Ethena的USDE Stablecoin進入了其第五個市場擴張階段

Ethena的USDE Stablecoin進入了其第五個市場擴張階段，在2025年5月的淨創造淨創造了5.47億美元。

Ethena’s USDe stablecoin has entered its fifth market expansion phase, registering a net creation of $547 million in May 2025. The new cycle, known as Phase 5, follows a series of growth and contraction periods observed over the past year, according to data from Entropy Advisors.

Ethena的USDE Stablecoin進入了其第五個市場擴張階段，在2025年5月的淨創造淨創造了5.47億美元。根據Entropy Advisors的數據，新的周期（稱為第5階段）在過去一年中觀察到的一系列增長和收縮期之後。

The current total supply of USDe stands at $4.6 billion. If the pattern of past expansions continues, particularly the third growth cycle, the stablecoin’s supply could reach $11.6 billion in the coming months and possibly climb to a $14 billion market capitalization by August 2025.

當前USDE的總供應量為46億美元。如果過去的擴張模式繼續持續，尤其是第三個增長周期，那麼在未來幾個月內，Stablecoin的供應可能會達到116億美元，並可能在2025年8月之前攀升至140億美元的市值。

Phase 5 Growth for USDe @ethena_labs has started with $547M in net creation in May.If Phase 5 mirrors the previous growth cycle, USDe's supply could rise by 8.8B from now until August 2025, reaching a $14B market cap.Note: Past performance does not guarantee future results. pic.twitter.com/Pp0j1br172

USDE @Ethena_Labs的第5階段增長率為5月的5.47億美元創建。如果第5階段反映了先前的增長周期，則USDE的供應量可能從現在開始到2025年8月，達到8.8B，達到了14B美元的市值。 pic.twitter.com/pp0j1br172

Entropy Advisors’ data shows a year-long sequence of alternating creation and redemption activity. The first phase of growth occurred in May 2024, when USDe issuance rose to $3.6 billion over seven months. This was followed by a correction during Phase 2, where redemptions outpaced new issuance, bringing the market cap down to $2.4 billion as staking yields (sUSDe APY) dropped below 5%.

Entropy Advisors的數據顯示了長達一年的交替創造和救贖活動的順序。第一階段的增長發生在2024年5月，當時USDE發行在七個月內增至36億美元。接下來是在第2階段進行的更正，贖回超過了新的發行，隨著存放收益率（SUSDE APY）降至5％以下，市值降至24億美元。

In November 2024, Phase 3 began with USDe issuance exceeding $1 billion in a single month, marking the largest supply surge on record. By January 2025, the market cap had doubled from its prior low, reaching a peak of $6.1 billion. However, this rally was again followed by a decline in supply during Phase 4, falling to $4.6 billion by early May 2025.

2024年11月，第3階段的發行量在一個月內超過10億美元，標誌著有記錄以來最大的供應激增。到2025年1月，市值從先前的低點增加了一倍，達到61億美元。但是，此次集會隨後在第4階段供應下降，到2025年5月初，供應下降到46億美元。

Yield Volatility Affects Stablecoin Supply

產量波動會影響穩定的供應

Another chart by Entropy Advisors compares the average annual percentage yield (APY) of USDe staking products with the token’s market cap over time. The analysis shows a strong correlation between changes in APY and supply behavior.

Entropy Advisors的另一個圖表比較了USDE Stataking產品的平均年平均百分比收益率（APY）與代幣的市值隨著時間的流逝。該分析表明，APY和供應行為的變化之間存在很強的相關性。

Between August and October 2024, the APY rose to 45%, leading to a major contraction in USDe supply, from $3.5 billion to $2.4 billion. As funding conditions normalized and APY fell to 20%, investor activity returned, fueling renewed growth.

在2024年8月至10月10日之間，APY上升到45％，導致USDE供應的重大收縮，從35億美元增加到24億美元。隨著資金條件的正常化，APY降至20％，投資者活動又恢復了，從而促進了新的增長。

During these two months (March and early May 2025), the APY bridge token rose to above 45%, but the public did not participate on a significant scale. As a result, the amount of USDe in existence dropped by 25%, indicating that rising yields did not maintain speedy inflation.

在這兩個月（2025年3月和5月初）中，APY橋令牌上升到45％以上，但公眾沒有大量參與。結果，現有的USDE量下降了25％，表明產量上升並不能保持快速通貨膨脹。

The charts show all USDe minting and burning taking place only on Ethereum from May 2024 to May 2025. The blue bars indicate where new money is added, and the red bars signify where money is taken out. Each period of growth, starting in May 2024, November 2024, and May 2025, is then followed by corrections in the market.

圖表顯示，僅在2024年5月至2025年5月以太坊上發生的所有USDE鑄造和燃燒。藍色條表示添加了新資金的位置，紅色的酒吧表示拿出錢的位置。從2024年5月，即2024年11月和2025年5月的每個增長期，隨後在市場上進行了更正。