Ethena’s USDe beats DAI to become 3rd-largest stablecoin

Decentralized finance (DeFi) protocol Ethena’s stablecoin, USDe, has surpassed Sky’s Dai (DAI) in total market capitalization, becoming the third-largest stablecoin after Tether and USD Coin , according to data from DefiLlama.

At less than $6 billion in market cap, USDe still greatly lags USDT and USDC, which tout market caps of approximately $140 billion and $40 billion, respectively.

Meanwhile, the market capitalization of DAI — the flagship stablecoin of Sky (formerly Maker) — has dwindled to around $4.5 billion from upward of $7 billion in 2022, according to DefiLlama. The total market cap of all stablecoins is just over $200 billion.