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ENA USDe issuers 'cumulative revenue exceeded the billion-dollar mark
The Ethena expense milestone was reached on October 12, 2026. DefiLlama data shows that USDe stablecoin issuers have accumulated US$1.061 billion in fees. "Cumulative" refers to the total operating data since launch. A post posted on October 12, 2026 on Platform X (formerly Twitter) also highlighted this number.
This cryptocurrency news report covers dashboard data, ENA transaction data and related background information. Readers can also follow our report on the stablecoin market for relevant updates.
DefiLlama dashboard displays
DefiLlama tracks data for the protocol on a public dashboard. The table shows total lifetime income and cumulative income of $332.96 million retained by the agreement. Revenue refers to the portion retained by the agreement.
Total lifetime expenses total US$1.061 billion in the past 30 days US$17.86 million in the past 7 days US$4.4 million in the chart starts in early 2024. As a result, Ethena's expense milestones reflect less than three years of daily data. According to the chart, the daily total peaked near US$31 million at the beginning of 2024.
Data over the past 30 days increased lifetime readings by approximately 1.7%. DefiLlama updates these readings as new events are released, so numbers may change.
Source: DefiLlama Chart
How the synthetic dollar model works
USDe is a synthetic dollar. According to the project party, it maintains the anchor through delta-neutral hedging, that is, opposite positions that offset price risk. DefiLlama tracks the revenue associated with this setting. The agreement mainly operates in three parts:
- USDe: The synthetic dollar issued by the agreement.
- sUSDe: The savings version of earning rewards.
- ENA: Governance token used for voting.
The complete model is explained on the official project website.
ENA trading data on October 12, 2026
CoinMarketCap showed that the ENA price was US$0.2451, up 9.68% in 24 hours. The token ranks 30th by market value. The data does not link Erena's expense milestone to the increase.
The 24-hour chart opened around US$0.2235 and then climbed above US$0.245. Key readings from the same page are as follows:
- Market capitalization : US$3.28 billion
- Trading volume : Up 70.89% in 24 hours
- Total locked value (TVL): US$5.18 billion
- Circulation supply : 13.4 billion of 15 billion ENAs
- Number of holders : 102,38 million
Source: CoinMarketCap chart
Note: Prices change rapidly, so data may not reflect the latest value. Readers should check the real-time price tracker for current data.
Expert opinion: Calm interpretation of data
A balanced interpretation requires distinguishing between gross income and net income. Lifetime data shows the scale of stablecoin activity since 2024. Revenue data shows the proportion retained by the project party.
The chart also shows lower daily readings in 2026. The last two time windows averaged about $600,000 per day. Growth in lifetime data is now at a slower rate.
Charge levels depend on market conditions, and past results do not predict the future. Ethena's expense milestone is a factual record, not a signal of the direction of price. Readers can learn more about DeFi revenue trends in our relevant analysis.
Conclusion: Huge record for young projects
DefiLlama data confirms that for a project that has been established less than three years ago, the cumulative reading is quite large. Recent speed, revenue distribution, and ENA transaction data provide useful background information.
This Ethena expense milestone is still a snapshot as of October 12, 2026. Readers should check the DefiLlama dashboard for updates. The data comes from public dashboards, so anyone can verify them.
