Ethena USDe, ticker USDE, is not designed to appreciate from $1 to $2, $5, or $10. Its target is to remain close to $1. A sustained price materially above $1 would generally represent a peg deviation, not successful investment appreciation. The most defensible maximum realistic range is approximately $30B–$50B in market capitalization, corresponding to roughly $30B–$50B of circulating USDe at the $1 peg. A move beyond $50B is mathematically possible, particularly if the stablecoin market expands toward multi-trillion-dollar projections, but it would require USDe to become core infrastructure across centralized exchanges, DeFi, derivatives, tokenized assets, and institutional markets.