Ethena Leads Reported 24-Hour Stablecoin Growth Ranking; Ripple Listed Second
Figures attributed to Token Terminal rank Ethena ahead of Ripple in reported 24-hour stablecoin market-cap growth. The amounts point to a sharp short-term gap, but they do not show that Ethena has overtaken Ripple in total market capitalization or market share.
- Ethena was reported up $337.4 million over 24 hours; Ripple was up $39.6 million.
- Ripple reportedly led the previous day’s comparison with a $34.7 million gain.
- The figures could not be independently verified, and the exact measurement window is unspecified.
- A growth ranking does not rank total market size or stablecoin usage.
What the reported figures show
The figures are attributed to Token Terminal and linked to an X post by rwafoundation_. They rank Ethena first and Ripple second for reported 24-hour market-cap growth. If the amounts use the same definitions and time window, Ethena’s $337.4 million increase is about 8.5 times Ripple’s $39.6 million.
The ranking reportedly looked different the previous day, when Ripple led with a $34.7 million increase. That’s a notable shift in a short-term ranking, but a single day’s movement does not establish a lasting trend.
Other entries in the reported comparison were USDD, up $13.9 million; Paxos, up $10.8 million; Ondo, up $4.2 million; OpenStandard, up $3.2 million; and UnitedStables, up $3 million. The underlying data does not say whether these labels refer to issuers, projects, or specific tokens. Without that detail, they should not be treated as directly comparable assets.
Growth is not the same as market leadership
Market capitalization is generally calculated by multiplying the number of tokens counted as circulating by their market price. For a stablecoin trading close to its intended peg, a rise in market capitalization may mainly reflect an increase in reported circulating supply. The figures provided do not show what drove the reported changes.
Market-cap growth alone does not show that a stablecoin is being used more for payments, that transaction activity has increased, or that demand will last. Results can also depend on how a data provider counts circulating tokens across chains, handles bridged or wrapped versions, and accounts for price changes.
The comparison gives no total market capitalizations or market shares. It also does not identify the specific asset or data category behind the “Ripple” label. “Ethena flips Ripple” would describe only the reported growth ranking, not a change in overall stablecoin size or market dominance.
What remains unclear
The exact start and end times for the 24-hour window are not provided, and the calculation method is not explained. The reported amounts could not be independently checked against an underlying chart or dataset, so they should be treated as attributed figures, not confirmed measurements.
Without the measurement window, consistent asset labels, and total market-cap figures from the same timestamp, the ranking cannot show how the listed stablecoins compare in overall scale or whether any reported gain lasted beyond that snapshot.
Key questions and answers
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Which stablecoin led the reported 24-hour growth ranking?
Ethena, with a reported $337.4 million increase. The figure is attributed to Token Terminal but could not be independently verified.
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What did the comparison report for Ripple?
Ripple was listed with a $39.6 million increase, after reportedly leading the previous day with $34.7 million. The specific asset behind the Ripple label is not identified.
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Does the ranking mean Ethena has a larger stablecoin market cap than Ripple?
No. It compares reported growth over 24 hours, not total market capitalization, market share, or usage.
