Ethena’s synthetic dollar USDe has experienced explosive growth on Coinbase’s Layer 2 network Base, surging from $1.3 million to $337 million in just 90 days, representing a 25,645% increase. USDe now accounts for 8.27% of its total global supply of $4.08 billion spread across 21 chains, making it the second-largest stablecoin on Base. Base’s total stablecoin supply stands at approximately $5 billion, with USDC dominating at roughly 85% market share. Net inflows of $67 million were recorded on Base over the past 30 days, indicating sustained minting activity rather than a single whale-driven spike. This growth is driven by strategic partnerships between Ethena Labs and Coinbase, particularly with the lending protocol Morpho, enabling composable USDe deployment as collateral.
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