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Ethena Labs has launched USDe and sUSDe on Plasma, making its key dollar assets central to the new layer 1’s decentralized finance ecosystem from day one.
- Ethena launched USDe and sUSDe on Plasma’s mainnet.
- Aave markets opened with $1B capacity backed by Binance liquidity.
- USDe supply has reached $14B, now third-largest stablecoin.
The launch took place on Sept. 25 alongside Plasma’s mainnet beta, which opened with more than $2 billion in stablecoin liquidity and over 100 integrations.
According to Ethena’s (ENA) announcement on X, USDe and sUSDe went live across Aave, Curve, Balancer, and Fluid on day one, with Pendle set to follow.
Aave launch with Liquid Leverage
On Plasma, Aave introduced Liquid Leverage markets with $500 million of USDe and $450 million of sUSDe deposit capacity. The pools will benefit from an influx of USDT liquidity from Binance Earn.
Ethena launches today on @PlasmaFDN as a core dollar asset within their DeFi ecosystem.
— Ethena Labs (@ethena_labs) September 25, 2025
Liquid Leverage is live on @Aave's Plasma instance, with nearly $1 billion of USDe & sUSDe deposit capacity which will benefit from the supply of USDT from Binance Earn.
More Ethena-powered… https://t.co/sOYqZtw04Y pic.twitter.com/lpBR7M3E0B
USDe and sUSDe deposits on Aave also earn Ethena Points, while rewards from leverage strategies can be claimed through Merkl. Beyond Aave, users can access USDe across Curve, Balancer, and Fluid, with bridging enabled via Plasma’s UI and Stargate Finance.
Ethena’s rapid cross-chain expansion
The Plasma launch continues Ethena’s push across multiple networks. Earlier this month, USDe and sUSDe went live on Avalanche with AVAX rewards and integrated with the Optimism Superchain through OVaults.
Ethena also raised $530 million through Stablecoin X and launched MegaUSD with MegaETH, bringing the supply of USDe close to $14 billion.
Plasma is positioning itself as a stablecoin-native Layer 1 with sub-second finality and Bitcoin-secured DeFi. Backed by Bitfinex, Bybit, Paolo Ardoino, and Peter Thiel, it entered the market with a $10 billion fully diluted valuation for its native token.
With Ethena’s assets embedded across key venues and Pendle’s yield products set to follow, USDe and sUSDe are anchoring early adoption on the network.