Welcome to the latest monthly governance update, summarizing Ethena’s major developments in September 2025. This report highlights treasury expansion, centralized exchange integrations, ecosystem partnerships, and governance activity.
Key Takeaways
StablecoinX Treasury Expansion
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StablecoinX Inc. announced an additional $530M capital raise (link), bringing total PIPE financing to ~$895M. At closing, StablecoinX is expected to hold over 3 billion ENA tokens (~20%+ of supply) on its balance sheet.
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Cash proceeds are being used by a subsidiary of the Ethena Foundation to fund a $310M ENA buyback program over 6–8 weeks, executed via third-party market makers.
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Combined with the initial PIPE round, StablecoinX’s treasury acquisitions now represent ~20% of circulating ENA supply, with strict Foundation veto rights over resale.
Binance Integration of USDe
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Ethena has partnered with Binance (link) to embed USDe across its entire platform of 280m+ users and $190b+ in assets including:
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USDe reward bearing collateral for futures and perpetuals trading
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Direct integration with Binance Earn
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USDe spot pairs
USDm Launch with MegaETH
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Ethena partnered with MegaETH to issue USDm (link), a native stablecoin designed to power the chain’s sequencer operations.
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USDm v1 is backed by USDtb reserves, primarily invested in BlackRock’s BUIDL tokenized Treasury fund via Securitize, alongside liquid stables for redemption.
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Yield from reserves funds sequencer OPEX, enabling MegaETH to run gas fees at cost — keeping fees low and stable for users and builders without relying on a margin.
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The design allows future inclusion of other Ethena assets (e.g., USDe), making USDm a flexible and adaptive stablecoin for L2 infrastructure.
Hyperliquid Ecosystem Developments
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Submitted (and later withdrew) a governance proposal for USDH, committing 95% of reserve revenue to Hyperliquid, $75M incentives, and full migration support from USDC pairs. (link)
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Pivoted to focus on native Hyperliquid assets, including hUSDe, a synthetic dollar fully collateralized with Hypercore-native assets + delta-hedged derivatives, designed to deepen liquidity and stabilize funding.
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Ethena balance sheet is positioned to support HIP-3 markets, spanning reward-bearing collateral, modular prime brokerage, and equity perps — creating new cashflow and liquidity opportunities for Hyperliquid.
Strategic Investments
Expanded stake in Based, the leading Hyperliquid builder codes platform (now processing ~20% of perps volume). (link)
Ethena launches on Plasma
USDe and sUSDe go live as core assets within Plasma’s DeFi ecosystem, including Aave, Fluid, Curve, and Balancer from day one. Liquid Leverage is enabled on Aave with nearly $1B in USDe & sUSDe capacity, supported by Binance Earn’s USDT supply. (link)
Protocol Updates
ENA/USDe Listing on CEX
Ethena announced that USDe will be listed on Kraken (U.S. Market Access), marking its first listing on a U.S. centralized exchange, signaling growing regulatory acceptance, as U.S. exchanges tend to perform compliance checks prior to listings. (link)
OKX to list ENA (Ethena) for spot trading. (link)
USDe is now listed on the 3rd largest exchange in Korea - Coinone, the first USDe listing on a Korean exchange. (link)
TVL Milestone Across Stablecoins
USDe supply crossed $14.5B market cap
Combined total locked value (TVL) of USDe + USDtb recently crossed ~$16 billion.
Cross-Chain, Infrastructure & Ecosystem Growth
USDe and sUSDe have gone live on Avalanche. November USDe PT will be bridgeable to Avalanche via the Pendle site, in collaboration with LayerZero.
Cross-chain PT deposits will be accepted on money markets like Euler and Silo as collateral to borrow other stables. (link)
Ethena’s sUSDe is now even more accessible from 18 chains. With LayerZeroCore OVault, users can one click stake USDe-to-sUSDe from their preferred chain, making Ethena staking highly accessible across all chains. Deposit USDe from anywhere. Receive sUSDe everywhere. (link)
DeFi update
Collateral adoption
Ethena assets continue to see deeper adoption as collateral across major DeFi markets.
sUSDe November PT and USDe November PT deposit caps on AAVE Core have been increased to $2.4b and $2b, respectively.
The ~$1b caps on USDe Aave Plasma markets were filled within hours.
Collateral on Lending Platforms:
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AAVE v3 Core (link):
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USDe: 1.23b/2.7b USDe
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sUSDe: 1.25b/1.7b sUSDe
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PT sUSDe November 2025: 1.54b/2.4b
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PT USDe November 2025: 340m/2b
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AAVE v3 Plasma (link):
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USDe: 1.02b/1.75b USDe
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sUSDe: 904m/1.58b sUSDe
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Morpho Ethereum total market size (link):
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PT-USDe-27NOV2025/USDC: 72.4m USDC
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PT-sUSDE-27NOV2025/USDC: 25m USDC
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DEX liquidity
Liquidity on DEX increased from 260M USDe on Sep 1, 2025, to a peak of 295M USDe on Sep 12, 2025, and remained around 280M by the end of September. (link)
Community Metrics
Transparency
Ethena continues weekly Proof of Reserves attestations, with independent verifiers (HT Digital, Chaos Labs, LlamaRisk, Chainlink) publishing on-chain reports. Monthly custodian attestations from Copper, Ceffu, and Cobo complement this framework.
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Protocol backing ratio: 100.57%
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Reserve Fund: $62m
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Total USDe supply: $14.55b
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Total backing: $14.63b
USDe supply increased significantly over this month, from ~$12.34b to ~$14.59b at the time of writing, an increase of 18%.
Staked USDe (sUSDe) supply grew to approximately $6.15B USDe from $5.6B as the previous monthly update report, though at a slower pace than overall USDe supply. As a result, the staking ratio declined to 42.69% of total supply, down from 46.32% last month.
Regarding protocol yield, sUSDe currently offers an APY of 7.83%, remaining highly competitive relative to other stablecoin yield options such as the Sky Savings Rate (4.75%) and Aave lending (4–5%).
Engagement Growth
Community participation in governance forums, Hyperliquid HIP-3 discussions, and X (Twitter) surged significantly in September, with many comments across proposals relating to hUSDe and USDH, alongside many engagements on key threads debating issuer alignments, yield sharing, and ecosystem sovereignty.
Governance Participation
Risk committee proposal
The risk committee advanced a proposal to onboard Aave’s aUSDC and aUSDT as eligible backing assets for USDe. This integration introduces Dynamic Safe Cap Model, allowing capped exposure to Aave yield-bearing tokens while mitigating counterparty and smart contract risk. The structure balances incremental yield benefits with strong risk controls, ensuring that the expansion of backing assets does not compromise Ethena’s conservative collateralization framework.(link)
A second proposal sought to add PayPal USD (PYUSD) and Global USD (USDG) as backing assets for USDe and as eligible assets for the Reserve Fund. Both assets are fully reserved and bankruptcy-remote, with transparent redemption mechanics and daily attestations. Their inclusion is designed to diversify collateral, deepen liquidity, and strengthen the stability profile of USDe by broadening exposure across highly liquid, fiat-backed stablecoins.(link)
Ecosystem Activity
Binance Integration
USDe is now embedded across Binance’s platform, including spot pairs, Earn products, and reward-bearing collateral for derivatives trading, exposing Ethena assets to 280M+ users.
Strategic Investments
Ethena expanded its stake in Based, now handling ~20% of Hyperliquid perps flow. Ongoing collaborations with Unit and Liminal strengthen core trading infrastructure.
YZi Labs Deepens Position in Ethena
YZi Labs, formerly Binance Labs and the family office of CZ, expanded its stake in Ethena.
The investment is intended to accelerate USDe’s adoption across chains and support Ethena’s broader product roadmap (USDtb, Converge, etc.). (link)