Ethena shifts revenue model toward RWA instead of bitcoin dependence
- —USDe shrank from $14 billion in October 2025 to about $4 billion by the end of August 2026
- —$200 million was redirected into tokenized AAA-rated CLOs from Janus Henderson's Anemoy fund
- —Ethena Pay launched in beta on Avalanche on September 1, 2026: Visa cards, yields up to 6%
- —The fee switch will direct 95% of net revenue to ENA buybacks once USDe supply reaches $7.5 billion
Why it matters: Diversification into RWA and payments could make USDe more resilient in a bear market, but launching ENA buybacks requires more than doubling supply.
Source: Crypto Briefing