Ethena USDe circulation exceeds 12 billion USD, activating Fee Switch becomes a priority

ChainCatcher news, according to DL News, the circulation of the USDe stablecoin issued by Ethena has reached $12.43 billion, a 42% increase from last month, making it the third largest dollar stablecoin.

The protocol's revenue in August exceeded $61 million, meeting two of the three criteria for activating the Fee Switch, with the remaining USDe needing to be listed on four major centralized exchanges. Ethena ENA holders are expected to receive profit sharing from the protocol for the first time. The current annual yield of USDe is 9%, higher than USDC's 4.2% on Aave. In terms of risk, Chaos Labs and S&P Global have warned about potential liquidity and risk exposure issues with USDe.