What to know:
- Ethena has reduced USDT mint fees for USDe to 0 bps.
- USDC:USDT secondary-market pricing has reached parity, according to Ethena.
- The fee change could reduce friction for USDe liquidity and adoption.
- Ethena says USDe has integrations across exchanges, custodians and DeFi venues.
Ethena has removed mint fees on USDT for onboarded users minting or redeeming USDe, following an earlier cut in USDC fees. This puts USDC:USDT secondary-market pricing at parity, according to Ethena, and could reduce friction around its synthetic dollar.
Ethena Cuts USDe Mint Fees to 0 Basis Points in 2026 for Users
Ethena said USDT mints for USDe are now free for onboarded mint and redeem users. Its updated schedule shows the USDT mint fee moving from swap cost plus 2 basis points to 0 basis points, while redemption pricing is subject to the applicable swap cost.
The company said fees can change with external market pricing. That qualification matters because zero fee does not mean every transaction involving USDe is costless.
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ENA’s 0-Bps USDT Fee Targets Better USDe Liquidity for Traders
Lower primary-market costs can make USDe more competitive against dollar assets such as USDC and USDT. For onboarded users, removing the mint charge reduces one barrier to moving capital into or out of USDe.
ENA describes USDe as a synthetic dollar designed for digital-asset markets, with integrations across exchanges, custodians and onchain venues. Its ecosystem lists USDe across money markets and trading platforms, meaning efficiency could support wider collateral and trading use.
ENA Links Fee Cuts to USDe Market Pricing and Demand
The timing is significant because ENA said USDC: USDT secondary-market pricing had reached parity after USDC mint fees were reduced to zero. A tighter relationship between primary issuance costs and secondary pricing can reduce incentives for arbitrage gaps to persist.
For USDe users, the benefit is potentially lower conversion friction. For ENA, the strategic benefit is accessibility for capital providers, exchanges and DeFi protocols that depend on dollar liquidity, although adoption will depend on demand and market conditions.
ENA Expands USDe Utility as Digital Dollar Competition Grows
ENA’s move comes as stablecoin competition centers on distribution, liquidity and utility rather than maintaining a dollar peg. Its website says USDe is integrated across centralized exchanges, custodians and onchain venues, while its ecosystem includes Aave, Hyperliquid and Morpho.
The next test is whether lower mint costs translate into sustained USDe demand and deeper liquidity. ENA’s fee schedule remains adjustable, so users should distinguish between the zero-basis-point rate and a permanent pricing policy.
The development matters most for onboarded participants seeking efficient USDe access, while ENA holders may watch whether greater product usage strengthens the broader ecosystem.
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