USDe Supply Surges and Morpho Dominance Grows Ethena (@ethena) closed September with a strong set of milestones. USDe supply grew by more than $700 million during the month, underlining the p
Ethena (@ethena) closed September with a strong set of milestones. USDe supply grew by more than $700 million during the month, underlining the protocol's accelerating adoption across decentralised finance. The stablecoin is now the second-largest collateral asset on Morpho and the largest dollar-denominated collateral on the platform, backing two of its three primary lending markets.
September also marked USDe's debut on the TRON network. TRON DAO and Ethena Labs confirmed that USDe and sUSDe are live on TRON, one of the world's largest stablecoin settlement networks by transaction volume. The integration uses bridged access via Stargate Finance, with minting and redemption remaining on Ethereum.
On the institutional side, Standard Chartered initiated research coverage of Ethena on September 30. The bank projects USDe supply could grow eightfold, from roughly $4.9 billion to $40 billion by the end of 2028, with its thesis built around Ethena expanding yield sources beyond the crypto basis trade to include real-world assets and equity perpetual futures. The bank also set a year-end 2028 price target of $2 for the $ENA token, roughly seven times the reference price of $0.28 cited in its note.
On the product side, EthenaPay entered beta during the month. Binance became its first venue for equity perpetuals using the basis trade strategy, adding a new yield channel to the protocol's growing toolkit. Separately, Ethena completed a SOC 2 Type II audit with zero exceptions, a compliance benchmark that signals operational maturity for institutional counterparties.
Taken together, September's developments point to a protocol pushing further into both retail payments and institutional adoption, while expanding the geographic and chain reach of its flagship stablecoin.
Sources:Standard Chartered Sees Over 600% Upside for ENA, Expects USDe to Hit $40 Billion by 2028, The BlockEthena Brings USDe and sUSDe to TRON, CoinTelegraph
