Ethena Labs USDe stablecoin, also known as a 'synthetic dollar' which maintains its peg through arbitrage mechanics and a yield-returning cash-and-carry trade, has reached a supply of $3 billion tokens just four months following its public launch in February. 

The stablecoin's supply has grown by $1 billion since April 5, when it last crossed the $2 billion threshold. Now, it's on track to challenge DAI as the largest algorithmic or decentralized stablecoin, though it'll have to add another $2 billion in supply to get there, according to data from The Block. 

In terms of overall stablecoin supply, USDe is in fourth place with a 3.3% share of the overall stablecoin market, far less than market leader Tether's dominant 57% position.

While USDe's rapid rise has reminded some …