USDe

ARK Invest

2026-10-01 15:17:46

ARK Invest says tokenized stocks are reshaping Ethena’s runway

ARK Invest Director of Digital Asset Research Lorenzo Valente said tokenized equities are changing the setup for Ethena and its ENA ecosystem. In his view, USDe supply bottomed at $3.8 billion and has since risen by about 30% to nearly $5 billion. He said inverted or weak crypto funding rates had previously pushed more USDe collateral into off-chain yield sources such as Treasuries, while sUSDe’s average annualized return at one point approached or fell below SOFR. Valente also said market cap stagnation and limited open interest had constrained growth. He added that basis trading has recovered to about 20% of collateral and is growing quickly, while the roughly $70 trillion U.S. equity market, with average annual gains of more than 8%, could support persistent long demand, positive funding, lower volatility, and cheaper hedging. Based on that shift, he said USDe now has its first clear path to scale beyond $20 billion in supply, and reaching $30 billion to $40 billion over the next 12 to 18 months would not be surprising. He also expects Ethena Pay to add support from the demand side.

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Ethena

2026-10-01 11:51:36

Ethena says USDe supply grew by more than $700 million in September

Ethena said in its September review of USDe that the token’s supply increased by more than $700 million during the month. The update also said USDe has become the second-largest collateral asset on Morpho and the largest dollar-denominated collateral asset on the platform. In addition, USDe now supports two of the protocol’s three markets. The disclosure was cited by Odaily in a brief market update published on Oct. 1, 2026. No further figures or breakdowns were provided in the source material.

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Ethena

2026-10-01 11:59:41

Ethena says USDe supply has grown by more than $700 million, becoming Morpho’s largest dollar-denominated collateral asset

Ethena said USDe supply has increased by more than $700 million and has become the largest dollar-denominated collateral asset on Morpho. The update was cited by ChainCatcher in a 7x24 news brief. No other figures or timeline details were disclosed in the item. The statement centers on two points: supply growth for USDe and its position on Morpho by dollar-denominated collateral value. The source report did not provide additional context beyond Ethena’s disclosure.

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Ethena

2026-10-01 02:20:00

Ethena says USDe reserves hold no stETH, expects no impact from staking security incident

Ethena said in a post on X that it is aware of the current staking-related security incident and does not expect the situation to affect the project. The team stated that assets backing USDe do not directly include stETH or any other liquid staking tokens. Based on that reserve composition, Ethena said it expects no impact on its operations from the incident. The statement was issued in response to market attention around the event and focused specifically on the makeup of USDe reserves.

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Ethena

2026-10-01 02:12:00

Ethena founder says Ethereum node operator security incident is not expected to affect the protocol

Ethena founder Guy Young said in a social media post that he is aware of an ongoing security incident involving an Ethereum node operator. He added that USDe’s backing assets currently have no direct exposure to stETH or any other liquid staking token. Based on that asset structure, Young said the incident is not expected to have an impact on Ethena. The statement was reported by ChainCatcher.

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Standard Char

2026-09-30 20:57:32

Standard Chartered projects Ethena’s USDe at $40 billion by 2028, with ENA seen at $2

Standard Chartered has started coverage on Ethena’s ENA token and says the protocol’s USDe stablecoin could expand to $40 billion in supply by the end of 2028. In a research report shared with Cointelegraph on Wednesday, the bank set a year-end 2028 target of $2 for ENA, about seven times the $0.28 reference price cited in the note. It also said USDe could grow slightly faster than the broader stablecoin market over the same period. The bank’s thesis rests on Ethena broadening its yield sources beyond the crypto basis trade that has historically supported USDe. Standard Chartered said lower returns from the strategy of holding spot crypto while shorting perpetual futures have pushed Ethena toward DeFi, institutional lending, real-world assets, and basis trades linked to equities and commodities. Those activities currently produce a blended yield of 5.2%, according to the report. A second pillar of the bank’s view is ENA buybacks. Standard Chartered said a fee switch approved by Ethena governance in early September directs 95% of net revenue from business lines to ENA buybacks once USDe reaches certain supply thresholds. The bank argues that if USDe scales as projected, buybacks could become large enough to support a higher ENA valuation.

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Standard Char

2026-09-30 10:00:58

Standard Chartered Starts Coverage on Ethena With $2 Target as 1.4 Billion ENA Unlock Nears

Standard Chartered initiated coverage on Ethena on Sept. 30, with Geoff Kendrick, the bank’s global head of digital assets research, setting a $2 price target for ENA by the end of 2028. The report’s thesis rests on three pillars cited in the source article: projected growth in on-chain real-world assets from $40 billion to $2 trillion by late 2028, the expansion of yield-bearing stablecoins, and Ethena’s revised tokenomics that would direct protocol net revenue toward ENA buybacks and burns. The article argues that the long-term case does not remove near-term execution and supply risks. Under Ethena’s current design, the revenue-sharing mechanism that can support ENA buybacks does not begin until USDe circulating supply reaches $7.5 billion. The source says USDe is currently around $4.9 billion, meaning the buyback mechanism has not yet started. Even after that threshold is crossed, only 5% of total revenue at the first tier would be allocated to the foundation, with 95% of that net income used for ENA buybacks. A more immediate issue is token supply. According to the article, 1.4 billion ENA, equal to about 14% of current circulating supply and worth more than $300 million, is scheduled to unlock on Oct. 5 after a restructuring of investor release terms described by the Ethena Foundation.

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Standard Char

2026-09-30 08:16:17

Standard Chartered Initiates Coverage on ENA, Sees $2 Price by End of 2028

Standard Chartered has initiated coverage on Ethena’s ENA token for the first time, according to The Defiant, and projects the token could reach $2 by the end of 2028. Geoff Kendrick, the bank’s global head of digital assets research, said Ethena sits at the intersection of perpetuals, tokenization and stablecoins, positioning ENA to benefit from growth across those segments as well as from a newly launched buyback program. Kendrick also described Ethena as the fourth-largest stablecoin issuer, behind Tether, Circle and Sky, and the second-largest yield-bearing stablecoin issuer after Sky. He added that USDe, Ethena’s stablecoin, was the fastest stablecoin to reach a $10 billion market capitalization. The note marks Standard Chartered’s first formal research coverage of ENA.

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