Ethena reports 101.43 percent backing: Ethena USDe price holds near 1.000 USD

Published on 10/23/2026 at 07:08 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

USDe supply reached 4.76 billion on October 12. The Ethena USDe price trades at 1.000 USD on October 16, 2026, with a 4.95 billion USD market capitalization.

Reserves, supply and adoption

On October 12, USDe supply stood at 4.76 billion while protocol backing was 101.43 percent.
The reserve fund held 62.57 million USD on October 12.
The Ethena USDe price stands at 1.000 USD as of October 16, 2026, at the 1.00 USD target.
Ether.fi announced a stablecoin partnership involving more than 300 million USD in deposits on October 6.

Ethena USDe, XCRYPTOUSDE6, Illustration mit AI erstellt.

Ethena USDe (USDe), a synthetic dollar designed to track the U.S. dollar, had backing of 101.43 percent on October 12. The Ethena USDe price stands at 1.000 USD as of October 16, 2026, while the protocol's latest report places supply at 4.76 billion USDe.

Backing reached 101.43 percent on October 12

The Ethena Foundation's governance update reported 4.83 billion USD in backing assets against 4.76 billion USDe in supply on October 12, according to Ethena Foundation. The same update said the reserve fund held 62.57 million USD, compared with a recommended reserve size of 45.7 million USD. The reserve fund is intended to cover losses linked to severe market stress and the unwinding of perpetual positions, which are futures contracts without a fixed expiry date.

The report also put total backing at 4.95 billion USD on September 30, including 3.7 billion USD in liquid cash and 0.84 billion USD in hedged Bitcoin and Ethereum positions. Those figures describe the protocol's backing structure rather than the market capitalization of USDe.

Supply fell 214.95 million USD by October 10

USDe supply rose 111.93 million USD, or 2.30 percent, from the September 30 close to the October 6 close, then fell 214.95 million USD, or 4.32 percent, from the October 6 close to the October 10 close, according to Onchain Benchmark. The decline involved 153 redemptions from 30 addresses. New issuance totaled 34 mints during the four-day period, compared with 61 mints during the preceding six days.

A separate October 6 announcement gave Ethena another distribution channel. Ether.fi said it would launch ether.fi USD through Ethena's white-label platform, with more than 300 million USD in stablecoin deposits already on its platform, according to CryptoNews. Ethena is set to manage reserves, minting, redemptions and compliance for that product.

USDe market data on October 16, 2026

The Ethena USDe price is 1.000 USD as of October 16, 2026, according to Investing.com. The daily high is 1.000 USD and the daily low is 1.000 USD. Investing.com lists market capitalization at 4.95 billion USD, ranking USDe No. 23, and 24-hour volume at 18.65 million USD. Circulating supply is 4.95 billion USDe.