Ethena USDe PriceUSDe

As of July 23, 2025, the cryptocurrency market is experiencing significant developments across various sectors, including legislative advancements, corporate investments, and market performance. This report provides an in-depth analysis of the day's most impactful events.

Legislative Developments: GENIUS Act Signed into Law

On July 18, 2025, President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) into law. This landmark legislation establishes a comprehensive regulatory framework for stablecoin cryptocurrencies, mandating stringent standards for reserves, audits, and transparency for issuers. The act also introduces a dual federal and state supervisory system to mitigate financial stability risks and protect consumers. The Senate passed the bill on June 17, 2025, with a bipartisan vote of 68–30, followed by the House's approval on July 17, 2025, with a vote of 308–122.

Corporate Investments: SharpLink's Ethereum Holdings

On July 15, 2025, SharpLink Gaming, Inc., a publicly traded company based in Minneapolis, Minnesota, announced it had become the world's largest corporate holder of Ether (ETH). As of July 13, 2025, the company held 280,706 ETH. This strategic decision involves adopting ETH as its main treasury reserve asset, with 99.7% of its holdings allocated to staking protocols. Since launching this strategy on June 2, 2025, SharpLink has earned 415 ETH in rewards.

Market Performance: Cryptocurrency Price Movements

The cryptocurrency market has seen notable price movements:

• Bitcoin (BTC): Currently trading at $119,964.00.

• Ethereum (ETH): Trading at $3,746.87, with a slight decrease of 0.49% from the previous close.

• XRP: Trading at $3.55, down 0.28% from the previous close.

• Cardano (ADA): Trading at $0.902816.

• Dogecoin (DOGE): Trading at $0.269736.

• BNB: Trading at $786.07.

• Polkadot (DOT): Trading at $4.54.

• Uniswap (UNI): Trading at $10.77.

• Litecoin (LTC): Trading at $119.55.

• Chainlink (LINK): Trading at $19.66.

International Developments: South Korea's Policy Shift

South Korea's Ministry of SMEs and Startups announced plans to lift restrictions preventing crypto-related businesses from being classified as venture companies. This amendment will grant crypto startups access to significant government benefits, including 50% corporate tax cuts for five years, 75% real estate acquisition tax relief, and broadcast advertising discounts up to 70%. The ministry is collecting public feedback until August 18, 2025.

Corporate Strategies: Tether's Agricultural Investment

Tether, the issuer of the USDT stablecoin, has acquired 70% of Adecoagro, a major South American agricultural producer, for approximately $600 million. This strategic move aims to connect stablecoin payments with physical commodities like rice, sugar, and ethanol, embedding USDT into global trade flows and allowing for faster, cost-effective cross-border transactions.

Institutional Interest: Fidelity and BlackRock's Bitcoin ETF Inflows

Fidelity and BlackRock reported combined inflows of over $1 billion into their Bitcoin spot ETFs, indicating sustained institutional interest in Bitcoin as a digital asset. This development further legitimizes Bitcoin's role as a hedge akin to digital gold.

Conclusion

The cryptocurrency market on July 23, 2025, is marked by significant legislative progress, substantial corporate investments, and dynamic market performance. The enactment of the GENIUS Act provides a regulatory framework for stablecoins, while corporate strategies like SharpLink's Ethereum holdings and Tether's agricultural investments demonstrate the growing integration of cryptocurrencies into traditional financial and economic systems. Institutional inflows into Bitcoin ETFs further underscore the increasing acceptance of digital assets in mainstream finance.

Ethena Labs has introduced USDe, a synthetic dollar protocol built on the Ethereum blockchain, aiming to provide a censorship-resistant, stable, and scalable digital asset. Unlike traditional stablecoins backed by fiat reserves, USDe employs a delta-neutral strategy involving long spot positions and short perpetual futures to maintain its 1:1 peg to the US dollar.

Mechanism and Yield Generation

USDe's stability is achieved through delta-hedging staked Ethereum collateral. This approach allows the protocol to generate yield from the funding and basis spread available in perpetual and futures markets. Additionally, Ethena plans to introduce the "Internet Bond," a crypto-native, yield-bearing, dollar-denominated savings instrument derived from staked Ethereum returns and market spreads.

Partnership with Bitget

In June 2024, Bitget, a leading cryptocurrency exchange, expanded its partnership with Ethena by integrating USDe into its services, including Bitget Savings and Coin-Margined (Coin-M) Contracts. This collaboration enables Bitget users to leverage USDe as collateral for trading coin-margined perpetual futures or as a savings product, both offering attractive annual percentage rates (APRs). Users can also participate in fixed and flexible savings subscriptions, enhancing capital efficiency and providing diverse investment opportunities.

Integration with Exchange Wallets

In April 2024, Ethena announced the integration of USDe with centralized exchange wallets, including those of Binance, Bybit, OKX, and Bitget. This integration allows users to earn USDe yields directly from their exchange wallets, simplifying the process of staking and earning rewards. Users locking USDe for at least seven days through these wallets are eligible for reward boosts, further incentivizing participation.

Risks and Considerations

While USDe offers innovative solutions, it is not without risks. The protocol's reliance on delta-hedging and market spreads means that adverse market conditions or funding rate reversals could impact its stability. Additionally, the inclusion of liquid staking tokens in Ethena's reserves introduces potential risks if these assets depeg. Investors should conduct thorough due diligence and consider these factors when engaging with USDe.

Conclusion

Ethena's USDe represents a significant advancement in the realm of synthetic stablecoins, offering a crypto-native solution that does not depend on traditional banking infrastructure. Its partnerships with major exchanges like Bitget enhance accessibility and utility, providing users with diverse opportunities to earn yields and participate in the DeFi ecosystem. However, potential investors should remain cognizant of the associated risks and monitor the protocol's performance in varying market conditions.