Ethena

A Ethena Foundation governance vote to activate the fee switch passed unanimously, with 100% of votes in favour. The fee switch milestones are now activated and the switch is set to begin activating programmatically.

This moves USDe/sUSDe revenue sharing one step closer to being turned on for token holders, after earlier votes set the stage.

Ethena published a monthly recap of its August activity, highlighting the EthenaPay neobank launch and a major ecosystem update from the Ethena Foundation. The Foundation's update involves a buyout of certain seed investors' locked tokens and the unlock of additional VC tokens to ease future unlock overhang on the token supply.

The recap frames the moves as part of Ethena's broader push around its stablecoin infrastructure. Ethena linked a fuller write-up of the Foundation's token adjustments for details.

Ethena has launched EthenaPay, billed as an "internet money neobank" built on its infrastructure, with the mobile app now available on iOS. The stealth-built product bundles a card with 5.0% spend cashback, a 6.0% dollar savings rate, borderless instant global transfers, free USD/GBP/EUR onramps and local FX, and multi-currency high-rewards savings accounts.

Ethena is exploring extending the assets backing USDe to include basis from equity perpetuals. The protocol notes equity perps now carry over $6bn in open interest across 200 contracts on venues Ethena already uses, growing more than 10x since March, with funding rates averaging 15–20% — over 5x a US Treasury benchmark.

• The proposal would diversify the delta-neutral carry that backs USDe beyond crypto funding.
• Figures highlight how equity perp basis has matured as a yield source on Ethena's existing execution venues.

Ethena shared the analysis and said it is extending USDe backing to this basis, outlining the opportunity in a follow-up post.

Ethena replied to its earlier post pointing readers to the same blog for further details, reinforcing the announcement's context. The blog link is the source for the full specifics.

Ethena pointed to a blog post for further details on a recent announcement, providing the full context behind its earlier post. The linked blog contains the specifics referenced across the thread.

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New RWA perpetual listing is now available through Lighter: users can trade $STABLECOINX at 5x leverage. Ethena amplified the announcement from Lighter, the RWA perps platform.

The Pendle Ecosystem USDC vault on Morpho has added a new allocation for an Ethena PT-sUSDe (Nov 2026) / USDC market, which is already live on Pendle. The market lets users earn yield via tokenized Ethena sUSDe exposure alongside USDC. Pendle announced the allocation, highlighting the new Ethena market as part of its ecosystem vault on Morpho.

CME Group has added Ethena (ENA) to its suite of Single-Asset Crypto Benchmarks, providing real-time pricing and regional reference rates for the token. The listing expands CME's single-asset benchmark coverage to include Ethena's native token alongside its other crypto instruments.

• CME's benchmarks offer reliable reference pricing institutional users can access in real time.
• Ethena shared the news, noting the CME inclusion as broader adoption by traditional-market infrastructure.