Ethena is experiencing the fastest growth in Q3 2025 It's up $4.02 billion this quarter, and we still have 60 days left in this quarter. Compared to other stablecoins like USDT, USDC, and USDS, Ethena has low transfer volume compared to its market cap. The transfer volume-to-mcap ratios are: USDC at 22.75, USDC at 18.74, USDT at 7.6, and USDe at 6.1 according to @RWA_xyz . This suggests that people hold USDe primarily for yields or farming rather than using it in the onchain ecosystem. When Ethena launches @convergeonchain with @Securitize , I think there could be further growth.