Head of Ethena Foundation (@EthenaFndtn) | If you can’t measure it, you can’t improve it | Opinions expressed are my own.
Joined July 2010
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James retweeted
USDe Proof of Reserves are typically provided on a weekly basis by 3rd party independent attestors including leading firms such Chainlink and Llama Risk.
Following the events that have unfolded in the last few hours, we have provided a Proof of Reserves which has been linked below this message.
Each of these independent 3rd parties mentioned above have confirmed USDe remains overcollateralised by more than $60m at >101.0%.
No USDe backing resides directly on Binance or any centralized exchange.
All funds are safe. Maximum transparency.
James retweeted
The total unrealized PNL exposure to Binance is ~$8.8m, far below the excess reserve fund of >$60m.
All information on the backing collateral and reserve fund can be found in the link below:
app.ethena.fi/dashboards/bac…
Our proof of reserve attestation run by several external parties will be provided in the coming hours and published on this thread.
James retweeted
Another year of collaboration ahead as @Ethena renews its membership with the EEA!
Ethena is expanding $USDe's reach, with the recent launch of @EthenaPay bringing payments, savings, and global transfers into the picture.
We're glad to have them continuing as part of our community and look forward to working alongside teams making Ethereum more practical for finance.
James retweeted
We have been blown away by the excitement and number of users waitlisted to join the app.
Following a controlled roll-out in the first week, users on the waitlist will now be added to the app every day. Enable notifications to make sure you don't miss your access.
100 user on the waitlist will gain access to the app tomorrow, with an increasing number added on a daily basis going forward.
If you want codes to share with friends or followers to gain access, comment below and we will slide into your DMs.
James retweeted
We will be at the H.C. Wainwright Global Investment Conference in New York next week.
Our newly appointed CEO @jensane2001, together with members of the leadership team, will host one-on-one investor meetings, his first investor engagement as CEO.
To schedule a meeting, contact your H.C. Wainwright representative or email [email protected].
For more information, reach our Investor Relations team at [email protected].
James retweeted
Highest cashback in the market
Highest APY on balances that earn by default
There is no second best @EthenaPay
James retweeted
Ethena Pay was built to make outdated, traditional banking, simpler.
Save, spend, earn rewards, get cashback, and move money globally, all from one product, with Avalanche working underneath.
Ethena’s @gdog97_ on why Avalanche was the obvious choice for Ethena Pay:
James retweeted
The Fee Switch vote has passed, with 100% of votes in favour.
The fee switch milestones are now activated and programmatic ENA buybacks will begin and scale higher as metrics and milestones are reached.
Snapshot vote results linked in tweet below:
We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below:
1. Buyout of early investors:
The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any ENA within the last 9 months.
2. Alignment of Token & Equity:
The Ethena Foundation and Ethena Labs have reached agreement on a Master Framework Agreement, whereby IP and ownership of value accrued by the protocol is assigned to the Foundation exclusively and governed by token holders with no residual cash flow due to equity investors in the Labs entity.
3. Revenue Buybacks:
Governance proposal now live for the implementation of the fee switch whereby net revenue accrued across all business lines under the Ethena brand will be used to programmatically buy back the ENA token.
The vote for revenue buyback fee switch implementation is now here, and has already been approved by the Risk Committee:
snapshot.box/#/s:ethenagover…
4. Removal of monthly VC unlocks:
The Ethena Foundation and lead investors have agreed to eliminate future overhang associated with monthly VC investor unlocks by releasing unvested tokens. All team tokens remain locked per the original vesting schedules.
Further details and documentation is provided in the blog linked below:
James retweeted
Here's what happened @ethena in August:
• Launched @EthenaPay, the internet money neobank.
• The Ethena Foundation announced a major ecosystem update: the buyout of certain seed investors' locked tokens, unlock of additional VC tokens to alleviate future unlock overhang, principle agreement on a Master Framework Agreement with Ethena Labs, and proposed fee switch activation directing up to 95% of net revenue to ENA buybacks.
• Published the next phase of USDe backing diversification: extending the basis trade to equity perpetuals.
• Partnered with @FalconXGlobal, a leading digital asset prime broker, as an institutional lending partner.
• Ethena-powered dollar savings went live on Kraken+ in the US via @krakenfx.
• USDe became one of the fastest growing dollar assets on @RobinhoodCrypto, crossing $300 million and representing ~40% of total digital dollar supply on the network.
• Ethena assets in the @coinbase DeFi earn product crossed $300 million, a new all-time high.
• @maplefinance selected Ethena's GENIUS-aligned stablecoin USDtb as a core holding within the USD liquidity buffer supporting syrupUSDC and syrupUSDT.
• USDT mints for USDe became free at 0bps for all onboarded mint and redeem users.
James retweeted
Introducing @EthenaPay: the internet money neobank.
→Card spend cashback at 5.0%
→Best-in-class 6.0% dollar savings rate
→Borderless, free, instant global money transfers
→Free global onramps in USD, GBP, EUR and local FX
→Multi-currency high-rewards savings accounts in local FX
→Unified fiat IBAN integration with self-custodial stablecoin accounts
→Buy Now Pay Never where your savings rewards covers daily expenses
Not coming soon™️. Live now to download on iOS.
Introducing Ethena Pay: the internet money neobank, built on @avax.
Live now to download on iOS.
James retweeted
The holy grail for stablecoins is to sit behind the world's best financial products without anyone having to know or care.
Today we introduce Ethena Pay to accomplish this, powered by USDe top to bottom.
A digital dollar-first, global neobank is a multi-multi-billion dollar opportunity. The combination of digital dollars on self-custodial blockchain rails unlocks new use cases & markets, while in many cases simultaneously increasing transaction efficiency.
A world where hundred of millions or billions of people use stablecoins every day will be one powered by these neobanks (hopefully Pay).
Big up to @litocoen & other new team members behind the scenes who hit the ground running to help build out Pay. They really care about making Pay a great product for its users.
We're also excited to build Pay on @avax. For years now we've wanted to do more with the team and found a good outlet here for Ethena Pay. The Avalanche team has been one of our favorite over the years: they care about their partners & have deep conviction in the convergence between DeFi & CeFi (and thus tokenization & stablecoins) just as we do.
Pay's launch today is just the first step in what will be a long journey in bringing this to millions of users who don't know what USDe is. We'll start small with gated access, then expand broader to more jurisdictions, regional pushes. Stay tuned for more info!
Introducing @EthenaPay: the internet money neobank.
→Card spend cashback at 5.0%
→Best-in-class 6.0% dollar savings rate
→Borderless, free, instant global money transfers
→Free global onramps in USD, GBP, EUR and local FX
→Multi-currency high-rewards savings accounts in local FX
→Unified fiat IBAN integration with self-custodial stablecoin accounts
→Buy Now Pay Never where your savings rewards covers daily expenses
Not coming soon™️. Live now to download on iOS.
James retweeted
Extending USDe backing: basis on equity perpetuals.
Equity perpetuals now carry nearly >$6bn of open interest across 200 contracts on the same venues Ethena already executes, growing >10x since March.
Funding rates on equity perpetuals have paid 15-20% on average, >5x the Bitcoin funding rates in 2026, with near-zero correlation to crypto funding.
The underlying asset base is >$150 trillion compared to ~$2.5 trillion of crypto, making this the most scalable extension of the basis allocation to date. We expect RWA perpetuals to eclipse crypto allocations in USDe's backing within 12-24 months.
Safe implementation of the equity basis trade at large size requires the exact infrastructure Ethena has already operated at scale with 0bps of impairment on over $30b of mint and redeem flow for >2.5 years: precise delta-neutral execution at scale, secure off-exchange custody & settlement, and institutional-grade security practices.
The first partner exchange announcements and deployments will begin over the course of the next few weeks.
Details in the link below:
James retweeted
We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below:
1. Buyout of early investors:
The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any ENA within the last 9 months.
2. Alignment of Token & Equity:
The Ethena Foundation and Ethena Labs have reached agreement on a Master Framework Agreement, whereby IP and ownership of value accrued by the protocol is assigned to the Foundation exclusively and governed by token holders with no residual cash flow due to equity investors in the Labs entity.
3. Revenue Buybacks:
Governance proposal now live for the implementation of the fee switch whereby net revenue accrued across all business lines under the Ethena brand will be used to programmatically buy back the ENA token.
The vote for revenue buyback fee switch implementation is now here, and has already been approved by the Risk Committee:
snapshot.box/#/s:ethenagover…
4. Removal of monthly VC unlocks:
The Ethena Foundation and lead investors have agreed to eliminate future overhang associated with monthly VC investor unlocks by releasing unvested tokens. All team tokens remain locked per the original vesting schedules.
Further details and documentation is provided in the blog linked below:
James retweeted
Our suite of Single-Asset Crypto Benchmarks now includes Ethena (ENA).
Access real-time pricing and regional reference rates across London, New York and APAC. spr.ly/6011B1lo3v
James retweeted
We've never seen a stronger pipeline of fintechs and brokerages looking to integrate onchain earn functionality into their product offerings.
Ethena's product suite will be the primary collateral on the new Robinhood crypto earn feature, with more to come.
We are excited to partner with @RobinhoodCrypto to bring Ethena's product suite to Robinhood Chain.
Ethena has been selected by Steakhouse, the curator of the vault, as the primary collateral asset issuer for Robinhood's first crypto earn product.
This is the first decentralized lending product available directly in the Robinhood app.
Today the first pure treasury company focusing on @ethena is now live on the @Nasdaq under the ticker $USDE.
Ethena everywhere.
James retweeted
The StablecoinX DVN is now enabled across all chains in the Ethena ecosystem.
Live and operational since November 2025, the DVN verifies cross-chain messages for the @Ethena ecosystem, securing how $USDe and $sUSDe move across chains through @LayerZero_Core. Today completes its rollout to the full ecosystem.
Key metrics since going live in November 2025:
» all chains now covered
» 507 cross-chain messages verified
» ~$205.93M in cross-chain transfer volume
Cross-chain infrastructure is becoming foundational to how digital dollars move. As stablecoins spread across more networks, the integrity of the message behind every transfer is what keeps that value safe, and reliable verification is what a multi-chain stablecoin ecosystem is built on.
