usde

Messari researcher Anastasiia stated that the new version of Ethena's fee switch is proposed to trigger based on the 14-day average supply of USDe, gradually increasing the revenue extraction ratio at thresholds of $7.5 billion, $10 billion, $15 billion, and $20 billion, and redirecting part of the revenue originally used for sUSDe staking, partners, and Aave leveraged operations towards ENA buybacks.Backtesting shows that during the activation of the switch, the annualized buyback scale is approximately $52.7 million, equivalent to 3.36% of ENA's market cap at the reported price; at the same time, about 9.3% of activation days will cause the yield of sUSDe to fall below that of sUSDS.The Ethena Foundation released four ecological adjustments, including the launch of a buyback ENA governance proposal and the cancellation of monthly VC unlocks.

The cryptocurrency protocol Ethena, which issued $4 billion in synthetic US dollars (USDe), announced plans to expand its basis trading strategy to stock perpetual contracts. According to Ethena's data, the open interest in stock perpetual contracts has grown tenfold to $6.2 billion since March. Over the past few months, the funding rates on Hyperliquid and Binance averaged approximately 14% and 17.5%, respectively, while the Bitcoin funding rate during the same period was only in the low single digits.Ethena pointed out that the average Bitcoin funding rate was 11% in 2024, 4.9% in 2025, and has dropped to 2.2% as of August 11 this year. In contrast, stock perpetual contracts had positive funding rates on 94% of trading days on Hyperliquid and 97% on Binance, with a median funding rate of 13.9%, while Bitcoin's was 3.9%. Co-founder Guy Young stated that stocks tend to rise in the long term, creating a continuous demand for leveraged longs to pay fees, and that the funding rate for stocks has almost no correlation with Bitcoin, providing USDe with a revenue source that relies less on the crypto market.The global stock market had a market capitalization of approximately $166.5 trillion in July, far exceeding the crypto market's approximately $2.2 trillion. This expansion is one of Ethena's initiatives to seek new revenue sources after the supply of USDe fell from a peak of about $15 billion to below $5 billion. Last week, it also announced a $1 billion financing arrangement with FalconX.

The Ethena Foundation announced significant reforms to its tokenomics, with the ENA token rising 23% to $0.17 within 24 hours. The reforms include the cancellation of the monthly VC unlock schedule and a proposal to use protocol revenue to buy back ENA. ENA holders are voting to decide on the "fee switch," where 95% of the net income from Ethena's brand business will be used for programmatic purchases of ENA when the circulation of USDe reaches $7.5 billion, with the remaining 5% allocated for growth.Ethena Labs and the Foundation have also reached a principled agreement to assign most of the intellectual property and economic benefits of the Ethena protocol to the Foundation and ecosystem, rather than to Ethena Labs shareholders. This agreement is expected to be announced in October. The reforms come as the supply of USDe has decreased from a peak of nearly $15 billion in October to below $5 billion, with part of its revenue relying on derivative funding rates, which have diminished as the crypto market cools.In search of new sources of growth, Ethena announced last week a $1 billion facility with FalconX to bring USDe collateral into over-collateralized institutional loans. Additionally, Janus Henderson invested in ENA in June and is exploring USDe distribution, while Coinbase has also launched a savings product in collaboration with Ethena.

According to PR Newswire, cryptocurrency institutional broker FalconX announced a $1 billion secured loan financing mechanism in collaboration with the stablecoin protocol Ethena. The two parties will utilize Ethena USDe reserve assets through a special purpose vehicle (SPV) to provide over-collateralized credit services to institutional clients.According to the announcement, this financing mechanism will connect Ethena's on-chain liquid assets with FalconX's institutional lending demand, driving on-chain capital into the traditional credit market. The loan assets will be held by qualified custodians, while FalconX will be responsible for asset origination, loan servicing, and collateral management.Ethena is the developer of the stablecoin protocol USDe. USDe maintains its dollar-pegged stability through crypto asset collateralization and hedging mechanisms, and has already partnered with several centralized exchanges and DeFi protocols. FalconX is a digital asset prime broker aimed at institutional investors, providing trading, financing, and liquidity services.

According to The Block, StablecoinX (USDE) announced its first quarterly performance report after going public. As of the end of the second quarter of 2026, the company holds approximately 3 billion ENA, accounting for about 20% of the total ENA supply. At current prices, this is worth over $250 million; based on 24 million Class A shares outstanding at the end of the quarter, this corresponds to about $9.09 per share.After the news was released, StablecoinX's stock price rose by more than 12% during Friday's morning session. StablecoinX reported a net loss of $34.2 million in the second quarter, most of which came from a $36.2 million impairment of digital assets related to its ENA holdings. The company's operating business is still in its early stages, with infrastructure service revenue of only $62,372 in the last two weeks of June, while its decentralized validation nodes have accumulated cross-chain transaction volumes exceeding $3 billion.StablecoinX began trading on Nasdaq under the ticker USDE on June 26. Approximately 285 million ENA in its treasury comes from the Ethena Foundation, with another approximately 2.75 billion coming from cash and physical investments from PIPE financing.

According to The Block, the average daily trading volume on Robinhood Chain rose to 11.6 million last Sunday, setting a new historical high, an increase of about 30% compared to the previous week; the total value locked (TVL) on the chain increased to $473 million, a weekly increase of 32%.However, the number of daily active accounts grew only 3.3% week-on-week and is still 11% lower than the peak on July 16, indicating that the growth in trading and funds mainly comes from existing users rather than new users.

Ethena officially announced the launch of the Monad blockchain on platform X. USDe and sUSDe are now available throughout the Monad ecosystem, including integration with Monad's Aave instance, allowing Ethena users to borrow stablecoin liquidity at scale.In addition, the parallelized EVM USDe has now been launched.

According to The Block, BlackRock and Ethena Labs announced a deepened collaboration, with USDe becoming a recognized cryptocurrency asset on BlackRock's Aladdin platform, which manages $25 trillion in institutional investment and risk management.The two parties will provide a $100 million liquidity arrangement for BlackRock's tokenized treasury fund BUIDL through the tokenization platform Securitize. Eligible BUIDL clients can exchange tokens for stablecoins such as USDC and USDtb during off-market hours, or convert them back to BUIDL.Robert Mitchnick, Global Head of Digital Assets at BlackRock, stated that this arrangement provides the essential frictionless interoperability needed for the tokenized treasury fund; Ethena founder Guy Young mentioned that the next phase of digital asset adoption will be driven by infrastructure that allows traditional institutions to access on-chain products through familiar systems.BlackRock and Ethena had previously collaborated around the stablecoin USDtb (primarily supported by BUIDL). BUIDL is set to launch on Ethereum in 2024 and is one of the largest tokenized U.S. Treasury funds globally, currently with a total locked value of approximately $3 billion.

According to on-chain analyst Ai Yi's monitoring, a certain whale has increased its position again after half a month. Three hours ago, it spent 10 million USDe to buy 5,817.33 ETH at an average price of $1,718.88; since May 18, it has cumulatively invested $30.6 million to build its ETH position, far exceeding the previous wave amount.

Ethena's official announcement states that the first product launched in collaboration with Coinbase is now officially online, which is the stablecoin yield pool introduced by SteakhouseFi. This product operates based on USDe on Morpho and is now directly available in the Coinbase App, accessible to users in the United States and overseas.

According to data from Tom Wan (@tomwanhh), the market capitalization of the stablecoin USDG has surpassed 3 billion dollars, with nearly 700 million dollars added on the Solana network.At the same time, the market capitalization of USDe on the Solana network has also seen significant growth, skyrocketing from 3.5 million dollars in a single day to 70 million dollars, an increase of 20 times.

According to The Block, Solana ecosystem infrastructure provider Jupiter has commissioned Bitwise to create a segregated dedicated lending market for USDe on Jupiter Lend, marking the first time an institutional asset management firm has orchestrated a market on Jupiter Lend. This market will be isolated from the existing liquidity layer of Jupiter Lend to reduce the risk of institutional capital. Jupiter also utilizes the decentralized protocol Fluid to provide lending and collateral infrastructure support. Bitwise DeFi Strategy Director Jonathan Man stated that this design offers deep liquidity and risk mitigation features. USDe issuer Ethena Labs CEO Guy Young stated that USDe is an institutional-grade savings product built for scalability.

According to official news, Ethena announced the launch of a dedicated USDe market on Jupiter Lend, which is completely independent of the existing Jupiter Lend deployment. Bitwise is responsible for on-chain asset management and risk supervision, and institutional participation is supported. Users can now deposit USDe on Jupiter Lend, engage in lending, and execute leveraged USDe strategy operations.In addition, USDe can also be bridged to the Solana network through Stargate Finance.

According to Cointelegraph, data shows that the transfer volume of stablecoins has decreased by 19.18% to $831 billion over the past 30 days compared to the previous period, but the total market capitalization of stablecoins has still increased by 2.06% to $30.529 billion, with the number of holders rising by 2.32% to 246.94 million.In terms of net inflows over the past 30 days, Tether's USDT leads with $3.6 billion, followed by Circle's USDC ($2 billion) and MakerDAO's DAI ($1.2 billion). Meanwhile, Ethena's USDe saw the largest net outflow, reaching $1.1 billion.

Ethena officially announced that the LayerZero cross-chain bridge functionality for sUSDe and USDe has been relaunched on all chains. To enhance security, Ethena has upgraded the decentralized verification network (DVN) configuration on each chain from 2/2 to 4/4, while maintaining the existing rate limit of $10 million per hour. The official statement indicated that further updates will be provided as necessary.

Ethena announced that the unbonding cooldown period for sUSDe will change to a dynamic mechanism, linked to the amount of liquid stablecoins in the USDe reserves. This means that the current unbonding period for sUSDe, which has been a fixed 7 days since the project launched, will be adjusted to just 1 day. In the future, the cooldown period will dynamically vary between 1 day and 7 days based on the composition of liquid assets in the USDe reserves.

The Compound Foundation announced that USDe has been added as collateral for USDC and USDT Comets in the Compound v3 mainnet.

suiUSDe, supported by Ethena, has launched on the Sui mainnet, becoming the network's first "synthetic dollar" token. SUI Group has established a new suiUSDe yield vault on Bluefin's Ember Protocol, with an investment of 10 million dollars.