The zero-fee change applies only to whitelisted users that completed KYC and KYB checks, while other users must still access USDe through secondary markets, exchanges or partner platforms.
Ethena Labs has reduced minting and redemption fees for USDe conversions using USDC to 0 basis points for onboarded users, removing a cost previously charged to approved counterparties. The change is limited to whitelisted participants that have passed KYC (identity verification) and KYB (business verification) checks and signed Ethena’s Mint User Agreement. Users outside that group must still obtain USDe through secondary markets, exchanges or partner platforms such as Morpho vaults. USDe is positioned as a delta-neutral synthetic dollar on Ethereum, using crypto collateral and offsetting derivatives positions to track the U.S. dollar rather than relying on fiat reserves. That sets it apart from USDC, which is backed 1:1 by cash and cash equivalents held by Circle. Ethena said fee schedules for transactions involving non-whitelisted assets will also be updated, with the revised rates shown on public dashboards. The move lowers friction for institutional and market-making users that already had direct access to minting and redemption. But the broader investment case for USDe still depends on the resilience of the derivatives markets underpinning its strategy, particularly during periods of sustained negative funding rates.