📈 USDe Perps Go Live

**Ethena's Stablecoin-as-a-Service continues its expansion** with availability now on Caldera, following recent integrations with Conduit. **Key developments:** - Caldera joins the growing list of infrastructure partners - Follows Conduit integration announced days earlier - Major partners already secured: MegaETH, Sui Network, Jupiter Exchange **The Whitelabel offering allows:** - Chains and apps to build custom stablecoins using Ethena's infrastructure - Partners retain portion of economics from backing assets - Access to $15B+ scale proven technology stack Ethena's expansion strategy targets wallets, perp DEXs, prediction markets, and neobanks - sectors holding billions in idle stablecoin capital that could benefit from yield-generating alternatives.

**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.

**Binance has launched Ethena-powered dollar savings** for its 280+ million users, offering **12% APR on unlimited USDe holdings**. Key details: - Available to all Binance users immediately - No size limits on deposits - Part of expanded Ethena-Binance partnership This integration gives Binance's massive user base access to USDe, which Ethena describes as a fast-growing digital dollar. The platform manages over $190 billion in user assets. **More USDe products coming** across additional Binance services in the coming weeks and months, signaling deeper collaboration between the two platforms. The 12% yield represents a significant return opportunity for stablecoin holders seeking alternatives to traditional savings products.