The digital currency market is witnessing significant growth in tokenized and synthetic dollars, with $USDY and USDe standing out for their rapid expansion. $USDY, a tokenized note secured by short-term US Treasuries, has seen its 7-day supply growth outpace that of traditional stablecoins in percentage terms. Meanwhile, USDe, developed by Ethena Labs, has become the fastest-growing stablecoin in the market, with a 30-day growth in outstanding supply reaching $1.15 billion, marking a 382.3% increase. This surge has positioned USDe among the top 5 largest stablecoins, also referred to as a synthetic dollar by its creators. In response to this growth, borrowing limits for USDe and its synthetic version, sUSDe, have been increased, allowing for up to 90X leverage on Ethena Labs platforms and offering over 30% annual percentage yields (APYs) for passive lending of USDC without locks, impermanent loss, or fees. The upcoming Ethena TGE is anticipated to be a significant event.