USDe, Ethena Lab's stablecoin, has reached a significant milestone with a $500 million market capitalisation, half of which is staked, enhancing its resilience.

Amid a cryptocurrency bull run, Bitcoin surged by nearly 40% to $62,000, while Ethereum rose by 47% to $3,402.

On-chain data researcher Tom Wan highlighted USDe's rapid market cap growth and stable staking ratios, with staked tokens stabilising around the 44% mark.

Wan also noted the substantial yield returns for investors who lock up their tokens, citing a 24% yield on sUSDe, fueled by high funding rates on perpetuals.

Despite stablecoins experiencing a long-term decline until recently, USDe's success underscores a resurgence in stablecoin market activity, marking a significant milestone for the project and the broader cryptocurrency ecosystem.