Ethena Eliminates Mint Fees for Synthetic Dollar

Ethena has made its USDe mint fees for onboarded users zero basis points in 2026, following a previous reduction in USDC fees. This move aims to reduce friction around the synthetic dollar and make it more competitive against other dollar assets like USDC and USDT.

The company's updated schedule shows that USDT mints for USDe are now free for onboarded mint and redeem users. Previously, the fee was the swap cost plus 2 basis points. Redemption pricing is still subject to the applicable swap cost, but fees can change with external market pricing.

Ethena describes its synthetic dollar as designed for digital-asset markets, integrated across exchanges, custodians, and onchain venues. The company lists USDe across money markets and trading platforms, which could support wider collateral and trading use if efficiency improves.