Ethena’s stablecoins continue to attract liquidity while the ENA token lags behind.
Ethena Labs’ stablecoins continue to record rapid growth, with USDe balances hitting nearly $735 million on centralized exchange (CEX) Binance just one day after it began offering a 12% APR on Binance Earn deposits.
Tom Wan, head of data at Entropy Advisors, noted on X (formerly Twitter) that if liquidity keeps growing at this pace, USDe holdings on Binance could soon surpass those on Bybit, which currently stand at around $838 million, according to Dune data.
USDe is currently the third-largest circulating stablecoin, with a market capitalization of over $14 billion, up 145% from $5.7 billion in June. It has grown more than 200% from August 2024 to August 2025 – outpacing Circle’s USDC’s 87% and Tether’s USDT’s 39.5% growth over the same period.
Meanwhile, the combined total value locked (TVL) of Ethena’s USDe and USDtb stablecoins has now surpassed $16 billion, with USDe holding just over $14 billion and USDtb at $1.83 billion, according to data from DeFiLlama.
USDtb, Ethena Labs’ synthetic stablecoin, holds over 90% of its reserves in BlackRock’s BUIDL tokenized Treasury fund. It is currently the ninth-largest stablecoin with a market capitalization of $1.8 billion.
Ethena Labs’ native token, ENA, however, has lagged in comparison: it’s currently trading at $0.60, down 14% over the past week and 25% over the past two weeks, according to CoinGecko. Notably, the coin is still up 117% over the year, though it remains well below its all-time high of $1.52.
Analysts suggest that exchange distribution, high APRs, and institutional interest are driving the adoption of stablecoins at a faster rate than traditional utility or governance tokens.
In response to ENA lagging, Ethena Labs is planning to propose a “fee switch” that would redirect a portion of protocol fees to ENA holders.
Ethena’s Recent Moves
On Sept. 12, Ethena Labs launched USDe and staked USDe (sUSDe) on Layer 1 (L1) blockchain Avalanche, marking a major cross-chain expansion. The rollout included integrations with Uniswap, Pharaoh Exchange, LFJ, and BlackholeDEX for spot liquidity.
Earlier this year, Ethena also expanded to the TON blockchain, deploying USDe and sUSDe in May. The integration made sUSDe available as tsUSDe within Telegram’s in-app wallets, giving the messaging platform’s roughly one billion users access to stablecoin yield.