While USDC and Ripple Kept Their Dollars on Ethereum, Ethena Spread USDe Across a Dozen Chains
Over the past month, Ethena's USDe grew by US$194 million — but its supply on Ethereum fell US$146 million, from 61% of the total to under 55%. The synthetic dollar built on Ethereum now spreads across eleven chains. Two of the largest dollars did the opposite: USDC kept its supply concentrated on Ethereum, and Ripple's RLUSD deepened there. The stablecoin market is dividing along a single question — where does the next dollar go.
- Over the past month Ethena's USDe grew US$194 million in total, but its supply on Ethereum fell US$146 million — from 60.8% of the token's supply to 54.3%. The synthetic dollar built on Ethereum now keeps barely half its supply there, spread across eleven chains led by Solana (US$537M), Base (US$332M) and Robinhood Chain (US$320M). see data →
- The move follows Ethena's stated multichain strategy, including a Coinbase partnership that distributes USDe on Base. The month's largest gains were on Robinhood Chain (+US$129M, a steady build) and Base; a newer chain, Monad, received a one-time deployment and held flat. This is where supply now sits, not a measure of usage on those chains.
- The two largest dollars centered on Ethereum did the opposite over the same month. USDC grew US$1.7 billion and kept its Ethereum share steady at about 64%; Ripple's RLUSD deepened on Ethereum, its share rising from 44% to 54% as it crossed US$2 billion. The established dollars are concentrating on Ethereum; a challenger is spreading its dollar across the chains that might have the next users.
Over the past month, Ethena's USDe grew by US$194 million. Its supply on Ethereum fell — down US$146 million, from 60.8% of the total to 54.3%. The synthetic dollar that was built on Ethereum, and hedged with Ethereum, now keeps barely half its supply there.
The shift is not drift. Ethena has spent 2026 pursuing a multichain strategy: a partnership with Coinbase that distributes USDe on Base and into the exchange's ecosystem, alongside a widening set of integrations. USDe's supply map is following the plan. It now sits on eleven chains carrying meaningful balances, where a year of stablecoin history would have expected one to dominate.
Where the dollars went
Off Ethereum, USDe's largest homes are now Solana (US$537 million), Base (US$332 million — the Coinbase channel), and Robinhood Chain (US$320 million). The month's movement went to those and to newer networks: Robinhood Chain took the most (up US$129 million), followed by Monad, Plasma and Base. Not all of it looks the same. USDe's supply on Robinhood Chain grew as a steady, month-long build; on a brand-new chain like Monad (US$84 million) it arrived in a single deployment and has held flat since. Supply locating on a chain is not the same as activity on it — what the map shows is where the dollars now sit, not yet how much they move.
Fig 1 — USDe supply by chain, Aug 27, 2026
Ethereum, barely a majority
USDe's supply across the chains that carry meaningful balances, in US$ millions. Ethereum (green) still holds the largest share, but at 54.3% it is barely a majority; the rest spreads across Solana, Base, Robinhood Chain and a long tail of newer networks. Figures are all-chains supply, reconciled to independent market value.
Fig 2 — USDe's Ethereum share, Jul 30 – Aug 27, 2026
Below 55% in a month
The share of USDe's total supply that sits on Ethereum, by day. It fell from 60.8% at the end of July to 54.3% by late August — a month-over-month decline, with short-term wobble, as new supply landed on other chains faster than on Ethereum.
The incumbents went the other way
What makes Ethena's spread a market story, rather than one issuer's quirk, is the contrast. Over the same month, the two largest dollars that also center on Ethereum did the opposite. USDC grew by US$1.7 billion and kept its supply concentrated on Ethereum — its Ethereum share held steady at about 64%, unchanged. Ripple's RLUSD went further and deepened on Ethereum: its Ethereum share rose from 44% to 54% as it crossed US$2 billion. The most established dollars are consolidating on the chain that already has the liquidity; a challenger is placing its supply across the chains that might have it next.
Neither approach is obviously right, and that is the point. A stablecoin's chain map is a wager on where demand forms. Concentrating on Ethereum bets that liquidity, and the users who follow it, stay where they are; spreading across a dozen networks bets that the next wave of users arrives somewhere new and wants a dollar waiting for them. Ethena is making the second bet at a scale no other major dollar is — and doing it while its total supply grows, so the Ethereum decline is redistribution, not retreat.
The question the map leaves open is whether the dollars lead or follow. Supply can be deployed onto a new chain in an afternoon; demand cannot. Whether USDe's balances on Robinhood Chain and Monad turn into the transactions that justify them — or drift back to where the users already are — is what the next few months will decide, and it is a different question from where the supply sits today.
USDe's total supply rose from US$3.85B to US$4.04B over the month, while its Ethereum supply fell from US$2.34B to US$2.19B (−US$146M) — a decline in Ethereum share from 60.8% to 54.3%. The US$146M off Ethereum reconciles two ways: the direct Ethereum delta equals the total change minus the sum of all other chains' gains. Figures are all-chains supply.
Verified Aug 26, 2026 · onchainbenchmark.com/instruments/usdeUSDe now carries meaningful supply on eleven chains: Ethereum US$2,216M, Solana US$537M, Base US$332M, Robinhood Chain US$320M, BSC US$168M, Plasma US$167M, TON US$143M, Monad US$84M, and others. The month's largest gains were Robinhood Chain (+US$129M, a steady build) and Base (the Coinbase channel); Monad received a one-time deployment and held flat. Our totals reconcile to independent market value (USDe ~US$4.04–4.06B).
Coverage notes · onchainbenchmark.com/methodologyOver the same window, USDC grew US$1.7B and kept its Ethereum share steady at 63.9% (concentration unchanged, not increased). Ripple's RLUSD deepened on Ethereum, its share rising from 44.4% to 54.0% as it crossed US$2B. Both are real growth, not chain rotation — the Ethereum gains are backed by total supply growth. This is a supply-location story, not a claim about usage on any chain.
Verified Aug 26, 2026 · onchainbenchmark.com/methodology- Is Ethena's USDe leaving Ethereum?
- Not leaving — redistributing. Over the past month USDe's total supply grew about US$194 million, while its supply on Ethereum fell about US$146 million, so its Ethereum share dropped from 60.8% to 54.3%. Ethereum is still USDe's largest chain; it is no longer where most of the new supply is landing. The rest now sits across eleven chains, led by Solana, Base and Robinhood Chain.
- Why is USDe's supply spreading across so many chains?
- It follows Ethena's stated 2026 multichain strategy, including a partnership with Coinbase that distributes USDe on Base and into the Coinbase ecosystem, plus a widening set of integrations. The report measures where the supply now sits — it does not claim a given level of usage on each chain, only that the balances are there.
- Are other stablecoins spreading off Ethereum the same way?
- No — the opposite, for the largest ones. Over the same month USDC grew US$1.7 billion while keeping its Ethereum share steady at about 64%, and Ripple's RLUSD deepened on Ethereum, its share rising from 44% to 54%. USDe's spread stands out against a market whose most established dollars are concentrating on Ethereum, not leaving it.