Ethena (ENA) — Onchain News & Whale Tracking

A new blockchain address spent $3.69 million to purchase 40 million ENA tokens and staked them on Ethena.

According to monitoring by Ai Yi, a new address (0x341…CaADb) opened a position of 40 million ENA tokens three hours ago, valued at approximately $3.69 million, with an average purchase price of around $0.09269. The address subsequently staked all its ENA tokens on the Ethena protocol. Market data shows that ENA has gained 18.13% cumulatively over the past month, with relatively strong performance recently.

Ethena plans to allocate $250 million to Securitize to tokenize an AAA CLO Fund

On June 12, Securitize announced that its tokenized AAA-rated Collateralized Loan Obligation (CLO) fund STAC has expanded to the Solana network. Ethena Labs plans to allocate $250 million to STAC, making it one of the largest tokenized structured credit products in the Solana ecosystem to date. Developed in partnership with BNY, STAC has the bank serving as both the fund’s underlying asset custodian and a sub-advisor through its BNY Investments division. The fund invests in USD-denominated AAA-rated CLO tranches via a floating-rate structured credit exposure strategy with no leverage. Global CLO issuance totals more than $1.3 trillion. Additionally, Securitize’s business combination with Cantor Equity Partners II (NASDAQ: CEPT) is scheduled for a shareholder meeting on June 29; post-merger, the combined entity will list on the New York Stock Exchange under the ticker symbol "SECZ."

Ethena Partners with Coinbase to Launch Stablecoin Yield Pool on Morpho

June 12 – Ethena has officially announced that its first product in collaboration with Coinbase is now live. Built by SteakhouseFi, this offering is a stablecoin yield pool that operates using USDe on the Morpho platform. The product can be accessed directly through the Coinbase App, with availability extended to both U.S. and international users.

Coinbase Ventures Makes First Investment in ENA, Ethena Teams Up with Coinbase on Growth Initiative

June 3 — Official sources report that decentralized finance (DeFi) protocol Ethena has announced a strategic partnership with Coinbase. The two firms will collaborate to advance on-chain finance and savings products, which will cater to an audience of over 100 million users. Their first joint growth plan is slated to launch officially next week, with the aim of accelerating the adoption and real-world application of on-chain financial products. As part of this collaboration, Coinbase Ventures has also closed its initial investment in ENA tokens via an open-market purchase. This marks Coinbase Ventures’ first ever direct buy of ENA, further solidifying their partnership as they build out the on-chain finance ecosystem. Coinbase Ventures noted that Ethena has emerged as a key player in the on-chain finance space, with its innovative products driving progress in stablecoins and on-chain yield markets. Going forward, both parties will deepen their cooperation around the USDC ecosystem an

Ethena Season 5 Airdrop is now open for claiming, distributing 2% of the ENA supply

On May 5, official sources confirm the Ethena Season 5 airdrop is now open for claims. The airdrop allocates 2% of the total ENA token supply.

Pendle Emerges as RWA Yield Core: Inflows of Funds and Yield from Apollo, Paxos, Ethena, Strategy, and More

April 29 — DeFi researcher Stacy Muur (@stacy_muur) notes that as the stablecoin market cap tops $310 billion and real-world assets (RWAs) ramp up on-chain adoption, Pendle is emerging as core infrastructure for the on-chain fixed-income market. Per the report, a flood of RWA yields is flowing into Pendle—including returns from traditional finance assets like U.S. Treasuries, private credit, corporate bonds, and dividends from Nasdaq-listed firms. Through its PT/YT yield-splitting mechanism, Pendle converts floating yields into fixed-rate products, meeting institutional demand for predictable returns. Several top TradFi and DeFi projects have already integrated with Pendle: - An Apollo Global Management credit fund with over $840 billion in AUM has integrated via the Ember protocol; - Strategy’s STRC dividend income has been tokenized by Saturn and Apyx and listed on Pendle; - Paxos’ U.S. Treasury-backed stablecoin USDG hit over $120 million in TVL within two months; - Et

Ethena Extends LayerZero OFT Cross-Chain Bridge Suspension Period

April 20: Ethena announced in an official post that it is extending the suspension of its LayerZero OFT cross-chain bridge, citing an unsatisfactory root cause analysis of the rsETH incident. The protocol also released its latest Proof of Reserve, audited by four independent third-party firms: Chainlink, Chaos Labs, LlamaRisk, and Harris & Trotter. The audit confirms Ethena’s USDe collateralization ratio remains above 100%. Results are publicly available on Ethena’s transparency page and data dashboard. The team noted it will continue monitoring the situation and share further updates.

After the KelpDAO hack, protocols such as Ethena have temporarily suspended the LayerZero OFT cross-chain bridge.

On April 19, following an attack targeting KelpDAO’s rsETH via the LayerZero OFT cross-chain bridge (resulting in losses of ~116,500 rsETH, valued at roughly $292 million), multiple protocols have taken steps to mitigate potential risks by temporarily pausing related functions or markets. Among these, protocols including Ethena, Lombard, Euler Labs, TRON DAO, ApeCoin/ApeChain, ether.fi, mETH Protocol, Solv Protocol, MOCA Foundation, and River have suspended the LayerZero OFT cross-chain bridge. They’ve emphasized they have no direct exposure to rsETH, user assets are secure, and the suspensions are precautionary measures with expectations of short-term recovery. Additionally, protocols like Aave V3/V4, SparkLend, Lido, and Fluid have chosen to freeze rsETH-related markets or treasuries—without impacting the bridge functionality suspensions.

Ethena: Will Extend Neutral Arbitrage Trading to Stock and Commodity Markets

On April 7, Ethena officially announced that USDe will expand its collateral types after receiving approval from an independent risk committee. Ethena noted that its collateral diversification spans four areas, each a natural extension of its existing operations: 1. Institutional stablecoin lending (overcollateralized): Collateral assets from borrowers will be held by a third-party institutional-grade custodian; 2. Real-world assets (RWA) beyond U.S. Treasuries (T-Bills): Expanding to additional high-quality, liquid credit assets; 3. Stock and commodity basis trading: Extending its delta-neutral strategy (previously applied to crypto assets) to traditional assets; 4. Prime lending for trading institutions: Providing funding to trading firms via overcollateralized loans, with counterparties bearing exchange platform risk.

Ethena adjusts sUSD Unstake Mechanism: Cooling-off Period switched to dynamic mode, with the shortest length reduced to 1 day

On March 13, Ethena announced that the unstaking cooldown period for sUSDe will shift to a dynamic mechanism tied to the amount of liquid stablecoins in the USDe reserve. This means the fixed 7-day unstaking period for sUSDe—active since the project’s launch—will be cut to just 1 day. Going forward, the cooldown will dynamically range between 1 and 7 days based on the mix of liquid assets in the USDe reserve.

The Ethena team has deposited 6500 ETH into Binance in the last 10 hours.

On March 9th, per monitoring by The Data Nerd, the Ethena team deposited 6,500 ETH (approximately $12.58 million) into Binance over the past 10 hours. Separately, cryptocurrency market maker B2C2 transferred 3,050 ETH (around $5.89 million) to Coinbase.

Ethena proposes to reduce the Risk Committee membership from 5 to 3 members

On January 27th, Ethena Labs Research proposed that ENA token holders vote to reduce the Risk Committee’s size from 5 voting members to 3 ahead of next week’s election. The firm argues the smaller committee will clarify responsibilities, with members focusing on specific areas: DeFi lending exposure, reserve funds and redemption requirements, protocol partner integration, and collateral assets. Additionally, the reduced size will let the Ethena Foundation increase member compensation, incentivizing greater time and resources dedicated to the committee. If the proposal passes, ENA and sENA holders will elect 3 voting members, with Ethena Labs Research serving as a non-voting advisor. If it fails, the original plan to elect 5 members will move forward.

Ethena Labs Deposits 18.36 Million ENA to Bybit, Worth $3.75 Million

Onchain Lens monitoring indicates that as of December 20, Ethena Labs has deposited 18.36 million ENA (valued at $3.75 million) to crypto exchange Bybit. Two years prior, the Ethena team withdrew 34.65 million ENA (then worth $28.25 million) from Gate.io and earned an additional 3.38 million ENA ($1.32 million) in staking rewards. The project still holds 20.118 million ENA (valued at $4.23 million) in a liquidity pool.

Ethena Labs transferred 23.3 million ENA to FalconX 9 hours ago

On December 19th, per Onchain Lens monitoring, Ethena Labs transferred 23.3 million ENA (≈$4.74 million) to FalconX 9 hours ago, likely for sale. The wallet currently still holds 123.4 million ENA, worth approximately $25 million.

Ethena Withdraws 1.59 Billion ENA from Coinbase Prime, Worth Approximately $443 Million

On Dec. 10, blockchain analytics platform OnchainLens reported that Ethena withdrew 1.59 billion ENA tokens from Coinbase Prime—valued at roughly $443 million.

Ethena Labs Withdraws 25 Million ENA from Bybit Again, Worth About $7.05 Million

On December 8, Onchain Lens monitoring data indicates that the Ethena Labs wallet address withdrew another 25 million ENA tokens (valued at roughly $7.05 million) from Bybit 13 minutes ago. Currently, the wallet holds 779.89 million ENA, with an approximate total value of $207.7 million.

Ethena Labs has partnered with Anchorage Digital, with the latter set to provide platform rewards for USDtb and USDe.

On December 4th, Ethena Labs announced a partnership with Anchorage Digital—the only U.S. cryptocurrency bank with a federal charter, which provides regulated infrastructure to institutions. Anchorage will offer in-platform rewards to USDtb and USDe holders.

21Shares Launches Ethena and Morpho ETPs: EENA, MORPH

December 3 — Crypto exchange-traded product (ETP) issuer 21Shares today launched two new ETPs, giving investors access to top decentralized finance (DeFi) infrastructure: the 21Shares Ethena ETP (ticker: EENA) and 21Shares Morpho ETP (ticker: MORPH). Both products are now listed on major European exchanges, including the SIX Swiss Exchange, Euronext Amsterdam, and Euronext Paris, and support trading in U.S. dollars (USD) and euros (EUR).

Suspected Ethena-affiliated address increased its ENA holdings by 46.79 million, bringing the total holdings to over 450 million ENA.

On December 3, OnchainLens monitoring data shows a whale suspected of being linked to Ethena Labs recently received 46.79 million ENA from Bybit, worth approximately $12.78 million at current prices. Of this sum, 21.79 million ENA (around $5.23 million) came from funds the entity withdrew from Coinbase three and a half months ago. The whale currently holds a total of roughly 451.94 million ENA, with an estimated market value of about $121.8 million.

Suspected Ethena Labs Withdraws Another 25 Million ENA

Per LookOnChain monitoring, a suspected Ethena Labs wallet withdrew an additional 25 million ENA (valued at $6 million) from cryptocurrency exchange Bybit three hours ago on December 2. Since November 7, the same wallet has pulled a total of 405.15 million ENA (worth $96.8 million) from Bybit and Coinbase Prime.

Ethena's associated address has transferred out 125 million ENA from a CEX, equivalent to approximately $34.15 million.

On November 26th, as monitored by Onchain Lens, the Ethena-associated address withdrew 125 million ENA from a centralized exchange (CEX), which is equivalent to $34.15 million. The details are as follows: A new wallet (0xa19...a64a) received 1.0535 billion ENA from Coinbase Prime, with a value of $28.7 million. In addition, a wallet (0x631...e3ae) withdrew 20 million ENA from Bybit, worth $5.45 million. This wallet currently holds a total of 305.15 million ENA, with a value of $88.67 million.

Ethena Labs' associated address purchased 25 million ENA from Bybit, worth $6.7 million

On November 25th, as per the monitoring of Onchain Lens, an address linked to Ethena Labs made a purchase of 25 million ENA from Bybit, with a value of $6.7 million. Currently, this address holds 285.15 million ENA, which is worth $76.46 million.

Multicoin Capital has announced an investment in ENA, stating that Ethena sits at the intersection of three major trends reshaping modern finance.

On November 15th, Vishal Kankani, who is the Head of Investment at Multicoin Capital, announced on social media that the Multicoin Capital Liquidity Fund has made an investment in ENA. Vishal Kankani stated that his team has a firm belief in the tremendous potential of the synthetic dollar space. Ethena is located at the intersection of three major financial transformations: precisely positioned stablecoins, the popularization of perpetual contracts, and asset tokenization. Each trend will contribute to its compounded growth. By leveraging its validated risk management capabilities and a clear path to value capture.

Ethena Labs plans to launch 2 new "USDe Equivalent" business lines and products in the next 3 months.

On October 20th, the founder of Ethena Labs, Guy Young, posted on social media that during the past two years, the number of Ethena team members has been consistently around 20-25. Now, we are commencing our first large-scale team expansion since the establishment. We aim to recruit 10 new members in the engineering and product fields for the two brand-new business lines and products that are scheduled to be launched in the next three months. Both of these have development potential on a par with USDe.

Ethena Labs' PT for USDe and sUSDe is now live on Aave Plasma

On October 20th, Ethena Labs made an official announcement on social media that the PT tokens for USDe and sUSDe have been listed on the Aave Plasma platform. The supply cap for each token is 2 billion dollars. With the USDT borrowing rate remaining at around 4%, Plasma has now become the premier on-chain venue for users to obtain leveraged PT positions through Aave. It is expected that there will be multiple rounds of cap increases in the near future.

Ethena Founder Wallet withdrew 48 million ENA from a CEX in the last 3 days

On October 18th, as per the monitoring of Onchain Lens, a multi-signature wallet linked to Ethena founder Guy Young has accumulated 48 million ENA within the past 3 days through Binance and Bybit, with a total value of $20.41 million.

Ethena announced the launch of its stablecoin-as-a-service stack, Ethena Whitelabel, on Conduit.

On October 17th, Ethena Labs made an announcement that its stablecoin-as-a-service stack, Ethena Whitelabel, has become live on the stablecoin cross-border payment service provider Conduit. With this integration, chains constructed using Conduit now have the ability to utilize Ethena's infrastructure to mint their own stablecoins during the deployment process.

Ethena Founder: Anchoring USDe to USDT Is Reasonable, Minting and Redeeming Functions Did Not Go Down During Market Turbulence

On October 12th, the founder of Ethena, Guy Young, tweeted, "Although the DeFi money market has been criticized for pegging USDe to USDT, I think this is the right approach to prevent user liquidations caused by temporary price differences. In every extreme event in the past two years, this decision has been proven to be correct." "In this incident, the minting and redemption functions of USDe performed well. The price deviation of multiple Curve, Fluid, and Uniswap liquidity pools with more than a hundred million dollars in on-demand liquidity was less than 30 basis points, which was consistent with the price deviation between USDC and USDT on Binance."

Ethena Issues Proof of Reserves in Response to Market Concerns: USDe Still Holds Approximately $66 Million in Excess Collateral

On October 11th, Ethena Labs officially launched a Proof of Reserve to address market doubts. It was stated that "The USDe Proof of Reserve is typically provided weekly by a third-party independent auditing firm, such as Chaos Labs, Chainlink, Llama Risk, and Harris & Trotter. In response to community demands, Ethena has provided an unusual rhythm Proof of Reserve based on market events in the past 24 hours, which can be accessed via the official link. These independent third parties have all confirmed that USDe still has approximately $66 million in excess collateral, and Ethena Labs is ensuring maximum transparency." This morning, Guy Young, the founder of Ethena Labs, responded to the online rumor that "Ethena is urgently raising funds to prevent a Luna event from recurring" and stated that this is completely untrue.

Ethena Labs Founder: Rumor of "Ethena Raising Funds to Avoid USDE Collapse" is False Claim

On October 11th, Guy Young, the founder of Ethena Labs, responded on social media to the rumored "Ethena is urgently raising funds to avoid a LUNA replay incident," indicating that this is entirely untrue.

Ethena confirms that the USDe minting and redemption functionality is operating as expected

On October 11th, Ethena has verified that the minting and redemption functionality is operating as anticipated. Additionally, USDe is overcollateralized due to the presence of additional Unrealized Profits and Losses (UPnL).

Ethena is partnering with Jupiter to launch the native Solana stablecoin JupUSD.

On October 8th, as reported by The Block, Ethena has entered into a partnership with Jupiter to launch the native Solana stablecoin JupUSD. The token is slated to become live in the fourth quarter. Jupiter intends to "gradually transfer" approximately $750 million of USDC from its liquidity provider pool to JupUSD.

Sui, SUI Group, and Ethena will collaborate to issue the stablecoin suiUSDe.

On October 2nd, as per official information, SUI Group Holdings Limited, which is the parent company of Sui and a Nasdaq-listed entity, declared the impending launch of suiUSDe, a Sui-native synthetic USD stablecoin supported by Ethena. suiUSDe will be underpinned by various digital assets and their corresponding short futures positions. In addition to suiUSDe, later this year, another stablecoin, USDi, will also be issued on Sui and will be backed by the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) tokenized currency market fund.

MEXC Ventures Increases Investment in the Ethena Protocol to $66 Million

On October 1st, according to CoinDesk, MEXC Ventures has made a further increase in its investment in the Ethena protocol. The total investment amount has risen to $66 million. It is reported that the latest investment includes a $14 million investment in the governance token of the Ethena protocol, ENA.

Ethena has announced that Season 4 has ended, and Season 5 will launch today.

On September 25th, Ethena Labs made an official announcement that the Season 4 Points Airdrop event came to an end this morning. And the Season 5 Points Airdrop event will commence starting from September 24th. Users have already begun to accumulate Season 5 points automatically. Similar to previous seasons, users who have participated in the Ethena rewards program will receive the Season 5 reward bonus automatically. Season 5 is anticipated to last approximately six months. The details of the reward distribution and specific dates for Season 4 will be announced later. And the initial reward data for Season 5 and the preliminary statistics for Season 4 will soon be displayed on the official website.

The UAE's M2Capital Invests $20 Million in Ethena to Boost Digital Asset Development in the Middle East

On September 25th, M2 Capital Limited, which is the investment arm of UAE-based M2 Holdings, has put $20 million into Ethena's governance token ENA. This action showcases the group's endeavors to establish new digital asset infrastructure in the Middle East and assume a more significant role in the global financial stage. Ethena is widely recognized for its crypto-native synthetic dollar USDe and its interest-bearing variant sUSDe. Both are backed by crypto assets and employ hedging strategies to minimize volatility. Since its launch in 2024, the protocol has garnered over $14 billion in deposits, indicating the strong market demand for products that integrate stablecoin features with yield-generating capabilities. M2 Global Wealth, an affiliate of M2 Holdings, will integrate Ethena into its wealth management product lineup. The group declared that this offers clients a regulated means to obtain returns from emerging digital assets.

YZi Labs Announces Increased Stake in Ethena Labs

On September 19th, YZi Labs declared an augmentation in its ownership of Ethena Labs. Ethena Labs serves as the protocol underpinning USDe, which holds the distinction of being the fastest-growing and third-largest USD-pegged crypto asset in history. The support provided by YZi Labs will propel Ethena into its next phase of development. This encompasses the enhanced adoption of USDe on both centralized and decentralized platforms, the expansion on the BNB chain, and the creation of new products such as USDtb (fiat-backed stablecoin) and Converge (institutional settlement layer).

OKX will list ENA (Ethena) spot trading

September 17th. According to official sources, OKX will list ENA (Ethena) spot trading, and the following schedule is as follows: · The opening time for ENA deposits: 11:00 AM on September 17, 2025 (UTC+8). · The time for placing advance orders for ENA: 2:00 PM to 3:00 PM on September 17, 2025 (UTC+8). · The opening of ENA/USDT spot trading: 3:00 PM on September 17, 2025 (UTC+8). · The opening time for ENA withdrawals: 6:00 PM on September 17, 2025 (UTC+8).

Ethena Foundation: Fee Switch Parameter Requirement Met, ENA Fee Switch Will be Activated After Audit

On September 15th, the Ethena Foundation has verified that the fee switch parameter established by the Risk Committee has been fulfilled. It is anticipated that once the implementation details are approved by the Risk Committee and the subsequent governance process is completed, the fee switch for ENA will be initiated. The Ethena Risk Committee is currently deliberating on the implementation details, which will be made public once finalized. At that time, ENA holders will be required to vote to approve the proposed framework.

Ethena team address deposited 3.125 million ENA to a CEX, worth approximately $2.27 million

September 15th. Based on the on-chain analyst AI Auntie @ai_9684xtpa, approximately 20 minutes ago, the Ethena team deposited 3,125,000 ENA into Binance. This is equivalent to around $2.27 million. It has been one month since the last token deposit from this address to an exchange. During this period, the ENA price has increased by 17.5%.

Ethena: Yield Surpasses 4x in One Week, Now Represents Around 20% of Hyperliquid's 24-hour Contract Trading Volume

On September 15th, Ethena made an announcement stating that "Following the announcement of a strategic investment and partnership in the Hyperliquid-based full-channel trading platform Based, the revenue of Based has increased fourfold within one week and currently accounts for approximately 20% of Hyperliquid's 24-hour perpetual contract trading volume." Before this, on September 8th, Ethena announced a strategic investment and partnership with Based to continuously support the Hyperliquid ecosystem. Currently, Based accounts for approximately 7% of Hyperliquid's perpetual contract trading volume. Through this collaboration, Based will become a key partner driving the adoption of USDe, USDtb, and other unannounced Ethena products on Hyperliquid.

Ethena Labs Launches USDH Stablecoin Issuance Auction

On September 12th, the founder of Ethena Labs, Guy Young, posted on social media, stating that through direct communication with community members and validators, Ethena Labs has carefully considered some key issues. Specifically: - Ethena is not the native team of Hyperliquid. - In addition to USDH, Ethena has other product lines. - Ethena's vision is not limited to collaborating with a single exchange platform. Given that the current situation is almost clear, Ethena Labs will respectfully withdraw the proposal so that validators can freely support other proposals.

Ethena Custodial Wallet Transfers 246 Million ENA to Coinbase Prime, Approximately $196 Million

On September 11th, according to Ashes Monitor, within the past 8 hours, 246 million ENA (approximately 196 million US dollars) were transferred from Ethena's custodial wallet to Coinbase Prime.

Earlier, the address that received 3.75 billion ENA from the Ethena project team has once again transferred 5 million ENA to Binance, worth $4.1 million.

On September 10th, according to on-chain analyst Ai Auntie (@ai_9684xtpa), the address 0x877...4bba6, which received 3.75 billion ENA from the Ethena project team a year ago, deposited another 5 million ENA into Binance two days later. This deposit was worth 4.1 million US dollars. Since August 29th, a total of 39 million ENA has been deposited into Binance, with a value of 26.74 million US dollars. The average deposit price was $0.6857, and the deposited value ranged from $0.64 to $0.82.

Ethena Labs Releases Bid Proposal for USDH Issuance Right

September 10th. As per official channels, Ethena Labs has become a participant in Hyperliquid's USDH stablecoin issuance competition and has submitted a bid for the USDH issuance right. Ethena Labs declared that in the event of being selected as a USDH issuer, USDH will be fully backed by USDtb issued by Anchorage Digital Bank and be fully collateralized by BlackRock BUIDL. Ethena has pledged to allocate at least 95% of the net income generated from the USDH reserve back to the Hyperliquid community through means such as HYPE buybacks and reward funds. Ethena will bear the expense of USDC migration and plans to introduce a liquidity support mechanism to enhance the depth of USDH in the perpetual contract market. Ethena has already set aside at least $75 million (consisting of cash and token incentives) to support the HIP-3 front-end development for Ethena-related products (including USDe, hUSDe, and USDH), subject to the approval of this proposal. 50% of the fee revenue generated by

Ethena Labs: USDe Binance Reward Program to Launch by End of September

On September 9th, Ethena Labs made an announcement that USDe is going to be the first external USD asset that can be used as collateral on the Binance platform and comes with native rewards. Just like the partnerships with other exchanges, Binance users only need to hold USDe in any form on the platform (such as for portfolio margin, futures, and perpetual contract trading) to receive weekly rewards paid by Binance. The USDe reward mechanism on Binance will start at the end of September.

Ethena Labs Joins Hyperliquid for USDH Stablecoin Issuance Rights Competition

September 8th: The issuer of the third-largest USD stablecoin, USDe, which is Ethena Labs. Ethena Labs hinted at its intention to join the competition for the stablecoin issuance rights under Hyperliquid's USDH. This morning, Ethena Labs stated, "Dear Jeff (Hyperliquid Co-Founder), I sent you a letter, but you have not responded yet. I submitted two USDH proposals last fall. You definitely did not receive them. It might be a problem with Discord or something else. Sometimes I write the deployment address too carelessly." On September 5th, Hyperliquid announced that it would release the USDH token symbol for stablecoin issuance and requested all institutions to submit proposals by September 10th (Wednesday), with voting scheduled for September 14th (Sunday).

Ethena Foundation Initiates New $310 Million Buyback Program

On September 6th, Ethena made an announcement regarding an additional $530 million "StablecoinX" PIPE transaction. Additionally, the foundation initiated a new $310 million open market buyback program. BlockBeats had previously reported that on July 21st, the stablecoin issuer StablecoinX company announced the completion of a $360 million financing round for the acquisition of ENA tokens. It also planned to list Class A common stock on the Nasdaq Global Market under the ticker symbol "USDE". The Ethena Foundation would contribute $60 million worth of ENA tokens. To commence the buyback program, StablecoinX would utilize the $260 million net cash proceeds (after deducting relevant expenses) from the financing to purchase locked ENA tokens from the subsidiary of the Ethena Foundation.

ArkStream Capital has announced that it has made an additional investment of $10 million in Ethena Labs.

On September 5th, according to official information, ArkStream Capital declared that in August 2025, they made an extra investment of $10 million in Ethena Labs. Previously, they had invested $5 million in December 2024.

Analysis: Ethena Moves Closer to Protocol Fee Sharing Plan, USDe Supply Reaches All-Time High of $12.43 Billion

On September 2nd, in the past month, the supply of USDe has witnessed a remarkable 42% surge and reached a historical high of $12.43 billion. The protocol revenue has also attained its highest level since the start of the year, exceeding $61 million in August. Currently, USDe ranks as the third-largest USD stablecoin, trailing only behind USDT and USDC. Additionally, Ethena has emerged as the fifth-largest DeFi protocol in terms of deposit size. The current market attention is centered on Ethena's fee conversion plan, where ENA governance token holders are soon to have the first opportunity to receive a portion of the protocol's profit. Ethena Labs had previously set three milestones that need to be fulfilled before the activation of the protocol's fee switch: - The circulating supply of USDe needs to surpass $6 billion. - The protocol's cumulative revenue needs to reach $250 million. - The USDe token must be integrated into four of the top five centralized exchanges in terms of deriv