Ethena Labs announced the launch of its synthetic USDe stablecoin on Dec. 16, 2024, as the token’s market cap reached $5.73 billion, an all-time high.

In a post on X, Ethena Labs, built on the Ethereum blockchain, announced a possible launch for its stablecoin USDe which is pegged with the U.S. dollar. It is mainly built as a yield-generating asset rather than an intermediary for a transaction, similar to Tether (USDT) or USD Coin (USDC).

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