Ethena Ends ENA Incentives for USDe: A Shift in Strategy

Ethena has announced that it will end its ENA incentives for USDe on September 30, after they had fallen by roughly 85 percent since their introduction in 2024. This change affects holders of both USDe and sUSDe.

The token incentives, which were used to encourage growth in the USDe token, have been gradually phased out over time. According to Ethena's own statements, the incentives had already fallen by 85 percent since their introduction in 2024. From October 1, there will be no further token subsidies for holders of USDe or sUSDe.

While this change may seem significant, it's worth noting that the yield on sUSDe is not disappearing entirely. However, its base will become narrower and more volatile. For investors in Germany, a second layer of complexity comes into play: BaFin wound down the USDe business of Ethena GmbH in 2025, and there has been no redemption claim against a German issuer since.