Ethena launched a dedicated Institutional Lending dashboard on its transparency page, giving a real-time, loan-by-loan view of lending-related deployments. It tracks every loan, custodian and LTV in real time, described as one of the most detailed views of lending deployments in the space.
Ethena recapped its October milestones, the headline being that it passed $800m in total rewards distributed to users. The month also saw a partnership with ether.fi to launch ether.fi's own stablecoin, powered by Ethena Whitelabel.
Ethena's Earn+ feature is now available to all Ethena Pay users, paying up to 12% rewards on dollar balances in a single click with no lock-ups. The feature, initially exclusive to EthenaPay, has now been rolled out platform-wide.
Ethena said it is monitoring a potential security incident related to Binance and quantified its exposure: total unrealized PNL exposure to Binance is ~$8.8m, far below the excess reserve fund of >$60m. In response to the events, Ethena published a Proof of Reserves for USDe, noting that such reports are typically provided weekly by third-party independent attestors, including Chainlink and Llama Risk, and linking the emergency attestation in its announcement.
USDe is now live on X Layer, OKX's Ethereum Layer 2, and in OKX Wallet, with one-click USDe looping in OKX Wallet coming soon. The first USDe integration on X Layer is the Aave v3 instance, giving OKX wallet users direct onchain access to USDe — the first time X Layer's millions of users can use the stablecoin on the chain itself.
Ethena published its September recap on X, headlining the EthenaPay beta launch at the start of the month and the Binance partnership that extended the USDe basis trade into equity perpetuals for the first time.
The recap also noted USDe supply grew by over $700 million during September and that Standard Chartered initiated research coverage of the protocol. The post bundles several of the month's expansion threads — EthenaPay's neobank-style rollout, new collateral venues for the delta-neutral strategy, and rising TradFi attention on the stablecoin.
Standard Chartered has initiated research coverage of Ethena, forecasting potential USDe growth of roughly 8x over the next two years as the convergence of DeFi and TradFi accelerates. Ethena shared the initiation on X, pointing to the report. The coverage adds a major traditional finance bank's view on Ethena's stablecoin trajectory amid its broader expansion into new chains and collateral strategies.
Ethena said token incentives tied to USDe growth have declined by roughly 85% since the initial ENA airdrop in 2024, and that as of the end of this month there will be zero token incentives and no inflation related to USDe going forward.
Ethena addressed the announcement to everyone who participated in the incentive program since the airdrop.
Ethena is partnering with Binance as its first venue to extend the USDe basis trade into equity perpetuals, an expansion of the collateral backing behind its stablecoin. bStocks will serve as tokenized spot collateral in the strategy as Ethena expands its delta-neutral approach. The move widens the addressable market of underlying collateral from the current $2.5 trillion pool to a broader set of assets, including equity perps via Binance and tokenized stocks via bStocks. The allocation went through review by the Risk Committee along with Ethena's own legal and risk due diligence, and Ethena points to its transparency dashboards for line-by-line visibility on the collateral.
Binance Wallet has enabled Hold to Earn for stablecoins, letting users simply hold USDS, USDe, and U in their wallet to earn rewards automatically, paid by Binance. USDe was selected as one of only three eligible assets — the one offering the highest available rate of the group.
The program extends USDe's distribution into Binance's wallet infrastructure and adds it alongside USDS and U as reward-yielding stablecoins, deepening Ethena's presence in CeFi venues beyond its own Aave V4 ecosystem market.
Ethena launched USDtb, a stablecoin holding roughly 90% of its reserves in BlackRock's tokenized USD Institutional Digital Liquidity Fund (BUIDL), developed in partnership with Securitize.
Ethena completed a private sale of ENA tokens raising $100 million, with investors including Franklin Templeton, Polychain, Pantera, Dragonfly, and Fidelity's F-Prime. The sale was finalized in December 2024 and publicly reported in February 2025.
Ethena's domain registrar account was compromised, leading to a front-end attack. The team temporarily shut down the frontend and warned users, confirming that protocol funds were unaffected.
Ethena launched its ENA governance token by airdropping 750 million ENA (5% of the 15 billion total supply) to early users, with Binance becoming the first platform to list it.
Ethena's USDe, a delta-neutral synthetic dollar backed by hedged ETH collateral and short perpetual futures positions, went live on the Ethereum mainnet.
Ethena Labs announced a $14 million strategic funding round co-led by Dragonfly and Arthur Hayes' Maelstrom, valuing the protocol at $300 million, alongside the public opening of its USDe stablecoin.
Ethena, founded by Guy Young, emerged from stealth with a $6 million seed round led by Dragonfly Capital, with participation from Arthur Hayes' Maelstrom and other investors, to develop its Ethereum-based synthetic dollar.
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