Ethena, did ENA expectations get ahead even amid growth recovery… Alea Research, analysis of fee distribution and valuation

Ethena’s USDe stablecoin supply rose 9.2% in Q3 2026 to $4.87 billion, far outpacing the 1.3% median growth among nine comparable dollar-pegged tokens, according to an Alea Research report dated November 4. Growth was driven by demand for USDe as loan collateral, with balances expanding on Robinhood Chain, Base, and Plasma as Ethena connected its product to exchanges and financial platforms where users already hold dollars. Alea said ENA’s price already discounts fee distribution that has not yet begun and expectations of further expansion, even as the protocol’s lending-market and exchange-yield products revived momentum. The gap between USDe’s supply growth and its peer median matters because it signals Ethena is gaining share in the stablecoin market rather than merely riding sector-wide inflows. What to watch next is whether fee distribution to ENA holders actually launches and whether collateral demand on Robinhood Chain, Base, and Plasma sustains USDe’s expansion.