Ethena's revenue skyrocketed to 290 million USD, seeking clarity from the SEC on USDe.

Ethena Labs achieved accrued revenue of 290.2 million USD from the protocol on July 9, ranking just behind Tether, Circle, and Sky among stablecoin issuers. This issuer reached 100 million USD in accumulated revenue just 251 days post-launch, becoming the second-fastest protocol to surpass this threshold. The average daily fee reached 3.1 million USD as traders continued to use the USDe token. Ethena generates core revenue from holding futures positions across multiple exchanges. 94% of collateral assets remain on centralized platforms, and 20% of gross fees are used to purchase ENA on the open market. Ethena has met with the SEC to clarify about the “aggregate dollar” USDe, but remains prohibited from retail distribution in America while awaiting official guidance.