ethena

Ethena Pay has begun rolling out the Earn+ feature, which claims that the dollar balance can earn a target annual reward of up to 12%. Initially, it is open to Pro and VIP users, with plans to expand to all users in the coming days. This feature will transfer funds from the main payment balance to an external Upshift vault, where Steakhouse Financial will execute a leveraged USDe strategy on Aave, aiming for a yield higher than the app's existing maximum tiered reward of 6%.According to documents released by Ethena Pay, the vault targets approximately 11 times leverage on Aave v4 on Avalanche, packaging repeated borrowing and reinvestment into a one-click deposit. The specific path involves depositing USDe as collateral, borrowing USDT, and then using the borrowed tokens to purchase more USDe in a loop, with returns depending on whether the USDe rewards can cover the USDT borrowing costs. Ethena Pay states that it only provides the interface and does not guarantee the assets, and users must bear the risk of vault losses, which may result in losing part or all of their invested funds.Ethena Pay claims that the simplified interface does not eliminate liquidation risk; when collateral is insufficient to cover debts, positions will face liquidation, with liquidators repaying debts and taking collateral and rewards. The 12% is only a target and not a guaranteed return, rates may be adjusted downwards, and Earn+ balances do not enjoy the Daily Boost of the main account. This product has no lock-up period, no fees for deposits or withdrawals, and withdrawals are processed to the main dollar account within 24 hours but may be delayed, and are not considered insured bank deposits. The initial total capacity limit for the vault is $4.5 million, with individual limits of $50,000 and $200,000 for Pro and VIP users, respectively, and $20,000 for Standard users.

According to on-chain analyst Ai Yi (@ai_9684xtpa), three addresses that may belong to the same entity/whale redeemed 18.085 million ENA from Ethena within the last hour and deposited all of it into Binance, worth approximately 3.64 million dollars, with an average deposit price of 0.2013 dollars.

The Synthetic Dollar Agreement's founder and CEO of Ethena, Guy Young, stated that users have noticed a large investor wallet transferring tokens in the past 48 hours. He confirmed that the related transfers are a security precaution related to recent concerns about hardware wallets and do not indicate that the tokens are being sold after being transferred.Guy Young made the above statement on X in response to the community's concerns about the on-chain movements of large wallets. He emphasized that the related operations are precautionary arrangements taken for security reasons and do not represent that investors are selling their held tokens.

The institutional crypto trading platform FalconX and the synthetic dollar protocol Ethena are operating a collateralized lending arrangement with a scale of 1 billion dollars, funded by the reserve assets of the stablecoin USDe. The related loans are over-collateralized, with Ethena holding the first priority collateral rights.FalconX's cumulative trading volume has exceeded 25 trillion dollars. This arrangement was disclosed by the market intelligence account msbintel and mentioned the official account of Ethena.

According to MSB Intel's report on October 12, based on statistics from DefiLlama, the issuer of synthetic dollar USDe, Ethena, has accumulated protocol fees of 1.061 billion dollars since its launch at the end of 2023, with a statistical span of about 34 months.USDe is supported by collateral and perpetual futures positions, and its structure is different from reserve-based stablecoins like USDC and USDT. Fees come from issuance, redemption, and holding, and are distributed between stakers and governance token holders. As of mid-October 2026, the market capitalization of USDe is approximately 4.8 billion dollars, the protocol's TVL is about 5.2 billion dollars, and the market capitalization of the governance token ENA is around 3 billion dollars.The report explains that the aforementioned fees measure revenue accrual, not retention after deducting operating costs; maintaining perpetual positions, collateral management, and governance will consume part of the fees. According to DefiLlama's public page, Ethena's accumulated fees are 1.061 billion dollars, TVL is approximately 5.189 billion dollars, ENA's market capitalization is about 3.206 billion dollars, and the TVL on the Ethena USDe page is around 4.758 billion dollars.

The Ethereum re-staking protocol ether.fi announced the launch of the dollar-pegged stablecoin ether.fi USD (USD), which is technically supported by Ethena.ether.fi stated that there are currently over 300 million dollars worth of stablecoin assets operating within its ecosystem, and the launch of USD will natively integrate the liquidity of these stablecoins into its upcoming products.

According to Onchain Lens monitoring, Amber Group received 4.669 million ENA from Ethena, worth 1.14 million USD.

According to Onchain Lens monitoring, a Gnosis Safe wallet associated with the synthetic dollar protocol Ethena withdrew 62.58 million ENA from the cryptocurrency exchange Bybit approximately 37 minutes ago, worth about 14.86 million USD.The account also noted that in the past 9 hours, the aforementioned wallet has cumulatively withdrawn 117.58 million ENA from Bybit, valued at approximately 27.96 million USD based on the price at that time.

According to on-chain data monitoring, wallets suspected to be related to the Ethena team have withdrawn a total of $68.26 million worth of ENA tokens from centralized exchanges (CEX), including approximately $13.1 million worth of ENA withdrawn from Bybit about 2 hours ago, and $55.16 million worth of ENA withdrawn from Coinbase.In addition, the Ethena project team released a series of transaction hashes on the X platform 8 hours ago, and the specific details have not yet been made public, sparking market speculation that significant information may be announced.

On-chain liquidity protocol Arrakis Finance released a study tracking the on-chain buying records of 10 tokenized dollar yield products, using Ethena's sUSDe as a benchmark. The study covered 71,697 buyers with a total buying amount of 91.3 billion dollars. Of the 12.4 billion dollars in categorized demand, about two-thirds came from protocols and DAO treasuries, while the remainder came from individuals, exchanges, market makers, and crypto funds, with no purchases clearly traceable to traditional financial institutions such as pensions, asset management firms, or banks.Wallets with single purchases of 1 million dollars or more accounted for about 4% of buyers but held approximately 93% of the funds; among them, 2,586 buyers contributed over 90% of the nominal purchase amount. The median purchase amount for institutional buyers of Centrifuge's JAAA was about 29.1 million dollars, nearly three times that of the next product. About 80%, totaling 17.4 billion dollars, was settled in USDC, while USDT accounted for about 4.4 billion dollars, almost all of which was used for syrupUSDT. Primary subscriptions were the main pathway, with secondary market purchases accounting for less than 6%, and only sUSDe had 55% obtained through decentralized exchanges.The median first activity time for buyer wallets concentrated around mid-2024, described as new entrants of crypto-native funds. By time zone, Europe, the Middle East, and Africa accounted for 42%, Asia-Pacific for 40%, and the Americas for 18%. After tracing back two hops for 5.17 billion dollars of unmarked institutional-level funds, exchange sources accounted for 40% (Binance 1.12 billion dollars, Coinbase 970 million dollars), DeFi native funds accounted for 38%, and another 22% could not be identified.

ARK Invest's Director of Digital Asset Research Lorenzo Valente published a discussion on the synthetic dollar protocol Ethena: tokenized stocks are changing the landscape in which ENA operates. He stated that the supply of USDe had bottomed out at $3.8 billion and has now risen by about 30%, recovering to nearly $5 billion.Lorenzo Valente: The inverted or low funding rates in the crypto market have forced more USDe collateral to shift towards off-chain yields such as government bonds, with sUSDe's average annualized rate once approaching or falling below SOFR; the market capitalization has remained stable over the long term, and the open interest has also limited the pace of expansion. He noted that basis trading has rebounded to about 20% of the collateral and is growing rapidly, with the U.S. stock market size at approximately $70 trillion, averaging over 8% annual growth. Continued bullish demand is expected to bring sustained positive funding rates, with lower stock volatility and lower hedging costs.He believes this is the first clear path for USDe to expand its supply to over $20 billion, and reaching $30 billion to $40 billion in the next 12 to 18 months would not be surprising, as the upper limit has shifted from crypto open interest to tokenized stock open interest. He also mentioned that Ethena's infrastructure and operations have been validated, and it is expected that Ethena Pay will further drive USDe from the demand side, with the chains, protocols, and vaults supporting USDe's supply and circulation strategies becoming the main beneficiaries.

Ethena disclosed in the official September review that the USDe supply increased by over 700 million dollars in September, making it the second largest collateral asset on the Morpho platform and the largest dollar-denominated collateral asset, supporting two of the three major markets of the protocol.

Ethena founder Guy Young posted on social media that he is aware of the current "security incident involving a certain Ethereum node operator."The supported assets of USDe currently do not include any direct exposure to stETH or any other liquid staking tokens. It is expected that there will be no impact on Ethena.

According to a research report released by Geoff Kendrick, the Global Head of Digital Assets Research at Standard Chartered Bank, Standard Chartered has officially launched coverage research on Ethena (ENA), predicting that the ENA token will rise to $2 by the end of 2028.The report points out that Ethena is currently the fourth largest stablecoin issuer in the world (after Tether, Circle, and Sky), and its stablecoin USDe quickly became the fastest stablecoin to surpass a market capitalization of $10 billion after its launch at the end of 2023. Currently, yield-bearing stablecoins account for about 5% of the overall stablecoin market, and this proportion is expected to continue to expand as user demand for yield grows.In terms of sources of yield, USDe has gradually diversified from its early reliance on crypto basis trading (which once provided over 20% annualized yield) to include real-world assets (RWA) and stock perpetual contract basis. Standard Chartered predicts that the on-chain RWA scale will grow from the current approximately $40 billion to $2 trillion by the end of 2028, providing support for ENA's buyback plan and price increase.

Ethena posted that since the initial airdrop in early 2024, the token incentives related to the stablecoin USDe have decreased by about 85% compared to 2024. Starting at the end of this month, the token incentives and new inflation related to USDe will be completely eliminated, and future scale expansion will no longer be driven by additional token subsidies.

According to The Block, Ethena is incorporating tokenized U.S. stocks and Binance stock perpetual contracts into the foundational trading support strategy of USDe. Among them, Binance bStocks will serve as the tokenized spot support asset, while Ethena will hedge through Binance stock perpetual contracts to maintain Delta neutrality.The Ethena Risk Committee has previously approved the inclusion of tokenized stock foundational trading into the allocation strategy. Ethena stated that the open interest of Binance stock perpetual contracts has currently exceeded $2.9 billion, with a monthly average compound growth rate of 105% this year, and the average annualized return of stock foundational trading over the past six months has been 3.56%; the company expects that as more stock market assets go on-chain, the opportunity size of stock perpetual contracts will ultimately significantly exceed that of the cryptocurrency perpetual contract market.Guy Young, founder of Ethena Labs, stated that this is the most important expansion of its funding mechanism since the launch of USDe.

According to data from the Binance platform, USDE/USDT trading experienced a short-term decoupling at 13:01 today, dropping to a low of 0.9202 USD at 13:03, and then recovering to a basic peg of 0.9987 USD at 13:07. Currently, the market capitalization of USDE is reported at 4.912 billion USD, ranking eighteenth in the cryptocurrency market capitalization leaderboard.Previously, BlackRock and Ethena Labs announced a deepening of their cooperation, with BlackRock's institutional investment management platform Aladdin further supporting Ethena's stablecoin products, among which USDe has become one of the crypto assets supported by Aladdin.

StablecoinX announced on X that it has submitted Form 8-K, reporting the waiver signed with Ethena OpCo and Ethena Foundation. Starting from October 5, 2026, all locked ENA held by StablecoinX will be permanently released, which is the same date previously announced by the foundation for the release to other ENA holders.StablecoinX stated that ENA will still be held as treasury assets, and any sale must obtain prior written consent from the foundation. Ethena is a stablecoin protocol, and its governance token is ENA.

The synthetic dollar agreement Ethena announced that it has completed a SOC 2 Type II audit based on Security Trust Services Criteria, receiving an unqualified opinion from an independent auditor with zero exceptions. SOC 2 is a widely recognized standard for enterprise-level operational security assurance, independently auditing Ethena's actual operations in access control, change management, monitoring, and incident response.Unlike the Type I report, which only examines the design of controls at a specific point in time, Type II assesses whether these controls have been effectively operating over a period. The audit covers the infrastructure and processes supporting its products, complementing the smart contract audits and security reviews covering the Ethena protocol. Ethena stated that it will continue to maintain SOC 2 coverage, with the complete report available to partners under NDA. Ethena joins the list of on-chain enterprises that have completed SOC 2 Type II, including Circle, Chainlink, and Aave.