Key Takeaways
- Ethena’s USDe has increased its market cap by over 30% to $9.66 since July 17, 2025.
- Several major U.S. banks are planning stablecoin launches following the passing of the GENIUS Act.
- Stablecoins collectively carry a market cap of over $268 billion.
Web3 payments infrastructure provider Transak has added support for Ethena’s synthetic stablecoin, USDe, now the market’s third-largest digital dollar.
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Ethena Gains Ground
The announcement, shared exclusively with CCN via press release, brings USDe into Transak’s global fiat on- and off-ramp network, which is integrated with major payment rails including Mastercard, Visa, Apple Pay, and Google Pay.
Transak says USDe stands out from traditional fiat-backed stablecoins because of its decentralized design.
Unlike USDC or USDT, USDe isn’t tied to banking infrastructure, making it more censorship-resistant and less exposed to risks from bank failures.
This makes it particularly attractive in emerging markets with limited access to U.S. banking systems.
“Ethena’s recent growth shows strong market confidence, but it’s taken time to get here, and for good reason. They’re building a stablecoin backed by crypto-native strategies like delta-neutral hedging and staking yield, not traditional cash reserves. It’s innovative, but also complex. Naturally, the industry needed time to understand the model, assess the risks, and build trust. What looked like a slow start was really the market doing its homework. Now that confidence has grown, adoption is accelerating fast,” Harshit, Head of Marketing & Investor Relations, Transak, told CCN.
USDe Is Climbing the Ranks
The growth backs up the excitement.
As of now, USDe has become the third-largest stablecoin by market cap, currently sitting at $9.66 billion—up from $5.3 billion just three weeks ago on July 17.
The integration with Transak isn’t the only major partnership. Telegram and other Web3 platforms are also tapping into Ethena’s infrastructure to power their native payment tools, reinforcing the project’s growing footprint across the ecosystem.
As regulatory concerns push stablecoin issuers toward more decentralized models, Ethena’s rise, and Transak’s integration suggest that crypto-native stability models may be entering the mainstream faster than expected.
Timing
According to DeFiLlama data, stablecoins are on the rise in 2025, and have increased their collective market cap to $268.73 billion, up 30.9% from $205.21 billion at the start of 2025.
But it’s no coincidence, as stablecoin issuers and payments platforms in the U.S. welcome sweeping pro-crypto reforms to stablecoin regulations by way of the GENIUS Act.
Now, the biggest U.S. banks are clamouring to launch their tokenized dollar offerings, officially kicking off what is arguably the first golden era for stablecoins.
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Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
