Ethena Labs Releases Emergency USDe Proof of Reserves After Market Volatility

**USDe stablecoin is now available on HTX exchange**, with spot trading beginning January 30. **Key features:** - Users can trade USDe spot pairs - Hold USDe in their accounts - Use it as margin for derivatives trading HTX plans to announce reward programs for USDe users in the near future. This expansion gives HTX traders another stablecoin option for trading and collateral purposes.

**Copper launches native support** for Ethena's USDe and USDtb stablecoins, becoming the first major custodian to offer this functionality. **Key features:** - Direct minting and redemption within Copper's platform - No external processes or additional integrations required - Seamless access to Ethena assets for institutional clients This integration represents a significant step in making Ethena's synthetic dollar assets more accessible to institutional investors through established custody infrastructure.

**HyENA trading platform is now live**, combining Hyperliquid's infrastructure with Ethena's USDe stablecoin. **Key features include:** - 12% APY on USDe long-sided margin positions - ~5% APY on all other account balances - One-click migration from USDC to USDe positions - Full fee rebates for position transfers **HLPe vault token** combines market making with USDe rewards in a single instrument. The platform offers **enhanced basis returns** by pairing spot collateral rewards with short funding rates. **Ethena Exchange Points** program launches alongside the platform. Both Hyperliquid and Ethena have scaled to over $10 billion each. Users can access HyENA through affiliate links shared by traders on social media.

**Aave's Plasma instance** now supports Principal Tokens (PTs) for USDe and sUSDe, each with **$200M supply capacity**. **Key Features:** - USDT borrow rates at competitive **~4% APY** - Market-leading incentives for leveraged PT exposure - Direct YT buying incentives to boost PT rates above market **What This Means:** Plasma positions itself as the premier destination for **leveraged Ethena asset exposure** through Pendle integration. **Incentive Structure:** - USDe YT holders: **60x Ethena Points + XPL rewards** - sUSDe YT holders: **20x Points + XPL rewards** - PTs trading above mainnet rates at **~10%** With over **$3.5B USDT** already on Aave Plasma, the platform is set to become the second-largest venue for leveraged Ethena PT exposure. **More capacity increases expected** as demand grows for this integrated DeFi solution.

**Ethena's stablecoin ecosystem hits new record** The combined Total Value Locked (TVL) for Ethena's USDe and USDtb stablecoins has **surpassed $16 billion**, marking another all-time high for the protocol. **Key highlights:** - Both USDe and USDtb contributing to the milestone - Continued growth trajectory from previous $6B supply milestone in July - Demonstrates sustained adoption in the stablecoin market This achievement reflects **growing confidence** in Ethena's synthetic dollar approach and positions the protocol as a significant player in decentralized stablecoin infrastructure.