Ethena reports 101.43 percent backing: What it means for Ethena USDe price

Published on 10/21/2026 at 18:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

USDe supply reached 4.76 billion on October 12. The Ethena USDe price stands at 1.000 USD on October 21, 2026, with a 4.95 billion USD market value.

Stablecoin backing and network activity

Ethena reported 101.43 percent backing for USDe on October 12, 2026.
An independent review counted 2.29 billion USDe in Ethena's Ethereum bridge adapter at 18:41 UTC on October 12, 2026.
The Ethena USDe price stands at 1.000 USD as of October 21, 2026, at the USD target.
USDe settled 313.1 million USD across four networks on October 20, 2026, according to a blockchain scanner.

Ethena USDe, XCRYPTOUSDE6, Illustration mit AI erstellt.

Ethena USDe (USDe) had 101.43 percent backing on October 12, 2026, according to Ethena Foundation. The Ethena USDe price stands at 1.000 USD as of October 21, 2026.

Backing covered 4.76 billion USDe

The Ethena Foundation's governance update said that backing assets totaled 4.83 billion USD against 4.76 billion USDe in circulation on October 12, 2026. The report also put the reserve fund at 62.57 million USD and said the fund was designed to cover costs in a severe stress scenario involving the unwinding of perpetual positions within 24 hours. A perpetual position is a derivative contract with no fixed expiration date.

The same update said the protocol's backing ratio remained above its stated safety measures during the quarter and that the ratio was 101.43 percent on October 12, 2026. It also listed USDe integrations with Monad, TRON, Kraken, Gate and Lido, with the integrations described as part of the protocol's July through September activity.

Bridge review counted 2.29 billion USDe

An independent review by EthenaDash counted 2,292,201,958.40 USDe in Ethena's LayerZero adapter on Ethereum at 18:41 UTC on October 12, 2026. LayerZero is a messaging protocol that transfers information between blockchains. The adapter held 48.30 percent of USDe's Ethereum supply in that review.

The review counted USDe on 35 other chains at 2,292,201,862.94, a difference of 95.45 USDe from the adapter balance. It also recorded 153 USDe transfers across routes during the period from 18:41 UTC on October 11, 2026, to 18:48 UTC on October 12, 2026.

A separate assessment by Aave governance reported 62.78 USDe on X Layer on October 12, 2026. The assessment said daily supply on that chain had never exceeded 542.72 USDe since deployment.

USDe market data on October 21, 2026

According to Investing.com, Ethena USDe trades at 1.000 USD as of October 21, 2026. The daily high is 1.000 USD and the daily low for the UTC day is 1.000 USD. Market capitalization is 4.95 billion USD, ranking USDe 23rd, while 24-hour volume is 18.65 million USD. Circulating supply is 4.95 billion USDe.