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USDe Grew 20.5% in September. Its Token Incentives Ended on September 30.

Ethena's synthetic dollar added US$835.17 million in a month. Four of every five new dollars went to just three places, and the largest is a lending market. The token rewards that rode along with that growth ended with September.

Key findings
  • →Ethena's USDe grew 20.5% from the August 29 close to the September 29 close, from US$4.07 billion to US$4.91 billion, an increase of US$835.17 million. see data →
  • →About 81% of the increase landed in three places: Aave's USDe lending market (+US$291.65 million), Ethena's bridge contract (+US$253.55 million) and one Binance wallet (+US$131.99 million).
  • →Ethena said on September 26, 2026 that its token incentives for USDe ended with September; the funding-rate yield on staked USDe continues.
OnChain Benchmark ResearchPublished · Oct 5, 2026, 05:13 PM UTCData current · Oct 5, 2026

USDe, Ethena's synthetic dollar, grew 20.5 percent in September. Measured from the August 29 close to the September 29 close, its supply went from US$4.07 billion to US$4.91 billion, an increase of US$835.17 million. Then the subsidy that came with that growth ran out.

Where the new dollars went says more than the total. Three destinations took US$677.19 million of the US$835.17 million, about 81 percent. The biggest was not a payments rail or a treasury balance. It was a lending market.

Four of every five new dollars landed in three places

Fig. 1

Aave took the most new USDe, and three places took four of every five dollars.

Change in USDe held, in US dollars, from the August 29 close to the September 29 close. Aave's USDe market added US$291.65 million, Ethena's bridge US$253.55 million and one Binance wallet US$131.99 million, out of US$835.17 million added in total.

ONCHAIN
BENCHMARK
USDE ADDED (US$) Aave USDe market Ethena bridge Binance wallet Everywhere else $0 $100M $200M $300M
Source: OCB · USDe supply and balances at the 00:00 UTC close · onchainbenchmark.comAug 29 – Sep 29, 2026 closes
USDe supply, change over the month+20.5%US$4.07 billion → US$4.91 billion
Into Aave's USDe market+US$291.65M35% of the increase
Bridged and Binance+US$385.54MUS$253.55M bridge, US$131.99M Binance wallet

The largest destination was a lending market

Aave's USDe market took US$291.65 million, 35 percent of the increase. Deposits there serve as collateral for borrowing. Another US$253.55 million went into Ethena's bridge contract, the lockbox that backs USDe on other chains, and US$131.99 million built up in a single Binance wallet that held US$40.00 million at the start of the month.

The subsidy ended with September

That is why the calendar matters. On September 26, Ethena said that token incentives tied to USDe's growth had fallen by about 85 percent since 2024 and that from the end of September there would be none. The yield on staked USDe continues, drawn from funding rates on perpetual futures; the ENA rewards layered on top stopped. A day earlier, the protocol extended its hedging to tokenized equities, a bid to widen the funding base that pays that yield.

October is the test. If the Aave collateral and the bridged supply hold without the subsidy, September was demand for the dollar itself. If they unwind, the month's growth was bought, and the first place to see it is the US$291.65 million sitting in Aave.

The growthPer-instrument supplyGround truth

USDe total supply rose from US$4.07B at the August 29 close to US$4.91B at the September 29 close, +US$835.17M (+20.5%). USDe is issued on Ethereum and bridged by locking tokens in Ethena's bridge contract, so the Ethereum supply is the whole supply.

Verified Oct 5, 2026 · onchainbenchmark.com/instruments/usde
The destinationsHolder balancesGround truth

USDe balance changes between the same two closes at publicly labelled addresses: Aave's aEthUSDe market +US$291.65M, Ethena's USDe bridge +US$253.55M, a Binance hot wallet +US$131.99M.

Verified Oct 5, 2026 · onchainbenchmark.com/instruments/usde
The incentive changeIssuer statementIssuer-reported

Ethena stated on September 26, 2026 that token incentives tied to USDe growth ended at the end of September.

Ethena on X, Sep 26, 2026
MethodologySupply is USDe's onchain totalSupply on Ethereum, read at each day's close, 00:00 UTC, and valued in dollars at the price behind the supply figure published on onchainbenchmark.com. The window runs from the close of August 29 to the close of September 29, 2026. Destination figures are USDe balances of publicly labelled addresses read at the same two closes and valued at the same prices. In tokens, USDe supply rose 834.6 million, and the three destinations gained 291.6 million, 253.3 million and 132.0 million. USDe is issued on Ethereum and bridged to other chains by locking it in Ethena's bridge contract, so its Ethereum supply is its whole supply.
Questions & answers
How much did USDe grow in September 2026?
From the August 29 close to the September 29 close, USDe's circulating supply rose 20.5%, from US$4.07 billion to US$4.91 billion, an increase of US$835.17 million.
Are Ethena's USDe incentives ending?
Yes. On September 26, 2026, Ethena said token incentives tied to USDe's growth had fallen about 85% since 2024 and that there would be none from the end of September. The funding-rate yield on staked USDe continues; the ENA token rewards stopped.
Where did the new USDe supply go?
Of the US$835.17 million added over the month, US$291.65 million went into Aave's USDe lending market, US$253.55 million into Ethena's bridge contract for other chains, and US$131.99 million into a Binance wallet, about 81% of the increase between them.
Key facts
USDe supply, Sep 29 closeUS$4.91B
Change since Aug 29 close+US$835.17M (+20.5%)
Into Aave's USDe market+US$291.65M
Share in three destinations~81%
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OCB — 03

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