{"id":489004,"date":"2025-07-11T02:00:57","date_gmt":"2025-07-11T01:00:57","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=489004"},"modified":"2025-12-03T12:44:59","modified_gmt":"2025-12-03T12:44:59","slug":"ethena-rockets-to-290-million-in-revenue-seeks-sec-clarity-on-usde","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethena-rockets-to-290-million-in-revenue-seeks-sec-clarity-on-usde\/","title":{"rendered":"Ethena rockets to $290 million in revenue, seeks SEC clarity on USDe"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Ethena Labs reached $290.2 million <strong><a href=\"https:\/\/tokenterminal.com\/explorer\/projects\/ethena\/metrics\/revenue\">in total protocol revenue<\/a><\/strong> on July 9, trailing only Tether, Circle, and Sky among stablecoin issuers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Token Terminal data show that the stablecoin issuer reached $100 million in cumulative revenue 251 days after its launch, making it the second-fastest protocol to cross this threshold.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Daily fees averaged $3.1 million during the past month as traders continued to mint and hedge the synthetic-dollar token USDe. Ethena's path to nine-figure revenue took 251 days, faster than Uniswap's 980-day sprint in 2020 but slower than memecoin launchpad Pump.fun, which hit the mark in 217 days late last year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Core income is generated by carrying long spot and short perpetual futures positions across multiple exchanges, a delta-neutral strategy that converts funding-rate spreads into protocol earnings credited to stakers of the yield token sUSDe.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Back-end Treasury data shows that 94% of backing assets remain on centralized venues, where Ethena's automated execution system balances collateral and hedges in real time.\u00a0<\/span><span style=\"font-weight: 400;\">The remaining collateral is held in liquid-staking tokens to capture staking rewards while maintaining a neutral net exposure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The protocol redirects 20% of gross fees to buy ENA on the open market, a mechanism that has burned 58 million tokens since February, according to on-chain trackers.<\/span><\/p>\n<h2><strong>SEC dialogue on payment stablecoin status<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Ethena's General Counsel, Zach Rosenberg, and attorneys from Morrison Cohen met with the US Securities and Exchange Commission's (SEC) Crypto Task Force on July 1 to request clarity on &#8220;synthetic dollars,&#8221; such as USDe.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A meeting memorandum released by the SEC shows that the team argued that USDe functions as a payment instrument rather than a security because holders do not rely on the issuer's efforts for profit and because redemption rights track underlying reserves, not the issuer's balance-sheet performance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The submission cites two pending bills, <a href=\"https:\/\/cryptoslate.com\/us-senate-approves-landmark-genius-act-for-stablecoin-regulation\/\">the GENIUS Act<\/a> and the STABLE Act, that would carve out a federal licensing lane for payment stablecoin issuers.\u00a0<\/span><span style=\"font-weight: 400;\">Ethena told staff that USDe falls outside both drafts because the token can fluctuate slightly around $1 and carries no legal promise of par redemption, leaving it in regulatory limbo.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Company representatives urged the commission to treat synthetic dollars as a separate class and to coordinate with bank regulators if Congress finalizes a payment stablecoin framework.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ethena remains barred from US retail distribution pending formal guidance, so new dollar inflows primarily come from offshore funds and market-making desks that hedge their exposure on centralized exchanges.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The protocol's revenue pace slowed in May when average perpetual funding spreads compressed below an 8% annualized rate. Still, fee intake rebounded to $3.8 million per day in early July as renewed long-bias returned the basis to double-digit territory.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ethena's request for formal SEC feedback remains under review, according to the meeting log.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethena Labs reached $290.2 million in total protocol revenue on July 9, trailing only Tether, Circle, and Sky among stablecoin issuers.\u00a0 Token Terminal data show that the stablecoin issuer reached $100 million in cumulative revenue 251 days after its launch, making it the second-fastest protocol to cross this threshold. Daily fees averaged $3.1 million during [&hellip;]<\/p>\n","protected":false},"author":1511,"featured_media":489059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,77968,11,32631],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethena rockets to $290 million in revenue, seeks SEC clarity on USDe<\/title>\n<meta name=\"description\" content=\"The protocol was the second-fastest to reach $100 million in revenue, but its main product is still in a regulatory gray area in the US.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ethena-rockets-to-290-million-in-revenue-seeks-sec-clarity-on-usde\/\" \/>\n<meta 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