Every Zipp story tagged #USDE, newest first.
Stock-perpetual allocations would give USDe a potential earnings source beyond crypto funding, but the ENA buyback condition has not been met in the claim.
The Sept. 23 snapshot shows a sharp contrast across user holdings: USDe rose 62.41%, while BTC and ETH posted smaller gains.
The forecast hinges on USDe scaling to $40B and Ethena directing 95% of net revenue to ENA buybacks, while slower yield-stablecoin growth remains the main risk.
The move links USDe's backing strategy to equity-linked derivatives, broadening the instruments involved in its design.
The strategy moves beyond crypto-native assets by pairing tokenized stock collateral with USDT-denominated equity perpetuals.
The move extends USDe's delta-neutral strategy beyond crypto, as Binance equity perpetuals show growing activity and Ethena targets a much larger global equities market.
The sharp dislocation exposed liquidity risk around USDe, while Binance’s scheduled maintenance left spot and futures trading unaffected.
The pivot matters: Ethena is moving its $4B synthetic dollar beyond crypto-native yield into everyday banking. ENA jumped 9% on the announcement, and Avalanche gets the settlement rail.
The list reaches far beyond small-cap cleanup: it includes blue chips like ETC, SNX and NEXO plus the Ethena stablecoin USDe, and Phemex warned delistings will follow if conditions deteriorate.
Combined with buying out early sellers and ending monthly investor unlocks, the proposal compresses ENA's supply overhang and gives holders a direct claim on USDe revenue.
The pivot widens Ethena's collateral universe from $2.5T of crypto to $120T of equities, but the test is whether USDe can rebuild to the $7.5B threshold for ENA buybacks before the new trade gets…
Equity perpetuals carry a 70-times-larger underlying market than crypto and funding that rarely turns negative.
Killing the VC unlock schedule and routing 95% of net protocol revenue to ENA buybacks targets the two structural overhangs, but the buyback only fires once USDe regrows past $7.5 billion.
The key signal is concentration: sustained USDe liquidity would strengthen the expansion, while reliance on Morpho would leave TVL vulnerable if flows fade.
An isolated lending pool aimed at institutions is the real differentiator — it routes risk away from Jupiter Lend's core liquidity so that a single large position can't drain the public book.
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