From $0 to $12.4 billion in a lightning-fast battle, how Ethena built the fastest rising "money printer" in history.

[Plain Language Introduction] Ethena's USDe stablecoin has soared to a market value of $12.4 billion within 18 months, setting the record for the fastest rise of a digital dollar.

Its delta-neutral strategy brings annualized returns of 12-20% through staking ETH, earning funding fees, and reserve asset yields, attracting institutions and DeFi users. In 2025, the perpetual futures boom, leverage cycles, and SPACs will drive accelerated rise. However, negative funding rates, exchange risks, and leverage liquidations may threaten its sustainability.

USDe challenges traditional stablecoins, with a market share exceeding 4%, but the high-yield model hides the risk of a Terra-style collapse. The future of Ethena depends on whether it can find a balance between innovation and risk.

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