Offers stablecoin-as-a-service for whitelabeling to institutions and other protocols.

Partners with Safe to provide 10x Ethena Sats points boost for USDe held in Safe wallets and gas-free USDe transactions on Ethereum mainnet from Safe Smart Accounts.

Spent tens of millions USD on buybacks at high prices and high valuations, which created FOMO and attracted retail buyers near the top.

Shows overwhelmingly short positions at 84%+ leverage according to market data, with anticipated volatility as the market may target these over-leveraged positions.

$100K+ whale transactions for ENA increased by 113% during the week ending January 8, 2026.

Featured in a crypto watchlist for the next 6 months alongside other major DeFi protocols and perp DEXs.

Partnered with Reya during Q4 2024 alongside EigenCloud and LayerZero.

Arthur Hayes withdrew 4.83M ENA ($985K) from Binance on December 31, 2025.

Bitwise filed an application with the U.S. SEC for a Bitwise ENA Strategy ETF on December 30, 2025.

Received $500.5 million USDT from Tether Treasury to wallet 0xb5E4d212.

Brought yield-bearing synthetic dollars USDe and tsUSDe to TON blockchain through integration with TON's DeFi ecosystem inside Telegram.

Has a cliff unlock exceeding $5 million scheduled between December 29, 2025 and January 5, 2026.

S&P rated USDe at 5 (weak) in its Stablecoin Stability Assessment in 2025.

turned on fee switch

USDe stablecoin temporarily lost its peg and dropped to approximately $0.65 on Binance during a liquidation event on October 10th.

USDe is integrated into the Mantle Vault one-click strategy, where USDC staked via Bybit is converted to USDe and generates yields via Aave.

A wallet possibly belonging to the Ethena team withdrew 26.8k AAVE (~$4.03M) and deposited 17.9k AAVE (~$2.68M) into Binance and Bybit on December 22nd, 2025.

USDe launched on Aptos in 2025 alongside multiple other stablecoins including USDT, USDC, USD1, PYUSD, and USDG.

Compared to Ethena in terms of structure and approach, with the comparison highlighting yield generation from hedged basis trades and T-bills rather than fractional lending.

Arthur Hayes purchased 1.22M ENA tokens after selling 680 ETH.

Sold tokens at a discounted price of 29 cents per token in September through a DAT (Digital Asset Trust) structure.

Integrated with Strata Finance, a risk-tranching protocol operating on top of Ethena and USDe.

Founded an exchange based on Hype technology

Binance delists ENA/FDUSD from both cross-margin and isolated margin trading effective December 23, 2025, at 09:00 UTC.

Ethereal, a platform incubated by Ethena Labs for 1.5 years, announces partnership with Panda Land and enters testing phase with suite of USDe-centered trading products including perps trading, earn products, and prediction markets, targeting Ethena's existing base of 500k+ traders and yield-seekers.

Pendle's PT-sUSDe launches on Solana via Kamino platform, powered by Chainlink CCIP cross-chain infrastructure.

New Pendle v2 pool for restaked USDe (reUSDe) goes live with June 25 expiration date.

USDe marketcap stabilizes with slower outflows and price recovery to par as yield opportunities normalize to sustainable levels with PTs close to floating basis rate.

ENA gains top 10 position in 7-day token mindshare rankings. BNB Chain becomes 2nd largest home for BlackRock's BUIDL with $500M AUM, held by Ethena/Anchorage as collateral for USDtb.

Jupiter Exchange will launch jupUSD, its stablecoin, in collaboration with Ethena.

Pendle introduces new sUSDe and USDe pools expiring April 9, 2026, while enabling Principal Token bridging to Unichain and upcoming Solana support.

sENA now available on Equilibria platform with vePENDLE boost offering 40x Sats plus additional multipliers across the ecosystem, accepting ENA, sENA, or Pendle LP/PT for entry.

Funding rates begin to swing back into positive territory, a market condition under which ENA thrives.

ENA token down 46% over the last 90 days, ranking among the worst performers in the top 100 tokens during Q4.

Overall stablecoin market surpasses $301B with USDe recognized as one of four leading stablecoins by adoption alongside USDT, USDC, and DAI.

Jupiter launches its new stablecoin built in collaboration with Ethena next week.

UR Global, a Mantle-backed neobank operating in 45+ countries, integrated Ethena. USDe and USDtb chosen as reserve backing for JupUSD and MegaUSD stablecoins.

Delta neutral positions on HyENA and Variational platforms net 30-40% yield on capital using 6x leverage with USDe yielding 4% APY on HyENA.

HyENA trade platform achieves $130M volume in four days with $10M vault filled immediately, while BTC-USDE and ETH-USDE rank among top HIP-3 pairs by volume and open interest.

USDe influx drives HyperEVM total stablecoin supply to reach new all-time high of $152.4m following HyENA trade launch.

Ethena's Converge blockchain fails to launch, causing Terminal Finance DEX to shut down despite being fully built.

Copper becomes the first custodian to enable native mint and redeem for USDe and USDtb stablecoins.

JupUSD stablecoin launches next week as a collaboration between Jupiter and Ethena, featuring deep integrations across Jupiter's $1.08T volume platform including rewards mechanisms for DCA, limit orders, and prediction markets.

USDe bridging from multiple chains to Hyperliquid launches via Stargate Finance integration, enabling users to deposit and trade on HyENA trade platform.

ENA leads RWA projects with $4.2M in 30-day revenue and +1,200% year-to-date growth based on December 2025 data.

USDe market cap falls 28% since early November, contrasting with competitor USDS which grew 17.3% in the same period.

USDe supply on HyperEVM surges following HyENA trade's launch.

Robinhood lists $ENA token and Copper becomes the first custodian to support native mint and redeem functionality for USDe and USDtb.

New maturities for sUSDe and USDe pools launch on Plasma with expiration date of April 9, 2026, offering fixed yield options for crypto neobanks.

New maturities for USDe and sUSDe launch with deep liquidity on Aave enabling $1M margin positions.

An investor deposits 8.4M ENA tokens (~$2.42M) to Binance and Bybit 7 hours ago, with these tokens originally transferred 5 months ago.

HyENA reports low trading volume with negligible impact on ENA token, insufficient liquidity for larger trades, no RWA markets available yet, and the 12% USDe boost only applies to long positions.

HyENA launches live with 12% APY on USDe margin for the first month, Stargate integration enables direct deposits from Ethereum, Arbitrum and Base chains, and the 70x Ethena points multiplier for Season 5 reduces to 50x after the first month with invite-only access through referral codes.

HyENA points program distributes 100M points weekly over 24 epochs (6 months) that convert to ENA tokens at program end, HLPe vault launches with $10M cap offering 70x Ethena points multiplier, and the platform covers position migration fees from other exchanges for the first two weeks.

HyENA perpetual exchange built by Ethena Labs and BasedOneX launches tonight on Hyperliquid HIP3, allowing users to trade perpetuals while earning USDe yield with HLPe vault deposits available.

Vesting contract distributes ENA tokens to team/advisors: @sershokunin receives $595.5K (2.18M tokens) and deposits all to Bybit, @kaiynne receives $1.86M (6.88M tokens), and @Ansemsol receives $43K (155.66K tokens), with distributions ongoing.

Thala platform lists sUSDe/USDC liquidity pool with 30.86% APR.

Circulating USDE plummeted 54% in two months with TVL falling from $14.82B to $6.69B, and yields dropped to 4% APY in the last 30 days from a prior 19% average.

HypurrCo and Nansen partnership launches community co-branded validators with over 2M HYPE staked to sthype and 200k stake securing USDe Quote Asset on HyperEVM.

USDe is now available as a quote asset on Hyperliquid spot and HIP-3 perpetual markets.

A whale or Ethena team wallet withdraws another 25M ENA ($6.62M) from Bybit and now holds 780M ENA ($213.7M).

A whale buys $13.9M more in altcoins, adding to ENA position along with ETH, LINK, UNI, ONDO, AAVE, and purchasing PENDLE, CRV, ENS, AERO.

A $47M ENA token unlock occurs today.

New sUSDe/USDC liquidity pool launches on ThalaSwap v3 with incentives migrated from v2, offering yields up to 740% APR.

USDtb supply contracts 44% month-over-month, resulting in $1.3B BUIDL redemption across chains. Whale accumulates $5.82M in ENA tokens during market dip.

USDe is now available as a quote asset on Hyperliquid exchange.

MegaUSD, the native stablecoin of MegaETH developed with Ethena Labs, goes live on RedStone Bolt and will launch on Frontier private mainnet. Auros Global lists a 5,000,000 USDe lending market on Wildcat protocol at 18% APR.

Partnership expansion with Anchorage brings in-platform rewards to USDtb and USDe holders through the federally chartered crypto bank's infrastructure without requiring staking or lockups.

$ENA ranks #3 among top daily crypto gainers on April 12, 2025 per CoinMarketCap data.

HyENA deploys on Hyperliquid with infrastructure updates to accounts and website. Traders gain ability to use USDe as collateral on HyENA while earning native yield during trading.

USDe market cap falls from $9.3B to $7.1B in November, marking $2.2B in redemptions after an October Binance depeg event. USDE unwinds contribute to Sky becoming the largest USDC pool in DeFi, surpassing Aave.

USDe becomes quote asset on Hyperliquid spot and HIP-3 perpetual markets. ENA rises 15% among top daily gainers.

21Shares announces launch of an Ethena ETP, expanding access through a regulated exchange traded product.

$ENA lists on Robinhood and multiple other exchanges (HyperliquidX, Coinone, Uphold) in November. USDe becomes the 100% backing asset for Berachain's $HONEY stablecoin, integrates with Reya as sole backing for their liquidity pool, and reaches $465B+ in cumulative transfer volume with Strata growing to over $200M TVL.

Total Value Locked experiences a 50% decline.

A whale withdraws 46.779M ENA tokens (~$12.78M) from Bybit and another wallet, now holding approximately 492M ENA tokens worth ~$121M.

Ethena's Converge blockchain fails to launch its mainnet, causing Terminal Finance decentralized exchange to wind down operations.

Kodiak platform offers ~15% yield for sUSDe-HONEY and ~13% yield for USDe-HONEY liquidity pools.

Investment analysis highlights valuation metrics of $2B market cap and $500M revenue for a 4x P/S ratio, positioning the project favorably against L1 protocols.

$10M worth of ENA tokens unlock today.

USDe becomes available as a quote asset on Hyperliquid spot and HIP-3 perpetual markets, marking the first step toward hyenatrade mainnet deployment.

Reya DEX CoinList token sale ends today at 17:00 UTC, with the platform powered by Ethena Labs alongside EigenCloud and LayerZero.

Ethena-linked wallet withdraws another 25M ENA ($6M) from Bybit, totaling 405.15M ENA ($96.8M) withdrawn from Bybit and Coinbase Prime since November 7. TVL experiences significant decrease alongside declining stablecoin yields.

Arthur Hayes purchases 4.89M ENA tokens worth $1.37M last week.

sUSDe and USDe Principal Tokens with February 5th maturity become available on Aave.

Annual fees reach approximately $365M per year, but most fees are recycled into subsidies resulting in thin earnings according to DeFi analysis.

$54.3 million worth of ENA tokens unlock on December 2, representing 3.04% of circulating supply.

Ethena partners with Nunchi on HIP-3 Yield Perps.

Terminal Finance, an Ethena-incubated DEX, abandons its launch after the Converge chain fails to materialize.

USDe serves as a quote asset for new permissionless perpetual markets launching on Hyperliquid through HIP-3, supported by Valantis Labs' infrastructure deployment.

Current staking APY stands at 2.7%, while 54% of USDe holders choose not to stake their tokens.

Whale addresses acquire $11 million worth of ENA (41 million tokens) using TWAP strategy over the past 3 hours, with $1.2 million USDC remaining for continued buying.

$26.87M worth of ENA tokens will unlock next week, making it the second largest token unlock event among major projects.

Ethena deprioritizes launching its own blockchain after internal evaluation of use case and financial viability. Monthly protocol revenue reaches $30M according to TokenTerminal data.

USDe subsidies have ended and current APY falls below USDT rates on Aave.

Partnership announced between Ethereal perp DEX and Ethena, enabling automatic yield on all margin positions.

A partner project building a liquidity hub for Converge chain cancels its launch and compensates pre-depositors with Ethena points, sUSDe yield, and Etherfi points, with all deposits remaining redeemable 1:1.

Trading for ENA goes live on Bitstamp by Robinhood exchange.

A token unlock worth $27.66M is scheduled for December.

A research paper publishing Sunday documents $200B+ in tokenholder value destruction from equity-token splits, naming ENA as one of four case studies alongside UNI, AXS, and SAFE.