Ethena Labs is restructuring its synthetic dollar protocol, USDe, to reduce reliance on Bitcoin price swings by pivoting toward tokenized real-world assets and diversified yield sources. After USDe's supply peaked at $14 billion in 2025 and fell 70%, Ethena invested $200 million in AAA-rated collateralized loan obligations to generate stable revenue outside crypto cycles. The launch of Ethena Pay enables spending USDe via Visa cards, enhancing adoption. With improved compliance and institutional focus, Ethena aims to build durable financial infrastructure less dependent on crypto market volatility, though regaining supply growth remains a challenge.
Ethena's restructuring plans come with this market snapshot from Pluang as of Sep 17, 2026 20:23 WIB: Among 50 major cryptocurrencies priced on Pluang, 46 rose and 3 fell today. Notable gainers include SUSHI at Rp3.921 with an 8.69% increase and 100% buy order activity, KSM at Rp71.007 up 8.48% with 93% buy orders, and EOS at Rp12.649 rising 8.13%.
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