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BTC 
ENA 
ETH Ethena's cumulative expenses have exceeded the billion-dollar mark, and the synthetic dollar $USDe has strong growth momentum.
According to DefiLlama data quoted by @BSCNews, Ethena, the issuer of the synthetic dollar $USDe, has incurred cumulative expenses of more than US$1 billion. The tracking data shows that the total has reached US$1.061 billion since the agreement began to incur fees.
This milestone achievement was achieved quite quickly. DefiLlama's quarterly revenue report shows that Ethena's expenses were only $84,309 in the fourth quarter of 2023, before soaring to $24.28 million in the first quarter of 2024. This means that it took less than three years to break through the $1 billion mark from the beginning of expenses incurred.
Driver of $USDe fees
$USDe is a synthetic dollar rather than a traditional stablecoin. According to Upshift, it aims to offset the risk of price fluctuations by holding liquid stablecoins and crypto assets such as $BTC and $ETH, and pairing them with short futures positions of the same size to maintain an anchored price of 1 dollar. According to Eco's explanation citing Erena's documents, Erena launched USDe on Ethereum on February 19, 2024.
DefiLlama's methodology includes pledge rewards, income distribution, casting expenses and additional expenses into the expense category. However, most of the proceeds go to holders of pledged USDe (sUSDe) rather than directly to the agreement itself. DefiLlama data shows that in the last 30 days, Ethena incurred approximately US$17.93 million in fees, of which only US$20,551 was agreement revenue.
Supply fell from peak
As cumulative costs increase, the supply of USDe also declines. Upshift cited data from DefiLlama as pointing out that as of September 23, 2026, liquidity was approximately US$4.9 billion, down from the peak of US$14.8 billion set in October 2025. Since fees depend on supply and funding rates in the perpetual futures market, fees tend to fluctuate in sync with market conditions.
The level of supply is also critical for $ENA tokens. Coincub reports that government-approved "fee switches" will only be activated when USDe supply reaches US$7.5 billion and route revenue to the $ENA repurchase mechanism.
