MV Capital | Ethena Tops Daily Stablecoin Market Cap Growth With $337.4 Million Gain

Ethena recorded the largest 24-hour gain among stablecoin issuers, surpassing Ripple’s increase and claiming the top position in recent market data

Ethena Takes the Lead in 24-Hour Expansion

Ethena posted the strongest daily growth in stablecoin market capitalization among issuers over the past 24 hours. The protocol added $337.4 million, according to issuer-level figures from blockchain analytics. This performance moved Ethena into first place, ahead of other major participants in the sector.

The increase was substantially larger than those recorded by peers. Ethena’s gain stood roughly 8.5 times higher than the next-largest figure in the same period. The data points to a clear shift in short-term expansion rankings within the stablecoin market.

Ripple Moves to Second Place

Ripple ranked second with a market capitalization increase of $39.6 million over the same 24-hour window. The company had held the leading position the previous day after recording a $34.7 million gain. Its latest addition remained positive yet was outpaced by Ethena’s larger expansion.

Ripple continues to maintain a presence in stablecoin activity tied to its broader digital payments work. The latest ranking change places it immediately behind Ethena in the daily growth comparison.

Ethena’s $337.4 million addition was about 8.5 times the size of Ripple’s $39.6 million increase in the same period.

Broader Gains Across Other Issuers

Several additional stablecoin issuers also recorded positive market capitalization changes. USDD added $13.9 million, followed by Paxos with $10.8 million. Further down the list, Ondo posted a $4.2 million rise, OpenStandard added $3.2 million, and UnitedStables recorded a $3 million increase.

These figures show expansion distributed across multiple projects rather than concentrated solely at the top. The collective activity indicates continued interest in stablecoin supply growth during the measured period.

Issuer	24-Hour Market Cap Growth
Ethena	$337.4 million
Ripple	$39.6 million
USDD	$13.9 million
Paxos	$10.8 million
Ondo	$4.2 million
OpenStandard	$3.2 million
UnitedStables	$3 million

Context on Ethena’s Position

Ethena operates as a decentralized finance protocol that issues synthetic stablecoins designed to hold value through algorithmic approaches. Its latest daily expansion places it at the forefront of short-term market capitalization changes among issuers tracked in the data.

The ranking shift follows a period in which Ripple had briefly led the daily growth metrics. Multiple issuers contributing positive figures point to ongoing development activity across the stablecoin category.