Ethena USDe Hits New Milestones Amid Surging Adoption and Market Stability

On a highly active day in the decentralised finance (DeFi) industry, the flagship stablecoin of the Ethena (USDe) ecosystem is cementing its role as a basic building block to crypto-native financial solutions. USDe is drawing media attention due to its combination of stability, yield generation, and institutional support, as its total value locked (TVL) topped $14 billion and a new listing on an advanced South Korean exchange.

With the third-largest market capitalisation among the three largest synthetic dollar models in the stablecoin sector, only surpassed by USDT and USDC, the synthetic dollar model of USDe, built on delta-hedged positions and staked Ethereum collateral, is showing its strength in a highly unstable environment. The current happening highlights the fast rise of Ethena, propelled by strategic partnerships and technological changes transforming digital asset adoption worldwide.

Coinone Listing Opens Asia to Retail Investors

Among the most popular news of the day is the official registration of USDe in Coinone, the major cryptocurrency exchange in South Korea. The USDE/KRW trading began at 1:00 PM KST, signifying a major expansion in one of the most thriving crypto markets in Asia. The USDe deposits were already facilitated earlier in the day, and the stablecoin can now be added seamlessly to user portfolios.

This step increases the liquidity of USDe in a region where regulatory clarity and large trading volumes have historically favoured stable assets. Coinone emphasised USDe as an innovative solution: a synthetic dollar backed by assets, offering both stability and blockchain efficiency. Initial trading showed strong interest, with opening volumes representing a 15% increase in KRW-based stablecoin activity since last week.

Key Listing Details:

• Trading Pair: USDE/KRW
• Availability of Deposits: Immediate
• Trading Begins: 29 September 2025 – 1:00 PM KST
• Expected Volume: Estimated $50 million in the first 24 hours

Analysts see this as a milestone for Ethena, potentially onboarding millions of retail users in South Korea. Known for their enthusiasm for DeFi and yield farming, Korean investors are attracted by up to 12% APY through the sUSDe staking mechanism.

The Confidence of Institutions: $20 Million M2 Capital Injection

Continuing the momentum from last week, M2 Capital invested $20 million into Ethena DeFi. The Dubai-based firm sees Ethena as a gateway for integrating digital assets into the Middle East. This funding round is earmarked for improving protocol security, scaling cross-chain functions, and expanding partnerships in new markets.

M2’s presence solidifies Ethena’s treasury and positions USDe as an institutional-grade stablecoin. Ethena will also expand its Middle East workforce and promote the USDe Internet Bond, a global savings instrument that bypasses traditional banking.

Investment Highlights:

• Amount: $20 million
• Focus: Protocol upgrades, geographic expansion, revenue growth
• Effect on TVL: Added +0.09% daily, raising TVL to $14.32 billion
• Strategic Angle: Bridges TradFi to DeFi in the Middle East

The supply of USDe rose to $14.31 billion, up 1.75% in a week. Institutions are showing preference for synthetic stablecoins like USDe over fiat-backed versions, citing greater transparency through on-chain collateral audits.

USDe Maintains Ironclad Peg Amid Market Volatility

Despite volatility in major assets (Bitcoin around $65,000 and Ethereum near $4,100), USDe’s peg held firm. The USDE/USDT pair opened at 0.9999, peaked at 1.0007, and closed at 1.00. Over 24 hours, $549 million traded, with Binance alone accounting for $349 million.

Ethena’s delta-hedging strategy (short futures against staked ETH collateral) ensures stability. Weekly gains of $231.9 million in supply underscore strong demand, even with minor daily dips. With $287 billion annual market value, USDe is now the third-largest stablecoin, deployed across 23 blockchains.

Key Market Stats:

• Price: $1.00 (0% deviation)
• Volume: $549 million (+15% week-on-week)
• Supply Change: -0.01% (to $14.31 billion)
• TVL Growth: +$12.2 million (to $14.32 billion)

With a 101.31% collateralization ratio and custody handled by Coinbase and Copper, USDe offers institutional-grade assurance.

Growth and Mergers Driving the USDe Ecosystem

Ethena plans to expand USDe to 30+ chains via LayerZero, including BNB Chain, TON, and Solana, with weekly cross-chain volume already topping $743 million. This rollout will diversify liquidity and deepen integrations across DeFi platforms like Aave, which recently lifted USDe’s debt ceiling.

SUSDe holders earn 11–13% APY, fueled by favourable ETH/BTC funding rates (+11.3%). Meanwhile, protocol revenues are now redirected into ENA token buybacks, with $260 million used for supply control.

Upcoming Milestones:

• Multi-Chain Rollout: Q4 2025 (Solana first)
• Aave E-Mode: Deeper stablecoin lending integrations
• Regulatory Alignment: Exploring Nasdaq listing pathways
• Yield Boost: MerkI integration offering up to 12% APY

ENA token remains stable around $0.58, while institutional bets (e.g., YZi Labs) highlight confidence in USDe’s growing dominance.

Problems and Warnings

Despite strong momentum, risks remain. Critics point to leveraged strategies and volatile funding rates that could force redemptions in a downturn. Regulatory scrutiny, especially in the US and EU, is intensifying for synthetic stablecoins. Ethena emphasises transparency, third-party verification, and on-chain audits to mitigate concerns.

One DeFi analyst summarised: The growth of USDe is explosive, but its resilience through market downturns is still untested.

Future Projections: USDe’s Role in the Next DeFi Chapter

As September closes, Ethena’s USDe stands at the frontier of innovation and adoption. The Coinone listing and M2 investment are not just headlines—they are pivotal to a protocol that has minted over $14 billion of synthetic dollars.

With multi-chain expansion, strong staking yields, and institutional backing, USDe is redefining borderless digital finance. From DeFi farmers on Aave to hedgers on HyperLiquid (daily volumes of $6.4 billion), users are recognising USDe’s role as a crypto-native equivalent of Treasury bills.

Target TVL: $20 billion by year-end. The revolution of synthetic dollars is just beginning, and USDe is at its dawn.