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Ethena
10 hours agoNews Editor

Ethena explainer highlights limits on direct USDe redemption and sUSDe exits

The Defiant published an explainer on Ethena covering USDe, sUSDe, rewards, and exit routes. The key point disclosed in the available summary is that direct redemption with the issuer is restricted. It also says that unstaking sUSDe returns USDe rather than dollars deposited into a bank account. Beyond those points, the source material provided here does not include additional operational details, redemption conditions, or a fuller breakdown of how rewards work. The article’s title indicates a broader focus on Ethena’s product structure, but the fetched summary only confirms the distinction between issuer redemption and the unstaking path for sUSDe. No extra figures, timelines, or named individuals were included in the input.

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Ethena explainer highlights limits on direct USDe redemption and sUSDe exits
Token Unlocks
1 days agoNews Editor

Weekly token unlocks: KITE release equals 27.9% of circulating supply, with $76.84 million in value

MarsBit’s weekly token unlock roundup highlighted KiteAI as the largest release in relative terms, with 670 million tokens set to unlock, worth about $76.84 million and equal to 27.9% of circulating supply. The report also listed Ethena, which is unlocking 140 million tokens valued at roughly $25.64 million, and Bitway, which is unlocking 100 million tokens worth about $110 million. Beyond the unlock figures, the source outlined each project’s positioning. Ethena’s USDe was described as relying on BTC, stETH and their native yield as collateral while using short BTC and ETH positions to balance delta and capture perpetual or futures funding rates. Bitway was presented as a Bitcoin-compatible appchain built with Cosmos-SDK and CometBFT, focused on native DeFi infrastructure for the Bitcoin ecosystem. Kite AI was described as building a base layer for an “Agentic Internet,” with identity, payments and governance rails for autonomous agents. The source also included each project’s X account and website.

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Weekly token unlocks: KITE release equals 27.9% of circulating supply, with $76.84 million in value
Ethena
3 days agoNews Editor

Ethena releases updated USDe reserve attestation early, says overcollateralization exceeds $60 million

Ethena said reserve attestations for USDe are usually provided weekly by independent third parties including Chainlink and Llama Risk. Following market events over the past several hours, the company moved up the release of its latest reserve attestation. According to confirmations from third-party groups including Chainlink and Llama Risk, USDe remains overcollateralized by more than $60 million, with a collateral ratio above 101%. The update was presented as an early disclosure rather than part of the normal weekly schedule. No additional details about the market events were disclosed in the source material, but Ethena framed the release as a response to recent conditions. The statement centers on the latest reserve verification and the current collateral position of USDe.

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Ethena releases updated USDe reserve attestation early, says overcollateralization exceeds $60 million
Ethena
3 days agoNews Editor

Ethena says USDe remains overcollateralized by more than $60 million, with reserves not held on centralized exchanges

Ethena said in a social media post that it has released its latest proof of reserves for USDe following recent market security incidents. According to the project, independent third parties including Chainlink and Llama Risk confirmed that USDe remains overcollateralized, with excess collateral of more than $60 million and a collateralization ratio above 101%. Ethena also said that none of the reserve funds backing USDe are directly held on Binance or any other centralized trading platform. The statement addressed where reserve assets are kept while reiterating the project’s current collateral position. The project added that proof of reserves for USDe is typically provided once a week by independent third-party institutions. The update was published through Ethena’s social media account and cited external verification from named risk and oracle-related entities.

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Ethena says USDe remains overcollateralized by more than $60 million, with reserves not held on centralized exchanges
Ethena
3 days agoNews Editor

Ethena says unrealized PnL exposure to Binance is about $8.8 million after potential security incident report

Ethena, the issuer of synthetic dollar USDe, said it is monitoring a potential security incident involving Binance and moved to clarify how its collateral is held. In a post on X, the company said all collateral tied to exchange exposure is kept with off-exchange custodians rather than being stored directly on the exchange itself. Ethena later added that its unrealized profit and loss exposure to Binance totals about $8.8 million, a figure it said is well below its more than $60 million reserve fund. The company also said collateral and reserve fund data can be checked on its transparency page, and that a proof of reserves conducted by multiple external firms would be posted in the same thread within hours. On the same day, Binance said it was investigating reports of a potential security issue and would release verified information through official channels. Binance co-founder Changpeng Zhao said the situation appeared to be an attack targeting Binance and added that he expected user funds to be fully covered.

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Ethena says unrealized PnL exposure to Binance is about $8.8 million after potential security incident report
Ethena Pay
4 days agoNews Editor

Ethena Pay rolls out Earn+ with target yields of up to 12% on dollar balances

Ethena Pay has begun rolling out Earn+, an optional vault product that advertises target annualized rewards of up to 12% on dollar balances. The feature is initially available to Pro and VIP users, with a broader rollout to all users planned over the next few days. Funds are moved from the main payment balance into an external Upshift vault, where Steakhouse Financial runs a leveraged USDe strategy on Aave. Ethena Pay said the strategy targets returns above the app’s current tiered rewards, which top out at 6%. According to Ethena Pay’s documentation, the vault targets roughly 11x leverage on Aave v4 on Avalanche. The strategy works by depositing USDe as collateral, borrowing USDT, using the borrowed tokens to buy more USDe, and repeating the cycle. Returns depend on whether USDe rewards can exceed the cost of borrowing USDT. Ethena Pay said it only provides the interface and does not guarantee assets, warning that users may lose part or all of their funds. The company also said the simplified interface does not remove liquidation risk, that the 12% figure is a target rather than a guarantee, and that Earn+ balances do not receive the main account’s Daily Boost.

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Ethena Pay rolls out Earn+ with target yields of up to 12% on dollar balances
Ethena
10 days agoNews Editor

Ethena’s USDe Goes Live Natively on X Layer

Ethena’s synthetic dollar, USDe, has been deployed natively on X Layer, allowing users to hold and trade the asset within the network’s ecosystem, according to an official announcement cited by Odaily. The rollout adds a new stablecoin option to X Layer and is intended to broaden how stablecoin liquidity can be used across the chain. The announcement said the integration is expected to support a wider set of DeFi use cases on X Layer by improving composability for on-chain trading, liquidity, and yield strategies. It also outlined follow-up support from OKX Wallet. The wallet is set to add USDe staking and include USDe in its existing recurring earn feature, which would let users join related on-chain strategies with one click once the support is live. No launch date for the wallet features was disclosed in the announcement.

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Ethena’s USDe Goes Live Natively on X Layer
Binance
18 days agoNews Editor

Star Xu revives dispute with CZ over Binance liability and payouts tied to the ‘10/11’ crash

A year after the Oct. 11, 2025 crypto market crash wiped out roughly $19 billion in leveraged positions in a single day, the fight over responsibility and compensation is still playing out in public. OKX CEO Star Xu reignited the debate after reposting remarks from Binance founder Changpeng Zhao, who said Binance paid about $800 million to affected users voluntarily rather than out of obligation. Xu pushed back, arguing the losses were far larger and tracing the problem to Binance’s promotion of high-yield USDe products. The dispute draws in a longer timeline. Cathie Wood of ARK Invest said in a January 2026 Fox Business interview that the market had been dealing with aftershocks from the crash and initially linked the event to a Binance software failure, though she later clarified in May that the failure came after the sell-off and did not trigger it. Binance has said the crash resulted from a combination of macro pressure, stretched derivatives positioning, fading market depth and Ethereum network congestion. At the center of the argument is where Binance drew the compensation line, who got paid, and what remains unaddressed. Binance disclosed several compensation and support programs, while critics continued to question whether platform design, risk controls and post-event handling amplified losses beyond what the exchange acknowledged.

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Star Xu revives dispute with CZ over Binance liability and payouts tied to the ‘10/11’ crash
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