Ethena Reports Major September Growth And New Expansion
Ethena (ENA)
Editor:
Eugene Serbin
bsc.news reports that Ethena’s USDe supply expanded by over $700 million in September, driven by new network integrations and institutional interest. The stablecoin is now the second-largest collateral asset on Morpho and the largest dollar-denominated collateral on the platform. USDe also launched on the TRON network via Stargate Finance, while minting and redemption remain on Ethereum.
Standard Chartered initiated research coverage on September 30, projecting USDe supply could grow eightfold to $40 billion by the end of 2028. The bank set a year-end 2028 price target of $2 for the ENA token, noting a thesis built around expanding yield sources beyond the crypto basis trade. EthenaPay entered beta during the month, with Binance serving as its first venue for equity perpetuals using the basis trade strategy.
The protocol also completed a SOC 2 Type II audit with zero exceptions, signaling operational maturity for institutional counterparties. These developments highlight Ethena’s push into retail payments and institutional adoption across geographic and chain boundaries.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 2 October 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.2432 with a 1-hour buy ratio of 54.0% and a 4-hour buy ratio of 60.7%, indicating short-term buying pressure. This contrasts with the 24-hour buy ratio of 48.1%, suggesting that recent activity is more bullish than the daily average. Volume deltas are positive in the short term, with +$255,630 in the last hour and +$2,467,846 over four hours, while the 24-hour delta is -$2,146,742. The cumulative volume delta closed at +$1,988,493 for the 24-hour period, with net buying occurring in 15 of the last 24 hours. Spot volume reached $61,551,418 with 345,876 trades, reflecting active market participation. The immediate flow suggests a shift toward accumulation after a day of net outflows.
The latest daily buy ratio of 50.3% sits at the 71st percentile of the last 322 days, against a median of 49.0% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 48.3%, with the latest day showing a slight decrease of 0.2 points. Volume was 0.83x the weekly average, indicating lower-than-typical trading activity. Net buying occurred on only 2 of the 7 days, and the 8-day volume delta was -$19,894,341. Price increased by 8.3% over the 8-day period despite the negative volume delta. This day is ordinary in terms of buy ratio deviation but unusual for volume relative to the weekly average, as current activity is 0.83x the norm.