Researcher
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It's up $4.02 billion this quarter, and we still have 60 days left in this quarter.
Compared to other stablecoins like USDT, USDC, and USDS, Ethena has low transfer volume compared to its market cap. The transfer-to-mcap ratios are: USDS at 22.75, USDC at 18.74, USDT at 7.6, and USDe at 6.1 according to rwa.xyz.
This suggests that people hold USDe primarily for yields or farming rather than using it in the onchain ecosystem.
When Ethena launches converge with Securitize, I think there could be further growth.
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