Ethena

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.

• The statement marks the end of the emissions-backed program that rewarded USDe growth and participation.
• Going forward, USDe growth will not be subsidized by ENA token issuance, shifting the stablecoin's expansion to organic demand and real yield rather than inflation.

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.

• Ethena called the update one of the most significant changes to USDe's collateral backing since launch.

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.

ENA, Ethena's native token, is now native on Solana through an integration with Sunrise DeFi, per an announcement from Sunrise that Ethena amplified.

• ENA can be traded across Solana venues including Phantom, Solflare, Jupiter, Kamino Swap, and Mayan.
• Holders can move ENA onto Solana and back via the Sunrise bridge.

The launch extends ENA's availability beyond Ethereum, as Ethena continues expanding its multichain presence following its recent USDe and sUSDe deployments.

LaunchOnSF, the Solana memecoin launchpad behind stonkfun.xyz, now lets creators launch coins paired with ENA, Ethena's native token (Ethereum contract 0x57e114b6...81e6061), per an announcement Ethena amplified on X.

The pairing option widens ENA's use beyond its own ecosystem, letting ENA act as the base asset for newly launched tokens on the platform, which previously supported pairings like stocks, commodities, and other memecoins.

Ethena's USDe has become the collateral behind two of the three largest markets across Morpho, the suite of lending markets built on the Morpho protocol, per an Ethena post on X.

• Marks growing adoption of USDe as collateral in lending markets beyond Ethena's own Aave V4 ecosystem market.
• Points to deeper integration between Ethena's stablecoin and Morpho's lending infrastructure, home to some of the largest collateralized markets in DeFi.

EthenaPay raised its Daily Boost caps, increasing the boosted earning limits for its membership tiers. Pro members now earn up to 6% on their first $100,000, with VIP members getting a further bump on their first balance tier as well.

The change raises the amount that qualifies for the elevated reward rate within the app, part of EthenaPay's 'internet money neobank' rollout that bundles spend cashback, a dollar savings rate, and multi-currency accounts.

Ethena announced it has completed a SOC 2 Type II audit based on the Security Trust Services Criteria, receiving a clean opinion from an independent auditor with zero exceptions noted. SOC 2 is a widely recognized standard for enterprise-grade, operational security, and achieving it marks the protocol's progress toward institutional-grade operating practices.

Ethena has brought USDe live on TRON, one of the largest chains by stablecoin supply with nearly $100 billion in assets. Users can bridge USDe and sUSDe to TRON the same day via Stargate. Over the coming weeks the tokens will be integrated across the TRON ecosystem, including into JUST, SUN, and other core DeFi products.

• Justin Sun amplified the launch with a

Ethena has begun adding waitlist users to EthenaPay, its "internet money neobank" built on Ethena infrastructure, on a daily basis going forward. Users can still sign up for the waitlist to secure access to the iOS app, which bundles a card with 5.0% spend cashback, a 6.0% dollar savings rate, borderless instant global transfers, free USD/GBP/EUR onramps, local FX, and multi-currency high-rewards savings accounts. Ethena repeated the update in a reply to its earlier waitlist post, encouraging sign-ups for access.