Ethena Q3: USDe recovers to $4.94B with 101.43% reserve backing
- —USDe supply recovered to $4.94 billion by the end of Q3
- —Reserve ratio hit 101.43%, with the fund at $62.57 million, 1.4x the target
- —sUSDe 7-day average yield climbed from 3.8% to 5.0%
- —Fee Switch sends up to 95% of net revenue to ENA buybacks at a $7.5B supply threshold
Why it matters: Overcollateralization above 100% and the shift from emissions to revenue-funded buybacks are key credibility tests for synthetic stablecoins.
Source: TronWeekly