Ethena, the issuer of the synthetic dollar USDe, has recorded $1.061 billion in cumulative protocol fees since going live in late 2023, according to a Oct. 12 report from MSB Intel citing DefiLlama data. The figure covers roughly 34 months. USDe is backed by collateral and perpetual futures positions, a structure that differs from reserve-backed stablecoins such as USDC and USDT. The report said fees are derived from issuance, redemption, and holding activity, and are distributed between stakers and governance token holders. As of mid-October 2026, USDe’s market capitalization was about $4.8 billion, Ethena’s protocol TVL was around $5.2 billion, and the market capitalization of governance token ENA was about $3 billion. The report also noted that the fee figure reflects accrued revenue rather than retained earnings after operating costs. Part of those fees is consumed by maintaining perpetual positions, managing collateral, and protocol governance. Cross-checking DefiLlama’s public pages shows Ethena cumulative fees at $1.061 billion, TVL at about $5.189 billion, ENA market capitalization at about $3.206 billion, and TVL on the Ethena USDe page at roughly $4.758 billion.
Ethena, the issuer of synthetic dollar USDe, has generated $1.061 billion in cumulative protocol fees since launching in late 2023, according to an Oct. 12 report from MSB Intel citing data from DefiLlama. The measurement spans roughly 34 months.
The report said USDe is backed by collateral and perpetual futures positions, giving it a structure different from reserve-backed stablecoins such as USDC and USDT. Fees come from issuance, redemption, and holding, and are distributed between stakers and governance token holders.
Key figures cited for mid-October 2026
As of mid-October 2026, USDe had a market capitalization of about $4.8 billion, protocol TVL stood at roughly $5.2 billion, and governance token ENA had a market capitalization of about $3 billion.
The report added that the fee figure measures accrued revenue, not retained income after operating costs. Maintaining perpetual positions, managing collateral, and protocol governance consume part of those fees.
A check of DefiLlama’s public pages showed Ethena cumulative fees at $1.061 billion, TVL at about $5.189 billion, ENA market capitalization at about $3.206 billion, and TVL on the Ethena USDe page at roughly $4.758 billion.
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