Ethena governance has approved a conditional framework to buy back ENA with protocol revenue once USDe's circulating supply reaches $7.5 billion. The plan follows Ethena's decision to fully end token incentives tied to USDe growth at the end of September, with no new tokens issued for those rewards and the associated inflation eliminated. Ethena said incentives have fallen by about 85% since the first airdrop in 2024. The program distributed more than $750 million and helped drive USDe to an approximately $15 billion peak in 2025, before supply fell below $5 billion as weaker perpetual-futures funding rates reduced returns from Ethena's delta-neutral strategy. Under the September 2026 governance proposal, 95% of net revenue would be directed to open-market ENA purchases after USDe exceeds the threshold. Ethena also announced on September 25 that it would extend USDe's basis-trade strategy beyond cryptocurrency perpetual futures to equity perpetual futures through a Binance collaboration. It plans to buy bStocks, tokenized equity certificates issued by Binance-affiliated entities, and hedge exposure by shorting USDT-margin perpetual futures on the platform. ENA rose to $0.28 during the day, according to HTX data.