Ethena Labs has reported significant growth in USDe's supply, which may affect the company's position in DeFi and pave the way for new opportunities for ENA token holders.
USDe Hits $12.43B, Influencing ENA Fee Activation
Ethena Labs has achieved notable growth, with USDe supply increasing by **42%** to hit **$12.43 billion**. This development positions USDe as the **third-largest** USD stablecoin, only behind USDT and USDC.
Guy Young, Founder & CEO, Ethena Labs, stated, "USDe has reached $12bn supply, protocol revenue at ATH, and the team is focused on the fee switch milestone for ENA holders."
Exchange Integration as a Critical Step
The crypto community is closely monitoring the **integration with centralized exchanges**, as this will finalize the conditions for the fee switch activation. Guy Young, Ethena Labs CEO, noted on X that their focus is on completing this final milestone.
Potential Changes in DeFi Dynamics
Ethena's impending fee switch parallels strategies employed by other projects like Uniswap, leading to important discussions around profit-sharing affecting token governance.
As of September 2, 2025, Tether USDt is priced at $1.00 with a market cap of $168.02 billion and a market dominance of 4.39%. This sets the stage for potential changes in USDe's liquidity.
The surge in USDe's supply and the upcoming introduction of a profit-sharing model for ENA holders highlight Ethena Labs' active development and may lead to significant changes in the stablecoin and DeFi landscape.
