USDe, a synthetic stablecoin issued by Ethena Labs, has surpassed a supply of 6 billion tokens as of July 20, 2025, confirmed by Etherscan data.

Ethena Labs’ surpassing of a 6 billion USDe supply signals strong demand for stablecoins and impacts DeFi liquidity.

The USDe supply is a new milestone for Ethena Labs, noted by Etherscan data confirming over 6 billion tokens. This surge in supply reflects ongoing demand in the decentralized finance sector.

Ethena Labs, founded by Guy Young, achieved this without direct statements from leadership. However, Janet Yellen commented on the dollar going on-chain, indicating positive regulatory prospects:

“The dollar is going on-chain.”

ENA token, associated with Ethena, experienced a 27% price increase, emphasizing market confidence. The synthetic stablecoin’s expansion suggests expanded use and increased on-chain liquidity.

DeFi landscapes, particularly those reliant on USDe, may see further benefits. Etherscan and DeFiLlama data highlight potential shifts in Total Value Locked within integrated protocols.

Increased USDe supply could lead to regulatory attention, aligning with comments from government figures. Broader market movements may influence other DeFi assets and drive technological discussions.

Overall, USDe’s growth parallels prior stablecoin trends. Historical analysis indicates potential for expanded DeFi participation and regulatory scrutiny. Janet Yellen’s remarks underscore possible policy evolutions favoring stablecoin integration.