Ethena USDe (USDe)

Here's what happened @ethena in July:

- Partnered with @RobinhoodCrypto to bring Ethena's product suite to Robinhood Chain. Ethena assets on Robinhood Chain crossed $200 million within a month.

- The USDe vault on @coinbase crossed $250 million, one month since launch.

- Ethena has generated over $750 million in rewards since launch.

- Implemented zero fee minting and redeeming USDe with USDC for all onboarded mint users.

- Went live on @monad, with USDe and sUSDe now available across the Monad ecosystem.

- @Gate_io launched their first USDe earn product.

- USDe minting and redemption with USDC went live for free on @Bybit_Official.

- USDe-native prediction markets went live on Robinhood Chain, via @Meridiandotxyz, formerly Ethereal.

- @LidoFinance added USDe to EarnUSD, a curated vault of USD-denominated strategies.

- @OriginProtocol opened the sUSDe ARM for deposits.

- @krakenfx added support for USDe deposits and withdrawals on Avalanche.

- The Ethena Foundation opened the re-election process f

Ethena has distributed over $750M in rewards over roughly 2.5 years (30 months). That puts the average reward rate at ~$25M per month in yield and incentives.

I can’t think of any crypto company that has distributed more rewards to users, excluding airdrops.

For most of this period, the basis trade was Ethena’s major yield source; now it’s negligible. Since 10/10, there’s been a clear shift in the crypto market, with the basis dying due to volatility compression and a breakdown of trust in some of the largest crypto exchanges.

Ethena adapted to this change, with the basis share coming down from 46.9% in Q3/25 to ~1% now. They diversified the backing assets for USDe, putting them on a more long-term sustainable path, with yields uncorrelated to market direction.

RWAs went from 0% in Q1/26 to nearly 13% now, in early Q3.