Ethena Labs’ synthetic dollar USDe has expanded to about $9.3 billion in circulation, vaulting it past First Digital USD to become the world’s third-largest stablecoin behind Tether and Circle’s USDC. On-chain data compiled by The Block show the token’s market value has surged 75 percent over the past three weeks as investors poured in capital, drawn by advertised yields of 10 to 19 percent. The influx follows the recent signing of the GENIUS Act, which establishes a federal framework for asset-backed stablecoins, and Ethena’s decision to place reserves with Anchorage Digital, moves analysts say have bolstered institutional confidence. USDe’s rapid growth has helped push the combined stablecoin balance on the Ethereum network to a record US$145.4 billion, according to Token Terminal. Across all blockchains, dollar-pegged tokens now total roughly US$268 billion, up 30 percent since the start of the year. Rising stablecoin activity is filtering into broader network usage: Ethereum processed a record 1.74 million transactions on Aug. 5, eclipsing its May 2021 peak and approaching the all-time intraday high of 1.96 million set in January 2024. Ether last traded near US$3,700.