Ethena’s ENA Token Soars 14% as Stablecoin USDe Climbs to Third-Largest by Market Cap

Momentum is building fast for Ethena. Its native token ENA just notched a double-digit daily surge. Meanwhile, its synthetic stablecoin USDe is shaking up the rankings — now trailing only Tether and USDC by market cap.

ENA has jumped 14.84% in just 24 hours, a big move in a market that’s been unusually quiet lately. At the same time, Ethena’s wider ambitions are playing out. Its dollar-pegged USDe is now officially the third-largest stablecoin, and the protocol’s new partnership with Anchorage Digital hints at even bigger plans.

ENA Starts the Week with Fire Under Its Feet

You don’t often see a mid-cap token dominate crypto headlines. But ENA did just that.

The Ethereum-based token opened the week trading at around $0.54. Now? It’s floating comfortably near $0.6230. That’s a 14.84% leap — and a very loud signal that investors are taking notice.

This spike wasn’t random either. It came on the back of growing confidence in Ethena’s approach to stablecoins, combined with the protocol’s expanding footprint across decentralised finance (DeFi).

Just seven days ago, ENA was struggling to hold its ground.

Now, it’s pulled off one of the biggest rallies among the top 100 crypto assets.

USDe Quietly Climbs the Ranks — Now Only Two Left Ahead

While all eyes were on ENA, its stablecoin cousin USDe has been quietly rewriting the leaderboard.

USDe is now the third-largest stablecoin by market cap. That’s no small feat in a segment dominated by giants like Tether (USDT) and USD Coin (USDC). At the time of writing, USDe’s supply sits just behind those two — putting Ethena firmly in the spotlight for investors, builders, and regulators alike.

The mechanics behind USDe are… well, different. Unlike traditional fiat-backed stablecoins, USDe uses a delta-neutral strategy, relying on staked ETH and short futures positions to maintain its peg.

It’s algorithmic, synthetic, and to some, a bit risky. But right now, it’s working.

This new capital inflow suggests rising trust in that mechanism — or at least rising appetite for something other than USDT and USDC.

Anchorage Partnership Points to Regulatory Ambition

Ethena isn’t stopping at headlines. Behind the scenes, something much more strategic is taking shape.

The protocol has teamed up with Anchorage Digital — a regulated custodian known for its ties with institutions and compliance-first mindset. Together, they’re developing a USD-compliant stablecoin. Unlike USDe, this one would be designed with regulators in mind from the start.

No launch date yet. But the implications are big.

• Ethena is signalling that it’s playing the long game.
• Institutional trust, not just crypto-native hype, is clearly part of the plan.
• With Anchorage’s track record, the new stablecoin could serve both DeFi and traditional finance rails.

This isn’t just an experiment anymore. It’s a roadmap.

And it’s one that may bring Ethena even closer to the stablecoin giants it now rubs shoulders with.

Market Cap, Price and Sentiment — A Quick Look

Let’s get into some numbers. Here’s a quick glance at the latest data, accurate at the time of writing:

Short sellers are feeling the squeeze, while long-term holders are starting to smile.

Investors Split on Long-Term Direction

Not everyone’s convinced.

Some analysts argue that Ethena’s synthetic stablecoin model still carries significant risks — particularly in volatile market conditions. Others worry about overreliance on ETH liquidity or under-collateralisation in a system that isn’t fiat-backed.

But it’s clear the appetite is there.

Volatility? Sure. But the protocol’s rapid growth speaks for itself. New users, new use cases, and yes, new criticisms too.

Still, in a market often driven by sentiment over substance, Ethena seems to be trying to balance both.