Ethena Q3: Bullish $4.94B USDe, 101.43% Reserve Revealed

Here’s Ethena Q3 2026 governance report on reserves, yield, and governance changes since summer USDe has been restored to close to five billion dollars, its overcollateralized reserve is intact, and ENA is being handed a fair share of revenue. For a synthetic dollar project scaled by incentives and now constrained by tighter capital markets, the numbers are a test of sustainability. According to the Ethena Q3 report, USDe supply recovered to $4.94 billion by the end of the third quarter, rebounding from its July low.

Source: TronWeekly