The Decentralized Finance (DeFi) sector has reached another milestone. The latest data shows that the total market capitalization of the two stablecoins USDe and USDtb under the Ethena protocol has surpassed the 10 billion USD mark, marking a further consolidation of the protocol's position in the DeFi ecosystem.

It is worth noting that, even without accounting for duplicate parts, Ethena's total value locked (TVL) still stands at an impressive 9.4 billion USD. This astonishing figure positions Ethena to soon join the elite ranks of DeFi protocols with a TVL exceeding 10 billion USD, becoming one of the only five protocols to reach this scale.

Ethena's rapid growth reflects the market's confidence in its stablecoin solutions. The success of USDe and USDtb not only showcases Ethena's strength in technological innovation but also highlights the important position of decentralized stablecoins in the current cryptocurrency ecosystem.

As Ethena is about to enter the 10 billion USD TVL club, industry insiders generally believe that this will further promote the development of the DeFi sector, paving the way for more innovative financial products and services. At the same time, this achievement may also attract more traditional financial institutions to pay attention to and participate in Decentralized Finance, promoting healthy development across the entire industry.

However, along with rapid growth, Ethena also faces challenges such as regulatory compliance, security, and scalability. In the future, whether Ethena can maintain its growth momentum while effectively addressing these challenges will be a key factor in determining its long-term success.