USDe Listing Date and Trading Details

Upbit stated that USDe will be listed on the platform on January 14, 2026, at 12:00 (TSI). From this date onward, investors will be able to buy and sell USDe in their preferred trading pairs and benefit from the low-volatility advantage provided by the stablecoin. This enables investors to manage their portfolios more safely, especially in highly volatile crypto markets.

The listing not only increases accessibility for investors but also reinforces USDe’s reliability and fast trading infrastructure. As a result, users will be able to carry out stablecoin transactions smoothly on a secure, high-speed platform. This move strengthens the visibility of the Ethena ecosystem and enhances USDe’s liquidity, allowing it to play a more active role in the crypto market.

What Is Ethena USDe (USDe)?

Ethena is a synthetic dollar protocol built on the Ethereum blockchain that offers USDe, a scalable and censorship-resistant digital currency solution for the crypto world. It also provides sUSDe, a globally accessible dollar-denominated savings asset that allows users to earn rewards.

Ethena aims to bridge decentralized finance (DeFi) and centralized finance (CeFi). USDe is a synthetic dollar backed through a delta-neutral strategy using spot assets such as Bitcoin, Ethereum, and Solana, as well as liquid stablecoins like USDC and USDT. This approach helps keep USDe’s value relatively stable by balancing spot holdings with derivatives positions.

The Importance of USDe in the Crypto Market

As a stablecoin supported by the Ethena ecosystem, USDe offers investors a reliable store of value against crypto market volatility. With its listing on Upbit, USDe becomes more accessible to both retail and institutional investors. The ability to trade in KRW, BTC, and USDT pairs enables users to diversify their portfolios and implement various investment strategies using a stablecoin.

Experts note that stablecoins often act as a safe haven in volatile crypto markets. The listing of USDe on Upbit strengthens investors’ risk management capabilities while encouraging broader adoption of the Ethena ecosystem.

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Ethena Labs has proposed a plan to preserve USDe’s peg stability by repurchasing and burning approximately $95 million worth of USDe — equal to about 1.2% of its current collateral assets — whenever the secondary market price falls to $0.99 or below.

Will This Move Work?

According to the statement from Ethena Labs, the event was not a global de-peg but rather an issue isolated to Binance, caused by liquidity and oracle discrepancies. When examining other platforms during the same period, USDe maintained its stability with almost no price change.

If the strategy proposed by Ethena Labs is implemented, the repurchased USDe will be burned, meaning they will be permanently removed from circulation. This will reduce the circulating supply and create a stronger support level for maintaining price stability.

This article may also interest you: NVIDIA Earnings Report Released! | AI Bubble Concerns!

Will the Proposal Be Approved?

The Ethena Risk Committee will evaluate this strategy under its governance framework and submit it to a management vote. If approved, buybacks will be carried out through a bidding process between Ethena and centralized exchanges. After bids are accepted, settlements will take place off-exchange, minimizing deposit collateral risks for exchanges.

How Will $USDe Be Affected?

A buyback of this scale would create strong price support for USDe, helping prevent potential de-peg events. As approximately 1.2% of the circulating supply gets removed, the overall collateral ratio of USDe would improve.

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The Rise of USDe

Ethena’s USDe differs from traditional stablecoin models by using a combination of “crypto-backed support + delta hedge.” Instead of relying solely on U.S. dollar reserves, it aims to maintain price stability through a strategy that combines crypto collateralization and hedging via futures positions. This structure makes USDe not just a “stable token” but also a “yield-bearing dollar alternative.”

Current Scale and Ecosystem

• USDe has reached a circulating supply valued in the billions of dollars.
• It has climbed to the third position among stablecoin markets.
• Ethena aims to expand beyond the DeFi ecosystem and reach institutional investors. The new product named iUSDe is designed specifically to appeal to traditional finance (TradFi) participants.

Today, Ethena is not only on the radar of DeFi participants but also attracting attention from the broader financial sector.

You may also like this article: What Is Volume in Cryptocurrencies? What Happens When It Rises?

What’s Next for Ethena?

Ethena’s 2025 roadmap has been made public, and it highlights two key upcoming products:

1. iUSDe – A Synthetic Dollar Bridging to TradFi

This product is described as the “wrapped” version of sUSDe (staked USDe). The key difference, however, is that iUSDe is designed to allow traditional financial institutions to earn yield without the need to directly interact with blockchain operations.

According to Ethena’s roadmap, iUSDe is expected to go live in the first quarter of 2025. This product will enable asset managers, hedge funds, institutional investors, and intermediaries to benefit from the yield generated by USDe.

As a result:

• Institutions without blockchain expertise will still be able to access the USDe ecosystem.
• Passive income opportunities will be available without the need for token ownership or wallet operations.
• This move positions Ethena not only within the crypto space but also as part of the broader financial ecosystem.

2. Telegram Payment / Neobank Experience + Payment Integrations

According to the roadmap, Ethena plans to offer payment, savings, and shopping experiences directly through the Telegram app. Users will be able to make payments using their sUSDe balance and seamlessly switch between spending and saving. Additionally, the plan includes Mastercard-supported payment functionality, allowing for USDe/fiat conversions in certain regions. This feature aims to position Ethena as a “crypto wallet / payment application,” enabling users to both save and spend their USDe in daily transactions.

Current Ethena ($ENA) Data

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The crypto market crash also impacted Binance’s native token, BNB, which dropped approximately 10% within 24 hours. According to CoinGlass, around 1.7 million investors were liquidated within a single day, erasing $19.3 billion in open positions. Binance recorded one of the largest liquidation totals, following Hyperliquid and Bybit.

Apologies from Yi He and Richard Teng

Yi He, co-founder of Binance, apologized to users, admitting that the platform underperformed during periods of high volatility. He explained that the depeg issues were linked to declining prices in major markets and increased trading volumes.

Binance CEO Richard Teng addressed the situation publicly, stating, “We are not making excuses; we are carefully listening, learning from what happened, and committed to doing better.” He emphasized that Binance will maintain transparency while processing user claims and ensuring fair compensation.

The depeg affected three major assets: USDe stablecoin, BNSOL, and Wrapped Beacon ETH (WBETH). USDe fell to $0.66 at the peak of the sell-off. Binance will individually review each account to determine eligibility for compensation.

72-Hour Compensation Plan and New Risk Controls

Binance announced on its official support page that Futures, Margin, and Loan users holding USDe, BNSOL, or WBETH between 10 October 21:36 – 22:16 UTC will automatically receive compensation. This ensures that crypto investors can offset losses caused by market crashes and altcoin price fluctuations.

Binance will credit payments to user accounts within 72 hours. The platform will calculate each user’s compensation based on the difference between the market price and their liquidation price. Additionally, Binance will maintain transparency throughout the process, ensuring users receive fair compensation based on coin prices and market analysis.

Binance also introduced new risk control measures to prevent future disruptions:

• Adding buyback prices to the USDe, BNSOL, and WBETH price index weights

• Setting a minimum price threshold for USDe

• Increasing the frequency of risk parameter reviews

These measures aim to protect crypto assets and help users follow altcoin trends more securely.

Eligible Users

• Futures users holding USDe, BNSOL, or WBETH

• Margin and Loan users

• Users active between 10 October 21:36 – 22:16 UTC

Note: Losses caused by normal market movements and unrealized profits are not eligible for compensation.

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Shockwaves Hit Stablecoins Too

The announcement led to massive sell-offs in global markets, and approximately $10 billion in crypto positions were liquidated. During this turmoil, USDE, the stablecoin of the Ethena ecosystem, briefly fell below $1, experiencing what is known as a “depeg.”

This sudden deviation caused concern among investors, raising questions about Ethena’s collateral structure and the sustainability of the system.

Official Statement from Ethena: “System Stable, Functions Operating Normally”

Following the incident, the Ethena team released a statement aimed at reassuring users. The protocol explained that USDE experienced short-term volatility in secondary markets due to sudden market movements and widespread liquidations.

Key points from Ethena’s statement:

• USDE’s minting and redemption functions continue to operate smoothly.
• The protocol remains overcollateralized, and the overall system security has not been compromised.

Ethena also noted that during the recent liquidation wave, futures contracts traded below the spot price, which had an unexpected effect on USDE’s unrealized profits. However, the protocol emphasized that realizing these positions will ultimately benefit the system in the long term.

“Increased Collateral Ratio Strengthens the System”

According to Ethena, the recent price volatility strengthened rather than weakened the protocol’s collateral structure. The team confirmed that USDE is currently more overcollateralized than the previous day, demonstrating that Ethena’s collateral management model remains resilient even under stressed market conditions.

Crypto analysts note that USDE’s brief depeg was caused by excessive selling pressure across the market and does not indicate a systemic issue. However, some experts argue that stablecoin projects should reassess collateral management risks during periods of high volatility.

Ethena Reassures Users as the Market Watches

Although USDE losing its peg created a stir in the stablecoin market, the Ethena ecosystem continues to emphasize the system’s security. The protocol reassures users that their assets are not at risk and will provide regular updates on developments.

As the crypto market remains volatile due to Trump’s trade policies, it will be closely monitored in the coming days whether USDE can fully regain stability.

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Ethena Announced: High Yield and Low Costs with USDe

Through this partnership, users will gain access to several key benefits:

• Up to 5% APY on USDe holdings

• Zero fees on USDe-to-fiat conversions

• Seamless access across iOS, Android, and web platforms

In the coming weeks, Ethena and UR will also roll out direct USDe spending via a Mastercard debit card, making it possible to use USDe as easily as traditional money.

We are excited to announce that Ethena has partnered with @UR_Global to bring USDe to everyday finance across 45+ countries via their neobank:

• Up to 5% APY on USDe holdings
• Zero off-ramp fees for USDe-to-fiat conversion
• Available on iOS, Android and web

With direct… https://t.co/mUkhTlqAHn pic.twitter.com/IeESxPFTNI

— Ethena Labs (@ethena_labs) October 7, 2025

UR: Bridging Crypto and Traditional Finance

UR provides a unified account for both crypto and fiat assets, giving users the ability to manage their finances more efficiently. With low-cost global transfers, multi-currency fiat conversions, and integration with Apple Pay and Google Pay, UR simplifies everyday financial management.

Pro Membership Benefits

As part of its launch campaign, UR is offering a limited-time complimentary upgrade to Pro membership. This premium package includes:

• Zero off-ramp fees

• Zero bank transfer fees

• Higher monthly transaction limits

Ethena Partnership: USDe as a Savings Tool

One of the most notable aspects of this collaboration is the ability for users to earn up to 5% APY on USDe held in UR wallets. Thanks to Ethena’s involvement, USDe becomes not only a medium of exchange but also a powerful savings and investment instrument.

Redefining the Future of Finance

The Ethena and UR Global partnership underscores the ongoing convergence of DeFi and traditional banking. By combining transparency, low costs, and user ownership, UR is bringing back the freedom that money was always meant to embody. Now fully launched across more than 45 countries, UR represents a new era of financial empowerment for users worldwide.

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USDT and USDC Lead, USDe Gains Momentum

Data shows USDT led with $19.6 billion net inflows in Q3. USDC followed with $12.3 billion. Ethena’s synthetic stablecoin USDe attracted $9 billion, showing strong performance. PayPal’s PYUSD saw $1.4 billion, and MakerDAO’s USDS gained $1.3 billion. New projects like RLUSD and Ethena USDtb also recorded steady growth, reflecting strong demand for both established and emerging stablecoins.

You May Be Interested In: Has the Stablecoin Market Really Surpassed $300 Billion?

Ethereum Dominates, Other Chains Growing

Ethereum remained the most used network for stablecoins, holding $171 billion in circulation. Tron ranked second with $76 billion. Solana, Arbitrum, and BNB Chain collectively provided $29.7 billion in supply for users. In terms of tokens, USDT leads with a 59% market share, USDC holds 25%, and USDe is rapidly growing at around 5%.

Stablecoin Market Expands, Transaction Activity Balances

The total stablecoin market value reached $290 billion over the past 30 days. Monthly active addresses fell to 26 million due to user activity, down 22.6%, while transfer volume dropped 11% to $3.17 trillion. While investor demand continues to grow, on-chain transaction activity indicates the market is seeking a new balance.

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What is Ethena (ENA)?

Ethena provides a crypto-native, scalable money solution with its synthetic dollar, USDe, backed by spot assets through delta-hedging with perpetual futures contracts and liquid stablecoins (USDC, USDT). USDe maintains a relatively stable value with reference to spot crypto assets and futures positions; liquid stablecoins enhance delta-hedging efficiency and offer protection in bear markets. sUSDe is the reward-accruing version of USDe, sharing protocol revenue through staking.

In 2024, BTC funding rates averaged 11%, ETH 12.6%; sUSDe APY averaged 19%. Ethena offers an alternative to USD stablecoins in the stablecoin market; in Q2 2024, stablecoins settled $8.5 trillion on-chain. Stablecoins account for 90% of spot/futures trading and over 70% of on-chain settlements, making them one of the largest crypto assets.

Centralized stablecoins (USDC, USDT) carry traditional finance risks; overcollateralized stablecoins are tied to Ethereum leverage demand; algorithmic stablecoins show mechanism fragility. Ethena creates a scalable dollar via derivatives, offering a $20 billion+ opportunity across DeFi, CeFi, and TradFi.

Ethena (ENA)’s Purpose

Ethena captures crypto’s largest opportunity with a crypto-native synthetic dollar and the first “internet bond,” inspired by Arthur Hayes’ “Dust on Crust” vision in March 2023. Stablecoins are crypto’s core instrument, with over 100 million users, proven product-market fit, the largest addressable market, and revenue potential. USDe reduces reliance on traditional banking rails, offering an alternative to fiat-backed centralized stablecoins.

Ethena integrates stablecoins across DeFi, CeFi, and TradFi, providing a reward-bearing dollar with sUSDe. Its network grows with members like Ethereal (perp/spot exchange), Strata (perp risk tranching), Terminal (spot exchange), Echelon (universal lending), and Derive (options/structured products); sENA accrues ecosystem token airdrops in a BNB-like model.

How Ethena (ENA) Works

USDe is backed by spot assets with on-chain custody and centralized liquidity venues, using delta-neutral hedging to manage spot asset risk with perpetual futures contracts. Example: A whitelisted user provides ~$100 USDT and receives ~100 USDe; the protocol opens a short perpetual position of the same notional value. Backing assets are transferred to “Off Exchange Settlement” solutions, flowing between custody and exchange only for funding or realized P&L.

Delta Neutrality: Backing asset price risk is hedged with a short position; changes in backing asset value are offset 1:1 by the hedge. USDe requires 1:1 collateralization.

Off Exchange Custody: Backing assets are held in institutional-grade solutions, minimizing exchange risk.

Protocol Rewards: sUSDe is obtained by staking USDe, earning from three sources: perpetual futures funding, system usage, and future integrations.

Staking USDe: Stake/unstake via UI; the transaction is signed, submitted to the blockchain, and upon confirmation, sUSDe/USDe is atomically swapped. Holding sUSDe is sufficient; rewards accrue in the staking contract, increasing sUSDe value. Unstaking has a 7-day cooldown; early sUSDe/USDe ratio is 1:1, increasing with rewards. Token vault mechanism (similar to Rocketpool’s rETH); staked amount may grow.

Staking ENA: Stake/unstake via UI; the transaction is signed, submitted to the blockchain, and upon confirmation, sENA/ENA is atomically swapped. Holding sENA is sufficient; rewards accrue in the staking contract, increasing sENA value. Unstaking has a 7-day cooldown + sENA unstake cooldown. In late 2024/early 2025, unclaimed Season 1 airdrop ENA was distributed; as of September 2025, no distributions are active or announced.

Position Locking: Lock/unlock via UI; the transaction is signed, submitted to the blockchain, and upon confirmation, the cooldown begins. After the cooldown, a “Withdraw” transaction is signed and confirmed to receive tokens. USDe has a 7-day cooldown, sENA has a 7-day cooldown + unstake cooldown, LP tokens have a 21-day cooldown (some LP tokens immediate).

ENA Governance: ENA governs the Ethena protocol and critical decisions; biannual Risk Committee elections and future additional committees. ENA holders delegate daily decisions to expert stakeholders; Snapshot forum and voting page. Risk Committee: Kairos Research, Llama Risk, Ethena Labs Research, Steakhouse Financial, Blockworks Advisory, Credio (Untangled). sENA holders vote on ENA tokenomics and ENA-specific proposals. The community voted on Ethereal, SOL backing, and Reserve Fund RWA allocations; BlackRock BUIDL received the highest allocation.

sENA Rewards: sENA is the liquid receipt token for locking ENA, composable in DeFi. It receives unclaimed Season 2 airdrop ENA, rewarding users aligned with long-term growth. It earns rewards from Ethereal and Ethena Network members; Ethereal commits 15% of future token supply to sENA. Rewards page for details.

Restaked ENA: Generalized restaking pools with Symbiotic; sENA provides economic security for USDe cross-chain transfers via LayerZero DVN messaging. First layer for Ethena Network and on-chain financial applications.

Ethena (ENA) Tokenomics

ENA is the Ethena protocol governance token. Total supply: 15 billion.

Allocation:

• 30% Core Contributors (1-year 25% cliff, 3-year linear monthly vesting; no unlock before cliff),

• 25% Investors (1-year 25% cliff, 3-year linear monthly vesting; no unlock before cliff),

• 25% Foundation (expanding USDe reach, development, risk assessments, audits),

• 20% Ecosystem Development and Airdrops (10% Season 1/2 airdrop, remainder for cross-chain initiatives, exchange partnerships; DAO multisig).

Core Contributors and Investors unlock began at ENA TGE on March 5, 2024.

Ethena (ENA) Investors

Ethena raised $136.5 million (valuation $300 million). Tier 1: Dragonfly, Polychain Capital, Pantera Capital, YZi Labs, Galaxy, Delphi Ventures. Tier 2: OKX Ventures, GSR, Hashed, CMT Digital, Mirana Ventures, Wintermute, Nascent, MEXC Ventures. Tier 3: Maelstrom, HTX Ventures, Foresight Ventures, Castle Island Ventures, Brevan Howard Digital, Strobe Ventures, Franklin Templeton Investments, Faction, Gemini, No Limit Holdings, Avon Ventures, Deribit. Tier 4: F-Prime Capital. Others: Anthony Sassano, Cobie, Nic Carter.

Ethena (ENA) Team

Ethena team: Guy Young (Founder), Zach Rosenberg (General Counsel), Conor Ryder (Head of Research), Elliot Parker (Head of PM), Brian Grosso (Head of Engineering), Seraphim Czecker (Head of Growth).

Official Links

• Website
• X (Twitter)
• Whitepaper

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Ethena surpassed $14 billion in a short time thanks to USDe and yield-bearing sUSDe. This situation shows that investors are not only looking for stable value, but also aiming for profit.

Ethena’s Innovative Stablecoin Strategy

Ethena’s USDe stablecoin operates using a delta-neutral hedging method. It maintains a stable price of $1 by pairing crypto collateral with short-term perpetual futures contracts. USDe‘s market value has reached $13.2 billion, making it the third-largest dollar-pegged crypto asset. The product generates returns through staking and derivatives, setting it apart from USDT and USDC. Additionally, Mega Matrix’s $2 billion purchase of ENA tokens further solidifies the protocol’s institutional investor support.

This may interest you: What Is Ethena USDe (USDe)?

Regulatory Framework and Institutional Adoption

The UAE’s regulatory structure facilitates the institutional adoption of projects such as Ethena. For example, VARA, CARF, and SCA bring licensing and compliance in line with international standards. Thanks to this transparent environment, major institutions such as BlackRock, Franklin Templeton, and Fidelity are also participating in the project.

Bridging Traditional Finance

Ethena aims to integrate with traditional finance in its 2025 roadmap. It also plans to provide annual returns of around 20% to fixed-income portfolios with its iUSDe product. In addition, it aims to reach billions of users through Apple Pay integration and a Telegram mini app. In this way, the protocol aims to bridge the gap between DeFi and TradFi.

Ultimately, M2 Capital’s investment and Ethena’s strategic advances are boosting corporate crypto adoption in the Middle East while also strengthening the region’s vision of becoming a global crypto hub.cajn

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Why Do Numbers Differ Across Platforms?

According to CoinMarketCap (CMC), the total stablecoin market cap has already exceeded $300 billion, while CoinGecko reported $291 billion and DefiLlama listed it at $289 billion. These variations are the result of different methodologies applied by each provider.

• CoinMarketCap tracks around 150 stablecoins.

• CoinGecko and DefiLlama include a much broader scope, with data from roughly 300 stablecoins.

Some platforms apply volume-weighted algorithms and outlier detection to ensure reliability, while others place more emphasis on on-chain total value locked (TVL) and broader API integrations.

A Milestone, But Still Early

Stablecoins have become one of the defining narratives of 2025. Growth has accelerated particularly due to supportive regulatory moves in the United States, including the Genius Act, aimed at strengthening the dollar through stablecoin adoption.

After crossing $200 billion in late 2024, the sector has quickly climbed toward $300 billion. Still, experts stress that stablecoins have not yet achieved full mainstream adoption despite their rapid rise.

Leading Stablecoin Driving Growth

The expansion of the stablecoin market is primarily being driven by:

• Tether (USDT)

• Circle’s USDC

• Ethena Labs’ yield-bearing USDe

Market analysts forecast that the total stablecoin capitalization could reach $400 billion by the end of 2025. However, factors such as regulatory scrutiny from the European Central Bank and ongoing concerns around transparency remain significant hurdles.

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