Ethena’s USDe circulating supply has climbed back toward $4.9 billion after several weeks of renewed issuance, extending a recovery from levels near $4.1 billion at the end of August. DefiLlama showed approximately 4.9 billion USDe in circulation on September 25, while market tracking has pointed to seven consecutive weeks of positive net minting. The expansion marks a sustained rebuilding of supply, but USDe remains far below the roughly $14.8 billion all-time high recorded in October 2025.
That distinction matters because the recent increase follows a much larger contraction from last year’s peak. Ethena’s October 2025 governance update recorded supply reaching approximately $14.8 billion before falling toward $10.1 billion later that month. The current $4.9 billion level therefore represents renewed growth from the 2026 trough rather than a new supply record. The rebound also comes after Ethena removed protocol-level USDe mint fees for approved USDT participants, reducing primary-market friction for eligible minters.
Supply Growth Moves USDe Toward Buyback Threshold
USDe supply now sits closer to a governance milestone tied to ENA token economics. Ethena governance approved a revised fee-switch framework in September under which protocol revenue begins feeding ENA buybacks only after USDe crosses the first supply threshold. The initial trigger is $7.5 billion measured using a 14-day average, meaning a momentary rise above that figure would not by itself activate the mechanism. At the current point-in-time supply near $4.9 billion, USDe would still need roughly 53% additional expansion before reaching $7.5 billion on a comparable basis.
Once the first threshold is sustained, the framework applies a 5% take on gross protocol revenue, with higher tiers at $10 billion, $15 billion and $20 billion of USDe supply. The Foundation said 95% of the resulting net revenue it receives would be directed toward ENA buybacks. The governance vote approved the mechanism, but the buyback program remains conditional rather than active at today’s supply level. That separation between authorization and activation is important when interpreting the recent issuance momentum.
The growth also sits within a broader expansion of dollar-denominated crypto assets. Earlier in September, aggregate stablecoin supply reached approximately $310.6 billion, although rising supply across the sector does not automatically demonstrate deployment into trading or other risk assets. For USDe specifically, circulating-supply growth reflects net issuance after redemptions rather than gross mint transactions alone.
Binance Wallet Adds a New USDe Rewards Channel
Distribution expanded again on September 23 when Binance Wallet introduced Hold to Earn for several supported stable assets. USDe held on Ethereum in an eligible Binance Keyless Wallet launched with an estimated 4.75% APR. Users activate the feature without staking or locking their tokens, while rewards are calculated using the lowest hourly eligible balance recorded each day. The 4.75% rate is a variable promotional APR, not an inherent yield generated automatically by holding USDe. Binance says partner contributions fund the rewards and that rates, minimum balances and supported assets can change.
Ethena has simultaneously widened USDe’s blockchain distribution. The asset and sUSDe recently expanded to TRON through Stargate, while DefiLlama currently tracks roughly $494 million of USDe on Solana. That Solana balance is cross-chain supply rather than evidence that $494 million was newly minted natively on the network. Multichain balances measure where existing USDe is distributed, while global circulating supply remains the relevant figure for assessing growth toward the fee-switch threshold.
Solana itself continues to host substantial stablecoin activity, including repeated large USDC treasury mints during September, underscoring the distinction between gross blockchain issuance events and net circulating-supply changes. For Ethena, the next concrete milestone is whether USDe can sustain its current supply recovery long enough for the 14-day average to approach $7.5 billion, which would move the approved ENA buyback framework from a governance commitment toward actual activation.
