USDe on Base surges 25,645% to $337M in 90 days

Three months ago, USDe on Base was a rounding error. Today it’s a $337 million presence on Coinbase’s Layer 2 network, making it the fastest-growing stablecoin with at least $100 million in market cap. A 25,645% increase in 90 days will do that. The numbers behind the surge USDe now commands approximately 8.27% of its total global supply on Base alone. That global supply sits around $4.08 billion, spread across 21 different chains, with Ethereum still holding the lion’s share. On Base specifically, USDe has climbed to the second-largest stablecoin position. That’s notable given Base’s total stablecoin supply is approximately $5 billion, with USDC dominating at roughly 85% market share. Over the last 30 days, USDe recorded net inflows of $67 million on Base, which points to consistent minting activity rather than a single whale-driven spike. How USDe actually works Unlike USDC or USDT, which back each token with reserves of dollars and dollar-equivalent assets sitting in bank accounts, USDe takes a fundamentally different approach. It’s a synthetic dollar built on a delta-neutral hedging strategy: Ethena holds spot crypto assets, primarily Bitcoin and Ethereum, and simultaneously op...