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Project Overview
Ethena is building derivative infrastructure to enable Ethereum to transform into the Global Internet Bond via delta-neutral positions on stETH, to create the first crypto-native, yield bearing stablecoin: USDE.
Ethena Foundation plans to end monthly investor unlocks; after USDe reaches its milestone, 95% of net revenue will be used to repurchase ENA.
According to Crowdfund Insider, the Ethena Foundation has announced a series of adjustments to mitigate selling pressure from early investor unlocks. The foundation has completed over-the-counter buybacks of the remaining locked ENA tokens held by certain large seed round investors and agreed with major investors to terminate their remaining vesting schedules early. Starting October 5, no investor tokens will remain subject to lock-up, while team tokens will maintain their original lock-up and vesting terms.
Ethena announces four ecosystem adjustments: buyback of early investor tokens and plans to use revenue to repurchase ENA
Odaily News, stablecoin protocol Ethena has announced four ecosystem updates, including buying back some locked tokens from early investors, adjusting the relationship between tokens and equity, launching a revenue buyback mechanism, and canceling VC monthly unlocks.The Ethena Foundation stated that it has completed buybacks of locked ENA tokens from certain large seed round investors who had sold ENA over the past nine months.At the same time, the Ethena Foundation has entered into a master framework agreement with Ethena Labs, transferring the intellectual property and value generated by the protocol to the Foundation, governed by ENA token holders, ensuring that protocol value growth does not result in residual cash flows flowing to Labs equity investors.In addition, an Ethena governance proposal has been launched to enable a "fee switch" that would use net income generated from various business lines under the Ethena brand for programmatic buybacks of ENA tokens. The proposal has been approved by the Risk Committee.Ethena also announced the cancellation of monthly unlock arrangements for future VC investors, eliminating market concerns about sustained sell pressure by releasing unvested tokens; team tokens will still follow the original lock-up and vesting schedule. These adjustments are aimed at further strengthening the binding relationship between ENA tokens and protocol value.
Ethena Partners with FalconX on $1 Billion Credit Facility to Expand Yield Sources for USDe Collateral Assets
According to CoinDesk, Ethena has reached a $1 billion credit partnership with digital asset prime broker FalconX, deploying USDe synthetic dollar collateral assets into the institutional credit sector. According to the announcement, the financing will be used to fund over-collateralized loans originated by FalconX, with use cases including trading strategies, corporate treasury management, and payments. The loan collateral will be custodied by third-party custodians, and Ethena holds first-priority security interests.
FalconX and Ethena Announce $1 Billion Financing Partnership to Bring USDe Reserve Funds into Institutional Credit Markets
Odaily News Cryptocurrency institutional brokerage firm FalconX has announced a $1 billion secured lending facility (warehouse financing facility) with stablecoin protocol Ethena. The two parties will utilize Ethena's USDe reserve assets through a special purpose vehicle (SPV) to provide overcollateralized credit services to institutional clients.According to the announcement, this facility will connect Ethena's on-chain liquid assets with FalconX's institutional lending demand, channeling on-chain capital into traditional credit markets. Loan assets will be held by qualified custodians, with FalconX responsible for asset origination, loan servicing, and collateral management.Ethena is the developer of the USDe stablecoin protocol. USDe maintains its dollar-pegged stability through crypto asset collateralization and hedging mechanisms, and has already partnered with multiple centralized exchanges and DeFi protocols. FalconX, meanwhile, is a digital asset prime broker serving institutional investors, offering trading, financing, and liquidity services. (PRNewswire)
Blockchain Association Launches Vaults Workflow, Uniting Dozens of Member Institutions to Drive Policy Formulation
According to a post by the Blockchain Association (@BlockchainAssn), the Blockchain Association has officially launched the Vaults Workstream, bringing together dozens of leading member organizations including a16z Crypto, Aave, Uniswap, Grayscale, dYdX Foundation, Ethena, Morpho, and Multicoin to participate in Washington-based policy discussions on on-chain finance. As an emerging component of on-chain finance infrastructure, Vaults can provide users with diverse asset exposure, support composable and personalized investment strategies, and offer high flexibility in manual control, governance, and risk management. Members of this workstream will engage directly with the SEC to assist legislators in understanding Vault mechanics and the applicability of existing regulatory frameworks, with the goal of aligning regulatory rules with technological development to ensure the United States maintains its leading position in on-chain financial innovation.
Mantle natively mints USDG and joins the Global Dollar Network
: Ethereum Layer 2 network Mantle has launched USDG, a stablecoin issued by Paxos, and joined the Global Dollar Network as a partner. USDG has become one of the first stablecoins natively minted on Mantle, with Mantle eligible to receive a portion of the rewards generated by USDG activity.USDG has a market capitalization of approximately $3.18 billion, ranking as the seventh-largest stablecoin by DefiLlama data. The stablecoin is issued by Paxos and complies with regulatory frameworks in Singapore and the European Union, with Paxos publishing monthly reserve reports.The Mantle ecosystem also offers Agora's AUSD, Ethena's USDe, and Tether's USDT0. Mantle stated that USDG will be used for DeFi applications within the ecosystem and institutional capital allocation.As of Wednesday, Mantle's distributed real-world asset value stood at $234.2 million, up 19% over the past 30 days. (Cointelegraph)
Mantle officially launches USDG and becomes a partner of Global Dollar Network
According to official announcements, Mantle has announced that USDG, a US dollar stablecoin issued by Paxos, has officially launched, becoming one of the first native stablecoins on the Mantle network. This integration establishes Mantle as a partner of the Global Dollar Network (GDN). Mantle will directly participate in GDN's reward-sharing mechanism, standing alongside over 150 partners, including Robinhood and Kraken, to drive user growth. As one of the few stablecoins subject to dual regulation under both the Monetary Authority of Singapore (MAS) and the European Union's MiCA framework, USDG currently has a circulating value exceeding $3.5 billion. One of Mantle's missions is to introduce more institutional-grade assets, including tokenized equities, yield-bearing stablecoins, and tokenized funds, thereby providing borderless investment access for everyone. The integration of USDG will further advance Mantle's development into an open financial network bridging institutional players and users. According to reports, the addition of USDG further enriches Mantle's existing portfolio of institutional-grade assets, which includes Agora's AUSD, Ethena's USDe, Ondo's USDY, and Tether's USDT0, among others. Over the past year, Mantle's stablecoin TVL has surpassed $982 million, with RWA T
Ethena launches payment app Ethena Pay on Avalanche, offering up to 6% yield and 10% cashback
According to The Block, Ethena Labs has officially launched the beta version of its self-custody payment app, Ethena Pay, built on Avalanche, which is now available in 48 countries including Brazil, Japan, Singapore, and Kenya. Users can receive funds via IBAN or cryptocurrency, hold balances in USDe, and benefit from fee-free instant global transfers. The app features three membership tiers: Standard (free), Pro (requires locking $2,000 worth of ENA or inviting 10 users), and VIP (requires locking $10,000 worth of ENA or inviting 50 users), offering respective annual yields of 5%, 6%, and 6%, with balance caps of $5,000, $15,000, and $50,000. The Ethena Pay card provides a 4%–5% base cashback (settled in AVAX), while Pro and VIP users enjoy up to 10% exclusive cashback at brands such as Uber, Spotify, and Claude. The backend infrastructure is powered by Iron, a subsidiary of MoonPay. Markets including the United States and the European Union were not part of the initial launch and will be progressively rolled out once regulatory compliance is achieved.
Avalanche Launches Payment Ecosystem Alliance, with 28 Organizations Already Onboard
Avalanche announced the launch of the Avalanche Payments Collective, with 28 organizations already joining the coalition to build payment infrastructure on the Avalanche network. The coalition aims to integrate multiple domains, including settlement, stablecoins, capital infrastructure, foreign exchange, asset management, compliance, and global payments. Members include Franklin Templeton, VanEck, WisdomTree, Paxos, Kraken, Anchorage Digital, Ethena, and the Wyoming Stablecoin Committee.
Janus Henderson Invests in ENA and Enters Strategic Partnership with Ethena to Launch Compliant Investment Products, Including ETFs
According to The Block, ANTIK, the blockchain division of asset management giant Janus Henderson—which oversees $480 billion in assets—has established a position in the ENA token and signed a strategic partnership agreement with Ethena to stake USDe for cash management purposes. The two parties have also committed to jointly developing compliant investment products based on USDe and ENA, including ETFs and ETPs, expected to launch in the second half of 2026. As part of the collaboration, Ethena has incorporated Janus Henderson’s JAAA strategy—which invests in AAA-rated CLOs—into the USDe reserve portfolio.
Withdrawal of $68.26 Million in ENA, Suspected Ethena Team-Related Wallet Moves Funds Out of Centralized Exchanges
Odaily News: A wallet suspected to be associated with the Ethena team has withdrawn a cumulative $68.26 million worth of ENA from centralized exchanges. Approximately 2 hours ago, it withdrew $13.1 million worth of ENA from Bybit and $55.16 million worth of ENA from Coinbase. The Ethena project team posted a series of transaction hashes on X 8 hours ago, though the specific details have not yet been disclosed.
A whale holding $36.74 million in ENA deposited 30 million ENA to Binance after over a year of dormancy
According to Lookonchain monitoring, a whale deposited 30 million ENA worth $6.98 million to Binance via BitGo today after being dormant for over a year. The whale still holds 157.55 million ENA, worth $36.74 million.
A whale bought $10.29 million worth of ENA in 3 days, and added 7.96 million more tokens today
according to Lookonchain monitoring, a whale bought 30 million ENA with $8.3 million 3 days ago, and today bought another 7.96 million ENA with $1.99 million.
Cumulative profit of $12.65 million, a Hyperliquid whale closed multiple long positions, gaining $1.604 million
According to Onchain Lens monitoring, a Hyperliquid whale closed multiple profitable long positions an hour ago, including $941,000 profit on an AAVE long, $400,000 on a ZEC long, $216,000 on a JUP long, and $47,000 on an ENA long. The cumulative profit reached $12.65 million.
An address opened a position of 18.84 million ENA at $0.2607, worth $4.91 million
Odaily News: According to on-chain analyst Ai Yi's monitoring, an address opened a position of 18.84 million ENA at $0.2607, worth $4.91 million. ENA has risen 56% over the past month.
<p>Worth approximately $5.13 million, a whale withdrew 18.34 million ENA from four major exchanges today</p>
Odaily News: According to Lookonchain monitoring, whale address 0xd0A4 withdrew a total of 18.34 million ENA from Gate, Bybit, OKX, and Binance today, worth approximately $5.13 million.
Ethena Responds to Ethereum Node Operator Security Incident: Expected Not to Impact Ethena
Ethena founder Guy Young stated that USDe backing assets currently have no direct exposure to stETH or other liquid staking tokens, and he expects this incident will not impact Ethena.
Aave plans comprehensive upgrade of collateral and listing standards following KelpDAO security incident
Linda Jeng, Chief Legal and Policy Officer at Aave Labs, stated during Consensus Miami 2026 that Aave's previous risk framework overly focused on financial risks and price volatility. Looking ahead, the protocol will incorporate assessments of cross-chain interoperability, cybersecurity vulnerabilities, and underlying asset architecture.This reform directly stems from the rsETH incident that occurred in April. At that time, an attacker exploited a vulnerability in the KelpDAO cross-chain bridge to mint approximately 116,500 unbacked rsETH (valued at around $293 million), deposited it as collateral into Aave, and borrowed real WETH, leading to significant bad debt risks for the protocol.Jeng revealed that Aave will also release a formal "listing standards handbook" for asset issuers in the future, and will begin evaluating the correlation between DeFi protocols from a systemic risk perspective, rather than analyzing individual pools in isolation.Additionally, a "DeFi United" bailout plan involving Lido Finance, EtherFi, Ethena, and others has been launched to cover collateral shortfalls and prevent further proliferation of bad debt. (CoinDesk)
Withdrawal of $68.26 Million in ENA, Suspected Ethena Team-Related Wallet Moves Funds Out of Centralized Exchanges
Odaily News: A wallet suspected to be associated with the Ethena team has withdrawn a cumulative $68.26 million worth of ENA from centralized exchanges. Approximately 2 hours ago, it withdrew $13.1 million worth of ENA from Bybit and $55.16 million worth of ENA from Coinbase. The Ethena project team posted a series of transaction hashes on X 8 hours ago, though the specific details have not yet been disclosed.
Ethena Responds to Ethereum Node Operator Security Incident: Expected Not to Impact Ethena
Ethena founder Guy Young stated that USDe backing assets currently have no direct exposure to stETH or other liquid staking tokens, and he expects this incident will not impact Ethena.
Blockchain Association Launches Vaults Workflow, Uniting Dozens of Member Institutions to Drive Policy Formulation
According to a post by the Blockchain Association (@BlockchainAssn), the Blockchain Association has officially launched the Vaults Workstream, bringing together dozens of leading member organizations including a16z Crypto, Aave, Uniswap, Grayscale, dYdX Foundation, Ethena, Morpho, and Multicoin to participate in Washington-based policy discussions on on-chain finance. As an emerging component of on-chain finance infrastructure, Vaults can provide users with diverse asset exposure, support composable and personalized investment strategies, and offer high flexibility in manual control, governance, and risk management. Members of this workstream will engage directly with the SEC to assist legislators in understanding Vault mechanics and the applicability of existing regulatory frameworks, with the goal of aligning regulatory rules with technological development to ensure the United States maintains its leading position in on-chain financial innovation.
Bybit USDe currently offers a 5% APR. Simply hold to earn daily returns.
Bybit USDe currently offers a 5% APR. Users only need to hold USDe on Bybit to participate in yield generation, with no additional staking or locking required. Yields are distributed daily, while USDe remains available for trading, further enhancing capital efficiency. USDe is a decentralized stablecoin issued by Ethena, pegged 1:1 to the US dollar. Unlike traditional stablecoins backed by fiat reserves, USDe constructs a delta-neutral strategy through crypto asset collateral and derivatives hedging, generating yield while mitigating the impact of directional market volatility. Beyond purchasing USDe directly on the market, Bybit also offers a convenient Mint & Redeem service. Users can mint and redeem USDe on Bybit, providing an alternative channel for acquisition and exit beyond secondary market trading.
Binance Adds Cross-Margin Leverage Trading Pairs ARB/U and ENA/USD1
According to a Binance announcement, Binance Leverage now supports cross margin leveraged pairs for ARB/U and ENA/USD1.
World Liberty's multiple crypto partnership plans have yet to materialize, and most assets in its "strategic token reserve" have already been transferred or disposed of
Odaily reports: Several partnership plans previously announced by the Trump family's crypto project World Liberty Financial have yet to materialize, including having Aave support its lending market, using Ethena's stablecoin as collateral, and bringing tokenized U.S. Treasuries and equities onto the World Liberty platform through Ondo.According to Nansen and Arkham data, the "strategic token reserve" previously established by World Liberty has also undergone significant changes, with most of its holdings of LINK, AAVE, ENA, and MOVE subsequently transferred or disposed of, and some assets moved into centralized exchange accounts. Nansen analysis shows that after World Liberty's token purchases were detected on-chain, the relevant tokens typically rose 10% to 26% within a day, but most of those gains failed to hold.World Liberty stated that the company continuously adjusts its strategy based on market changes and business priorities, and emphasized that it has no connection to decision-making by the Trump administration. (Bloomberg)
Related news
Within 9 hours, an Ethena-related Gnosis Safe withdrew 117.58 million ENA worth $27.96 million from Bybit
According to Onchain Lens monitoring, an Ethena-related Gnosis Safe withdrew 62.58 million ENA worth $14.86 million from Bybit 37 minutes ago. Over the past 9 hours, this wallet has withdrawn 117.58 million ENA worth $27.96 million from Bybit.
Withdrawal of $68.26 Million in ENA, Suspected Ethena Team-Related Wallet Moves Funds Out of Centralized Exchanges
Odaily News: A wallet suspected to be associated with the Ethena team has withdrawn a cumulative $68.26 million worth of ENA from centralized exchanges. Approximately 2 hours ago, it withdrew $13.1 million worth of ENA from Bybit and $55.16 million worth of ENA from Coinbase. The Ethena project team posted a series of transaction hashes on X 8 hours ago, though the specific details have not yet been disclosed.
A whale holding $36.74 million in ENA deposited 30 million ENA to Binance after over a year of dormancy
According to Lookonchain monitoring, a whale deposited 30 million ENA worth $6.98 million to Binance via BitGo today after being dormant for over a year. The whale still holds 157.55 million ENA, worth $36.74 million.
Ethena: USDe supply increased by over $700 million in September, becoming Morpho's second-largest collateral asset
Ethena disclosed that the USDe supply increased by over $700 million in September, becoming Morpho's largest USD-denominated collateral asset.
Ethena Responds to Ethereum Node Operator Security Incident: Expected Not to Impact Ethena
Ethena founder Guy Young stated that USDe backing assets currently have no direct exposure to stETH or other liquid staking tokens, and he expects this incident will not impact Ethena.
Standard Chartered Predicts: Ethena USDe to Reach $40 Billion
According to Cointelegraph, Standard Chartered Bank's latest research report predicts that the supply of Ethena's USDe will reach $40 billion by the end of 2028, with a target price of $2 for the ENA token.