Ethena's Stablecoin Supply Grows $337.4 Million in a Day, Passing Ripple
Key Takeaways
- •Ethena recorded a $337.4 million increase in stablecoin market capitalization over 24 hours, the largest daily gain of any issuer, according to COINOTAG data dated November 8, 2026.
- •Ethena's growth displaced Ripple, which had topped the issuer rankings the prior day with a $39.6 million supply increase.
- •Day-over-day changes in issuer-level stablecoin supply reflect net minting and redemption activity and are often read as a gauge of where new dollar-pegged liquidity is appearing.
- •Ethena issues USDe, a synthetic dollar backed by collateral combined with derivatives hedging positions, and USDtb, a stablecoin backed largely by BlackRock's tokenized BUIDL money-market fund.
- •Ripple's RLUSD, launched in late 2024 with approval from the New York Department of Financial Services, targets payments and institutional settlement, placing a payments firm alongside a DeFi protocol in the same daily supply rankings.
Ethena recorded the largest daily stablecoin market capitalization growth of any issuer over the past 24 hours, adding $337.4 million and taking the top spot that Ripple had occupied a day earlier, according to issuer-level market data published by COINOTAG on November 8, 2026.
Ripple, which led the previous day's issuer rankings, added $39.6 million over the same window — a figure that was substantial in its own right, though well short of Ethena's daily gain.
What the Metric Measures
Stablecoin market capitalization represents the total outstanding supply of tokens designed to track the value of fiat currencies, most commonly the US dollar. At the issuer level, day-over-day changes in supply generally correspond to net minting and redemption activity: new tokens enter circulation when they are issued to users, while supply contracts when holders redeem tokens for their underlying assets. Because issuance is tied to users committing collateral, issuer-level supply growth is often read as a gauge of where new dollar-pegged liquidity is appearing on a given day — and single-day rankings can shift quickly when episodic minting or redemption flows dominate.
Background on the Two Issuers
Ethena is a decentralized finance protocol best known for issuing USDe, a synthetic dollar stablecoin whose backing combines collateral with hedging positions in the derivatives markets. The protocol also offers USDtb, a stablecoin backed largely by BlackRock's tokenized money-market fund BUIDL.
Ripple, the blockchain payments firm closely associated with the XRP Ledger and the XRP token, launched its own dollar-pegged stablecoin, RLUSD, in late 2024. The token was cleared by the New York Department of Financial Services and is aimed at payments and institutional use cases.
The two issuers occupy different niches within the stablecoin market — Ethena's products are native to on-chain finance, while RLUSD targets payments and institutional settlement — which places a DeFi protocol and a payments company side by side in the same daily supply rankings.
For market watchers, subsequent measurement windows will show whether the day's issuer standings reflect sustained minting activity or a single day's flow, using the same day-over-day supply data that produced this ranking.
This content was first published on COINOTAG: https://en.coinotag.com/ethena-stablecoin-supply-growth-passes-ripple
