USDe Stablecoin Launches Spot Trading on HTX Exchange

**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.