Added to the Coinbase 50 Index (COIN50), a benchmark tracking the top 50 eligible digital assets listed on Coinbase Exchange, in Q1 2026.

Vitalik Buterin sold 19,268 ETH (worth $38.77 million) at an average price of $2,012 over a 23-day period ending on February 26, 2026, converting the ETH into multiple Ethereum DeFi stablecoins including USDtb, GHO, EURC, PYUSD, and LUSD.

USDe is available for swapping on Relay Protocol, which has processed over $73M in volume and 47K+ transactions with 3-second average fills.

Distributed vePENDLE rewards for January including approximately 730k USDT plus sENA and RESOLV airdrops

Reached 811,000+ active users and achieved integration across 24 blockchains.

Integrated stablecoin infrastructure directly into Conduit, a platform commanding 55% market share in Ethereum rollup deployments, enabling any Conduit-built rollup to deploy a native stablecoin on day one.

Generated $666.82 million in fees last year, with $32.32 million becoming direct protocol revenue.

Launched JupUSD stablecoin for Jupiter Exchange on Solana, backed by USDtb.

sUSDe has paid $40.31M in cumulative yield, representing 18.85% of total yield-bearing stablecoin payouts.

USDe market cap reached $122.6M on Mantle as of Q4 2025.

Actively farms DeFi yields with $1 billion deployed across various platforms including PYUSD, RLUSD, and lending protocols.

sUSDe yields contracted due to decreased funding rates and reduced basis-trade profits; LP-sUSDe yields on Pendle range 3.5%-4.6%, while sUSDe APR sits at 3.44%.

Hiring for Financial Associate position in Portugal and Head of Security role.

Felix Protocol launched USDE-USDH perpetual contract with 20x maximum leverage and $7.5 million initial open interest cap.

Reduced LST (liquid staking token) exposure to low single digits in late 2025 and increased stable allocation including USDC and treasury-backed USDtb.

Achieved approximately 19% average sUSDe APY in 2024.

Partners with Strata Money to offer 30x Ethena Sats (alongside 30x Strata points and Ethereal Points) for participants in Strata's yield program, with Strata's TGE scheduled for April 2026.

Pays 3.25% yield to USDe holders weekly.

Reached $65 million TVL on Ethereal DEX.

Partnered with Ethereal DEX to provide backdated Ethena Exchange Points to Ethereal users.

Revenue increased by 690% over the 30-day period ending February 17, 2026.

Partners with Hyena to offer Lunar New Year packages ranging from 0.8 to 888 USDe for users.

Allocated capital to both Aave and Morpho protocols for USDC deployment.

USDe is integrated with LayerZero OFT standard for cross-chain transfers.

A frxUSD/USDe liquidity pool with KyberNetwork yields 14% APR and regularly processes daily trading volume exceeding its total value locked.

Identified as a top gainer among major cryptocurrencies on February 12, 2026.

A whale trader (wallet 0x418a) held a short position for 79 days, generating a $9.5M gain.

Offers USDe flexible subscription product on HTX with up to 15% APY yield.

sUSDe integration on Aptos has driven $750M+ in cumulative trading volume across ThalaSwap v2 and v3.

Launched USDe minting and redemption on HTX exchange on 2026-02-10.

Launched USDm stablecoin for MegaETH, backed by USDtb, which is backed by BlackRock's BUIDL fund, with reserve yield flowing into MEGA buybacks and used to subsidize sequencer fees.

Arthur Hayes sold 15.8M ENA tokens at $0.13, purchased at $0.23, realizing a $1.54M loss.

HTX exchange launched a promotional campaign offering $10,000 in rewards for USDe trading and user acquisition activities.

Arthur Hayes moved 8.57M ENA ($1.06M) on 2026-02-08, converting to 2.751M USDC.

Brazil's congressional committee approved Bill 4,308/2024 prohibiting unbacked stablecoins such as USDe, with criminal penalties up to eight years in prison for issuers.

USDe supply reached peak $14.8B in October 2025, previously $12B in January 2026, currently $6.5B.

Earned $29M in total fees in January 2026, representing a 32% month-over-month increase.

HyENA reached $1 billion in volume in January 2026.

Close to 95% of sUSDe principal tokens on Plasma have been supplied to Aave for looping strategies.

sUSDe records an average transaction size of $287,000, the largest among stablecoins when adjusted for bots and high-frequency trading.

Launched a campaign on Binance offering 12% APY on USDe with no limits, starting on 2025-09-22.

Reduced Risk Committee members from 5 to 3 through an active governance proposal.

USDE and sUSDe supported on Stargate to megaETH at a 1:1 rate.

Blockworks Advisory published a comprehensive public dashboard tracking Ethena's financials, risk metrics, and HyENA deployment, featuring over 100 charts across 12 tabs.

Shifted backing composition of USDe from 10% to 65% YBS exposure over the past 12 months.

Ended collaboration with Spark/Sky following public split, resulting in complete removal of Ethena as a revenue line item in Spark's Q4 2025 report and disentanglement of USDe exposure from Maker/Sky entities.

A third-party protocol built on Ethena automates unstaking arbitrage by purchasing discounted sUSDe on DEXs, initiating the 7-day unstake process, and redeeming for full value to generate yield that is shared with vault depositors.

Launched suiUSDe and USDi stablecoins on Sui February 12, 2026. Integrated with Scallop lending pools and DeepBook Margin.

faced regulatory action in Germany for selling a hedge fund product to the public without a prospectus

Co-hosted a community event in Korea with BasedOneX, marking the first such event in the country for both projects.

Listed on Upbit (South Korea's largest crypto exchange) with KRW, BTC, and USDT trading pairs for USDe.

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 depegged to $0.65 on October 10th, experiencing transfer delays during a liquidation event and broader macro crash.

Integrated USDe and sUSDe into Mantle Vault, available as lending/borrowing assets on Aave v3, and included in the Aave incentives program alongside USDC, USDT, GHO, and WETH. USDC staked via Bybit converts to USDe for yields.

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.

Equilibria enables vePENDLE-boosted APY for sENA with 40x Sats multipliers across the Ethena ecosystem, supporting entry via ENA, sENA, or Pendle LP/PT tokens.

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.