to DeFi, USDe benefits the most

After the yield ban took effect, funds that originally flowed into traditional stablecoins like USDC shifted towards DeFi protocols that offer high yields. Well-known trader Cas Abbé stated: "Large amounts of capital have now shifted towards dollar assets that provide generous returns."

USDe from Ethena Labs continuously provides returns through decentralized finance mechanisms, free from federal regulatory restrictions, attracting a large influx of institutional and retail capital. Its governance token ENA has risen in price by over 100% in the past month.

Regulation reshapes the market, innovation continues to thrive

The success case of USDe proves that while regulatory changes have strengthened market regulations, they have not stifled innovation. On the contrary, flexible DeFi native protocols have gained a competitive advantage under the new rules, attracting capital eager for returns.

Although the "GENIUS Act" has strengthened the security and transparency of the stablecoin market, it has also unexpectedly contributed to the explosive rise of USDe, making it the new king of the stablecoin market.

Conclusion

USDe broke through 10 billion USD TVL in just 500 days, setting an industry record and reflecting the delicate balance between regulation and innovation. The "GENIUS Act" may restrict traditional stablecoin yields but opens new opportunities for DeFi protocols. As capital continues to flow in, USDe is expected to further expand its market leadership in the coming years.