Ethena's Stablecoin Supply Grows $337.4 Million in a Day, Passing Ripple

Top Issuer Spot Changes Hands

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. Issuer-level market data shows Ripple added $39.6 million in the same window, a figure large enough for second place but a fraction of the leader's pace. The gap defines the session: Ethena's single-day addition ran roughly 8.5 times the size of Ripple's, and no other issuer came within $290 million of it. The reading, published at 03:21 UTC on Sunday, 2026-11-08, measures newly minted tokens rather than price appreciation. Stablecoin market capitalization expands when issuers mint fresh units against collateral, so the metric tracks demand for the product itself instead of secondary-market speculation. For Ethena, a digital-asset-focused stablecoin protocol, the day's $337.4 million flowed straight into the circulating supply of its stablecoin, expanding the outstanding base faster than any competitor grew theirs. Ripple had taken the lead only 24 hours before, so the change of rank happened inside a single day. Growth was positive across the issuer set but thin beyond the top: the six issuers behind Ethena added a combined $74.7 million, meaning one protocol accounted for about 82% of the tracked expansion, and only one other issuer crossed $10 million. The protocol's tokenomics tie new issuance to demand for its yield-bearing design, which is why minting volume is read as a demand signal rather than a marketing outcome, and a day of this size indicates that demand accelerated sharply through the window. Combined, the seven tracked issuers expanded the sector's supply by roughly $412 million over the window.

Ripple Slips to Second Despite Faster Growth

The reversal at the top was not the result of weakness at Ripple. Its $39.6 million addition was larger than the $34.7 million gain that had put it first in the previous window, yet the faster growth still left it second, because Ethena's expansion was of a different order entirely. USDD followed in third with $13.9 million, Paxos took fourth with $10.8 million, and the tail of the table thinned quickly: Ondo added $4.2 million, OpenStandard $3.2 million and UnitedStables $3 million. Paxos and the mid-table issuers all stayed in positive territory, so the session produced no contraction anywhere on the list. The spread matters for how the session should be read. Seven issuers posted positive growth in the same window, so the expansion reached well beyond the two leaders, even though the bulk of it sat at the top. In a market where stablecoin supply is treated as a gauge of capital parked for trading and payments, a day in which every tracked issuer grew is a broader signal than a day led by one name. The daily leaderboard itself, however, looks volatile: the same ranking that put Ripple first on the previous day put it second on Sunday, with the $4.9 million difference between its two windows unable to offset a competitor growing more than eight times faster. Ripple's position in the total stablecoin standings is unaffected by a single day's growth rank; what changed is which issuer added the most supply in the most recent window.

ENA Lags the Supply Growth

The ENA altcoin has not followed the protocol's supply growth upward. Our live monitoring puts ENA at $0.1548, down 5.9% over 24 hours and essentially flat since the growth reading landed around 03:21 UTC, with the trend model in a downtrend and the relative strength index at 35.82. Nearest support sits at $0.1527, scored 79 out of 100 on our composite of moving averages and support and resistance levels, while resistance at $0.1628 carries a maximum 100/100. Derivatives positioning stays neutral: funding runs at 0.0038% and open interest at $115.3 million. A hold at $0.1527 keeps the range intact, while a daily close above $0.1628 is what would change the downtrend picture. The slide sits within the descending channel traced through coverage of the Binance hacker's ENA sale and of recent whale buying on the token.