USDe Market Cap Surges Past $2.6B as SEC Approves Spot Ethereum ETFs

Ethena's synthetic dollar cryptocurrency, USDe, has seen its market capitalization surge to over $2.66 billion following the approval of spot Ethereum (ETH) exchange-traded funds by the SEC.

The increase in market cap comes after a rise in Ethereum open interest and an uptick in perpetual funding rates in the market.

As of May 20, USDe's market cap hovered around $2.45 billion until Bloomberg ETF analysts Eric Balchunas and Jeff Seyffart raised the odds of the SEC approving a spot Ether ETF to 75%.

The boost in USDe's market cap can be attributed to the increased attractiveness of Ethena's USDe staking yield, which currently stands at 37.2%, a significant rise from 27.55% on May 14.