Data: USDe market capitalization rebounded to 3.46 billion USD, with an inflow of 1 billion USD in the past month

ChainCatcher news, according to Coindesk, based on data from DefiLlama, the stablecoin USDe issued by Ethena Labs has attracted approximately $1 billion in new funds over the past month, with its market capitalization rebounding to $3.46 billion, just 5% lower than the historical high of $3.6 billion set in July.

The perpetual contract funding rates in the crypto market turned negative in August and September, making Ethena's strategy unfavorable for investors, as its yield fell below the risk-free rate of the dollar. Investors withdrew $1.2 billion from the protocol between July and October. Analysis points out that the rebound in USDe supply can be attributed to the recent surge in contract market funding rates. According to data from Ethena's official website, the average APY for sUSDe (staked USDe) has risen to 29%.

There are more catalysts that could drive further growth in the future. For example, the decentralized lending protocol Aave has added staked USDe tokens to its available collateral assets, allowing users to borrow against the tokens while earning yields.