Ethena’s synthetic dollar cryptocurrency, USDe, saw a significant increase in market capitalization, reaching $2.66 billion following the U.S. Securities and Exchange Commission (SEC) approval of spot Ethereum (ETH) exchange-traded funds (ETFs), which fueled interest in the cryptocurrency.

On May 20, after Bloomberg ETF analysts assessed the likelihood of SEC approving a spot Ether ETF at 75%, USDe’s market cap increased by $100 million. This represents a 4% growth over the last three days, reaching $2.66 billion currently. The staking yield of USDe significantly increased to 37.2%.

On Thursday, the SEC approved all eight applications for spot ETFs, marking a significant event for Ethereum trading on Wall Street. Guy Young, founder of Ethena Labs, noted that the rise in open interest and funding rates is expected to provide substantial support for Ethena, as average perpetual funding rates soared from less than 7% to over 35% in less than eight hours.