Ethena is ending ENA token incentives for USDe stakers. The protocol has distributed over $750 million in total rewards since launch, which helped USDe’s circulating supply peak at approximately $15 billion in October 2025. Since then, USDe supply has contracted by more than 65%, falling below $5 billion by late August 2026, with incentives slashed by 85% since 2024. The Ethena Foundation terminated recurring ENA investor unlocks on October 5, 2026, and a conditional buyback mechanism tied to USDe reaching a $7.5 billion circulating supply threshold was approved. The protocol is now shifting its strategy toward institutional credit products and white-label stablecoin offerings.
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