Ethena USDe launches on X Layer October 23, 2026: What it means for Ethena USDe price

Published on 10/28/2026 at 13:10 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Aave V3 supplied 985,580 USDe by October 26. The Ethena USDe price trades at 1.00 USD on October 28, 2026, with a 4.95 billion USD market cap.

Access and reserve data

On October 23, 2026, USDe became native to X Layer through an Aave v3 integration.
Aave v3 recorded 985,580 USDe supplied on October 26, 2026, with none borrowed.
The Ethena USDe price stands at 1.00 USD as of October 28, 2026, at its dollar target.
Ethena reported 101.43 percent backing on October 12, 2026, against 4.76 billion USD of USDe supply.

Ethena USDe, XCRYPTOUSDE6, Illustration mit AI erstellt.

Ethena USDe (USDe) went live natively on X Layer on October 23, 2026, with Aave v3 as its first integration, according to Ethena. The Ethena USDe price trades at 1.00 USD as of October 28, 2026, according to Investing.com, while market capitalization is 4.95 billion USD at rank 23.

X Layer adds Aave v3 access

Ethena said the deployment gives OKX Wallet users direct on-chain access to USDe through X Layer, a layer 2 network, with Aave v3 as the first integration. The announcement also described one-click USDe looping in OKX Wallet as forthcoming, according to Ethena.

Aave v3 recorded 985,580 USDe supplied and none borrowed at 17:00 UTC on October 26, 2026, three days after the asset went live on X Layer, as TokenPost reported. The figure measures deposits in the Aave market rather than the total amount of USDe on X Layer.

Reserve coverage reached 101.43 percent

Ethena's July-to-September governance update said USDe supply closed the quarter at 4.94 billion USD and that September added more than 700 million USD of supply. The same update put the backing ratio at 101.43 percent on October 12, 2026, with 4.83 billion USD in backing assets against 4.76 billion USD of USDe supply, according to Ethena Foundation.

The update also listed a 62.57 million USD Reserve Fund against a recommended size of 45.7 million USD on October 12, 2026. Separately, an Aave governance assessment said 5 million USD of local decentralized-exchange liquidity was expected before the X Layer launch to provide liquidators with an exit venue, according to Aave governance.

USDe trades at 1.00 USD

Investing.com lists Ethena USDe at 1.00 USD as of October 28, 2026. The daily high is 1.00 USD and the daily low (UTC day) is 1.00 USD. Twenty-four-hour volume is 18.65 million USD, market capitalization is 4.95 billion USD at rank 23, and circulating supply is 4.95 billion USDe, according to Investing.com.