Supply of Ethena's $USDe stablecoin on the @avax network has risen 211% over the past 30 days and now exceeds $20 million, according to on-chain figures. The jump brings a still-small but fas
Supply of Ethena's $USDe stablecoin on the @avax network has risen 211% over the past 30 days and now exceeds $20 million, according to on-chain figures. The jump brings a still-small but fast-growing share of @ethena's synthetic dollar onto $AVAX, where USDe has been building out its footprint through 2026.
The latest figure marks a sharp step up from earlier this autumn. A governance assessment posted on the Aave forum put USDe's on-chain supply on Avalanche at about 5.77 million as of September 14, 2026. The same assessment noted that this supply fluctuates with bridged transfers from Ethereum via LayerZero. A 211% monthly gain from a low base can look large in percentage terms, so the absolute figure matters: $20 million is small next to USDe's overall supply.
Ethena has been building toward the Avalanche push for months. In July, Invezz reported that Ethena expanded USDe onto Avalanche with native deposit and withdrawal support. More recently, Ethena Pay, a self-custody app powered by Avalanche, entered beta testing in 48 countries. Users can reportedly earn yields of up to 6% on USDe balances and receive cashback of up to 10% from participating merchants.
The Avalanche growth comes as USDe's total supply recovers from a sharp contraction. Crypto Briefing reported that USDe's circulating supply peaked at roughly $15 billion in October 2025, fell below $5 billion by late August 2026, and stood near $4.94 billion by mid-October. Ethena has also said it will end token incentives linked to USDe growth, according to MetaMask's Ethena market page, which noted that incentives had already fallen about 85% since the 2024 airdrop.
Rankings of USDe among stablecoins vary by source and date. Some trackers list it third behind $USDT and $USDC, while others place it lower, so its exact position depends on the data provider used. What is clear is that $USDT and $USDC remain far larger. Spark's stablecoin tracker put USDT at about $184 billion and USDC at about $74 billion as of August 2026.
For Avalanche, any sustained rise in USDe supply would add another dollar-denominated asset to its DeFi base. Whether the recent growth holds will depend on yield levels, incentives and how much USDe stays on the network rather than being bridged back to Ethereum.
