The USDe stablecoin, issued by Ethena Labs, closed the month of July 2025 with an all-time record: $8.53 billion in circulating supply. A milestone that projects it as the third most capitalised stablecoin on the market, surpassing Sky’s USDS. Just a few weeks earlier, USDe’s offering hovered around $5.3 billion, stable for months. But the passage of the GENIUS Act in mid-July changed everything, triggering a 60% acceleration in just fifteen days.
The GENIUS Act breathed new life into digital financial infrastructures and so-called DATs – digital asset treasuries – i.e. companies operating as crypto treasuries with active exposure to assets such as Bitcoin, Ethereum and other strategic tokens. And it is precisely in this new ecosystem that USDe has managed to insert itself with a move that is as bold as it is forward-looking: StablecoinX, a public entity linked to Ethena, will merge with SPAC TLGY Acquisition Corp. with a view to a listing on Nasdaq under the ticker ‘USDE’.
The deal has a total estimated value of around USD 360 million, of which USD 260 million is earmarked for a phased accumulation programme of the ENA token, the beating heart of the Ethena ecosystem. With this plan, StablecoinX is aiming to become a DAT in the style of Strategy/SBET firms, but with an exclusive focus on ENA. The timing is no coincidence: after plummeting 77% from January to mid-year, the ENA token rebounded strongly, posting a +113% gain in July alone. Those who speak of speculation have not yet realised that this is a new financial architecture under construction, and those who are building it have no intention of staying in the background.
USDe’s rise also comes at a time when the Ethereum stablecoin ecosystem is changing its skin. With a market share that has risen from 3.94% to 5.89% in less than a month, Ethena isn’t just carving out a space: it’s taking a bite out of it. In a world where stablecoins often seem boring, USDe is the horse that is pawing to become the star of the next act.
