🚀 Ethena November Recap

**Partnership Expansion** Anchorage Digital, the only federally chartered crypto bank in the U.S., has expanded its partnership to offer in-platform rewards for USDtb and USDe holders. **Key Features:** - No staking or lockup requirements - Compliant infrastructure for institutional clients - Direct earning opportunities on both stablecoin products **Background Context** Anchorage Digital previously secured custody roles with major crypto ETF providers like 21Shares, establishing its position as a regulated institutional crypto banking solution. The expanded partnership provides institutions with a streamlined way to earn rewards on their stablecoin holdings through federally regulated infrastructure.

**USDe is now available as a quote asset** on Hyperliquid's trading platform, expanding beyond the traditional USDC pairing. **Key Features:** - Spot trading access via [Hyperliquid app](https://app.hyperliquid.xyz/trade/HYPE/USDE) - HIP-3 perpetual markets support - Integration with @hyenatrade for perps trading **Background Context:** This follows Hyperliquid's August activation of **multi-quote asset trading**, which introduced USDT pairs and permissionless deployments through Dutch auctions. The addition represents another step in **generalizing the Hyperliquid protocol** beyond single quote asset limitations.

**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.