Ethena Labs' stablecoin USDe has surged to a market capitalization of approximately $9.3 billion, making it the third-largest stablecoin globally. This represents a 75% increase in market cap over the past three weeks, surpassing FDUSD in stablecoin rankings. The growth of USDe has been driven by factors including the signing of the GENIUS Act, securing custody with Anchorage, and offering attractive annual percentage yields ranging from 10% to 19%. Ethena's total value locked (TVL) is approaching $10 billion. Meanwhile, the overall stablecoin supply on the Ethereum blockchain has reached an all-time high of $145.4 billion, nearly doubling since January 2024. Total stablecoin supply worldwide has exceeded $268 billion, reflecting 5.2% growth in the past 30 days and 30% growth year-to-date. Additionally, Ethereum transactions are approaching record levels, fueled by increased activity in stablecoins, ETFs, and meme coins. The WisdomTree Prime Government Money Market Digital Fund on Ethereum has also seen assets under management rise to nearly $600 million, up approximately 60-fold since the beginning of the year. The Global Dollar Network's USDG stablecoin on Ethereum recorded monthly transfer volumes surpassing $1 billion in July, positioning it as a potential competitor to USDT and USDC.