Ethena USDe Supply Contracts to $4.9B Amid Yield and Regulatory Shifts
Ethena (ENA)
Editor:
Eugene Serbin
Bsc.news reports that Ethena's synthetic dollar USDe has seen its supply fall to approximately $4.9 billion, down from a peak of $15 billion in October 2025. The stablecoin, launched in February 2024, utilizes a delta-neutral strategy combining hedged crypto positions, institutional lending, and tokenized real-world assets rather than bank deposits. Ethena expanded its backing in August by securing a $1 billion facility with FalconX for overcollateralized institutional loans.
On October 1, Young confirmed that USDe's backing now has no direct exposure to stETH following a security incident at an Ethereum node operator. Demand has decreased as lower funding rates reduce yield, while regulatory pressures also impacted availability. Germany's BaFin cited licensing deficiencies in March 2025, leading Ethena to leave the EU and EEA markets.
Standard Chartered forecasts USDe supply to grow eightfold to $40 billion by 2028, citing a blended yield of 5.2%. A fee switch approved in September directs 95% of net revenue to ENA buybacks once supply hits $7.5 billion. The governance token ENA traded at $0.273 on September 26, with large seed investor tokens unlocking on October 5.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 1 October 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.2649 with a 1-hour buy ratio of 52.6% and a 4-hour ratio of 56.9%, indicating short-term buying pressure. This contrasts with the 24-hour buy ratio of 47.6%, suggesting that recent buying intensity is higher than the daily average. Volume deltas reflect this shift, with positive inflows of $125,746 over one hour and $1,228,981 over four hours, compared to a 24-hour net outflow of $4,903,294. The volume delta measures the difference between buy and sell volume, so positive figures indicate net accumulation. Over the last 24 hours, net buying occurred for 18 of the 24 hours despite the overall negative delta, showing consistent but outweighed selling pressure.
The latest daily buy ratio of 50.0% sits at the 67th percentile of the last 323 days, against a median of 49.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Compared to the preceding week, today's 24-hour volume of $102,964,878 is 1.52 times the weekly average, marking an unusually active trading day. The 24-hour buy ratio of 47.6% is 0.9 points lower than the 7-day average of 48.5%, indicating slightly weaker relative buying pressure than usual. While volume is elevated, the coin has seen a 28.5% price increase over the past eight days. However, the 8-day volume delta total of -$18,976,989 shows that net selling has dominated the broader trend despite the price rise. This suggests that the current high volume is occurring amidst a longer-term distribution pattern.