Ethena的USDE Stablecoin进入了其第五个市场扩张阶段

Ethena的USDE Stablecoin进入了其第五个市场扩张阶段，在2025年5月的净创造净创造了5.47亿美元。

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进入了其第五个市场扩张阶段，在2025年5月的净创造净创造了5.47亿美元。根据Entropy Advisors的数据，新的周期（称为第5阶段）在过去一年中观察到的一系列增长和收缩期之后。

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.

当前USDE的总供应量为46亿美元。如果过去的扩张模式继续持续，尤其是第三个增长周期，那么在未来几个月内，Stablecoin的供应可能会达到116亿美元，并可能在2025年8月之前攀升至140亿美元的市值。

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阶段增长率为5月的5.47亿美元创建。如果第5阶段反映了先前的增长周期，则USDE的供应量可能从现在开始到2025年8月，达到8.8B，达到了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的数据显示了长达一年的交替创造和救赎活动的顺序。第一阶段的增长发生在2024年5月，当时USDE发行在七个月内增至36亿美元。接下来是在第2阶段进行的更正，赎回超过了新的发行，随着存放收益率（SUSDE APY）降至5％以下，市值降至24亿美元。

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阶段的发行量在一个月内超过10亿美元，标志着有记录以来最大的供应激增。到2025年1月，市值从先前的低点增加了一倍，达到61亿美元。但是，此次集会随后在第4阶段供应下降，到2025年5月初，供应下降到46亿美元。

Yield Volatility Affects Stablecoin Supply

产量波动会影响稳定的供应

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的另一个图表比较了USDE Stataking产品的平均年平均百分比收益率（APY）与代币的市值随着时间的流逝。该分析表明，APY和供应行为的变化之间存在很强的相关性。

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日之间，APY上升到45％，导致USDE供应的重大收缩，从35亿美元增加到24亿美元。随着资金条件的正常化，APY降至20％，投资者活动又恢复了，从而促进了新的增长。

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.

在这两个月（2025年3月和5月初）中，APY桥令牌上升到45％以上，但公众没有大量参与。结果，现有的USDE量下降了25％，表明产量上升并不能保持快速通货膨胀。

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.

图表显示，仅在2024年5月至2025年5月以太坊上发生的所有USDE铸造和燃烧。蓝色条表示添加了新资金的位置，红色的酒吧表示拿出钱的位置。从2024年5月，即2024年11月和2025年5月的每个增长期，随后在市场上进行了更正。