Ethena Q3: Bullish $4.94B USDe, 101.43% Reserve Revealed

Ethena's Q3 2026 report shows USDe recovering to $4.94B, reserves at 101.43%, sUSDe APY at 5.0%, and a passed fee switch directing up to 95% of revenue to ENA buybacks from $7.5B supply, marking shift to sustainable growth.

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