Ethena ends token incentives and inflation for USDe

September 26, 2026

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.

Sources

Since the initial airdrop in 2024 token incentives related to USDe growth have declined by roughly ~85% from 2024 to this year. As of the end of this month there will be zero token incentives and inflation on a go forward basis related to USDe. For all of those who participatedx.com ↗

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Ethena ends token incentives and inflation for USDe — Outposts