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

Published on 10/29/2026 at 13:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Aave's review put USDe backing at 101.43 percent on October 12. The Ethena USDe price is 1.00 USD on October 29, 2026.

ETF flows and network data

On October 23, 2026, USDe was deployed natively on OKX's X Layer.
Aave's October 12, 2026 review put USDe backing at 101.43 percent.
The Ethena USDe price stands at 1.00 USD as of October 29, 2026.
The fee-switch threshold is 7.5 billion USDe in circulating supply.

Ethena USDe, XCRYPTOUSDE6, Illustration mit AI erstellt.

Ethena USDe (USDe) was deployed natively on OKX's X Layer on October 23, 2026. The integration is described by CoinMarketCap as an incremental expansion of USDe's venue footprint, rather than a new tokenomics change.

X Layer deployment was recorded on October 23, 2026

The X Layer deployment places Ethena's synthetic dollar on an Ethereum layer 2, a network built to process transactions outside the main Ethereum chain. CoinMarketCap reported that the deployment expands the number of venues where USDe can be used, while describing it as an integration rather than a direct event involving the ENA governance token. The Ethena USDe price stands at 1.00 USD as of October 29, 2026.

Aave set backing at 101.43 percent on October 12

USDe's backing and liquidity structure were assessed by Aave on October 12, 2026. The review described USDe as a dollar-pegged synthetic stablecoin and reported 4.76 billion USD of backing against 4.76 billion USDe outstanding. It also said USDe on X Layer was bridged using LayerZero's Omnichain Fungible Token standard, with backing escrowed on Ethereum. A separate report by CryptoTicker put circulating USDe supply at 4.66 billion on October 21, 2026, against a 7.5 billion USDe threshold for the protocol's fee-switch mechanism.

USDe market data show 4.95 billion USD capitalization

According to Investing.com, Ethena USDe trades at 1.00 USD as of October 29, 2026. The daily high is 1.00 USD and the daily low is 1.00 USD. Market capitalization is 4.95 billion USD, ranking USDe 23rd, while 24-hour volume is 18.65 million USD. Investing.com lists circulating supply at 4.95 billion USDe.