Ethena USDe
USDE#21ENA is the governance token of Ethena, the protocol behind the synthetic dollar USDe.
- Market cap
- $4.89B
- Volume 24h
- $25.05M
- All-time high
- —
- Circulating supply
- 4.9B
Fails our Shariah screening. Needs caution: interest (riba), nature of the asset, excessive uncertainty (gharar), and benefit and harm (maslahah). Fails: business model and usage.
- 2 pass
- 4 caution
- 2 fail
Verdict history
- Not halalCurrent
First publication
Fundamentals, market picture and news will appear here.
AI Insight
Fundamentals: Moderate
ENA governs Ethena, a synthetic-dollar protocol with strong institutional backers and an approved fee switch, but holdings are concentrated, insider unlocks run to 2028 and USDe supply has shrunk sharply since 2025.
Reviewed every 3 months and on major eventsNews: Positive
Ethena had an active month: holders approved a fee switch that ties future ENA repurchases to USDe growth, and the protocol launched a consumer payments app and extended USDe backing to tokenised US equities.
Reviewed monthly and when something material happens- NeutralEthena extends USDe backing to Binance bStocks hedged with equity perpetual futuresCarrying the basis trade into tokenised US equities diversifies the yield sources behind USDe, but adds exposure to a new venue and asset class.
- PositiveENA holders approve the fee switch: up to 20% of protocol revenue to fund ENA repurchasesRepurchases start only once USDe supply reaches $7.5 billion (about $4.9 billion in late September), then step up with supply, linking ENA directly to protocol revenue.
- PositiveEthena launches Ethena Pay, a savings, card and payments app on AvalancheA consumer product with a 6% dollar savings rate opens a new distribution channel for USDe beyond DeFi; it started with 400 early-access users.
Price & market
ENA trades near $0.244, inside the current zone of $0.235-0.252 and inside the risk zone of $0.233-0.272. The trend is up: price is well above its 50-day and 200-day averages and gained 53% over 30 days, with rising volume. The last week was weaker, with a 9.4% decline, and 30-day volatility is very high at 135.6%. Fundamentals are moderate: the protocol keeps shipping products and holders approved a fee switch, while holdings are concentrated and insider unlocks continue. On a 2-12 week horizon the picture is attractive, with support at $0.198-0.212 and a revision level at $0.194.
- Review level
- $0.194
AI-assisted analysis. Not investment advice.
Technical analysis
4HThe trend and key levels appear once enough 4H candles close.
Where it trades
Section in preparation
Similar halal assets
Halal verdict, same category
