Stablecoin Market Adds $5B: Surge Led By USDS and USDe

Over the past week, nearly $5 billion in new liquidity has flowed into the stablecoin ecosystem, led by supply spikes in Sky’s USDS and Ethena’s USDe. As the market adjusts to a new phase of federal oversight, competition among dollar-pegged tokens appears to be entering a critical phase.

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