The essence of the crypto industry lies in reshaping assets. BTC has reshaped gold, and stablecoins have reshaped US Treasuries and fiat. Over 8 years, stablecoins have grown from 0 to a market capitalization of over 200 billion. In addition to the rise of Tether and Circle, USDE has also achieved significant growth within a year, reaching a market capitalization of 5 billion USD, making it the top 4 stablecoin and the top 2 crypto asset backed stablecoin.



This morning, the genius bill also passed the harvesting procedure obstacle (not through, though), marking the entry of stablecoin legislation into a new stage. Stablecoin legislation is certainly beneficial for stablecoins, but is this a policy boon for crypto asset backed stablecoins? It is still hard to say.
However, according to the data from within, now with the market rise, USDE has increased by 300 million USD in the past week, which is due to the improvement in funding rates. If the market takes off in 2025 and the funding rates continue to rise, then USDE will also迎来第三波增长. Looking back at the past growth status of USDE and ENA, when the last market wave came, the price of ENA skyrocketed from 0.2 to 1.1, while USDE rose from 2.4 billion to 5.9 billion USD. If this market wave comes, what happened to the next wave?
BTC1.57%
USDE0.01%
ENA14.26%
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