Ethena’s Stablecoin Overhaul Cuts Perpetual Futures Ties, Fuels 5% Price Surge

Ethena’s stablecoin reserve overhaul has lifted investor confidence, sending ENA’s price up 5.05% to $0.091 on April 9, 2026, and pushing its market capitalization to $794 million. The rally followed Ethena’s move to reduce its dependence on volatile crypto perpetual futures, which now make up just 11% of USDe’s backing, down from the majority previously. Instead, the protocol has diversified its collateral base by finalizing direct lending deals with Anchorage Digital, Maple Institutional, and Coinbase Asset Management on April 6. These agreements allow USDe reserves to be deployed into overcollateralized loans, strengthening the stablecoin’s resilience across market cycles. The shift marks a structural upgrade to USDe’s reserve design, reducing concentration risk and improving long-term stability. While daily trading volume stood at $103 million—down 25% from prior levels—the price surge outperformed broader market gains, fueled in part by Bitcoin reclaiming $72,000. ENA remains supported at $0.088, with resistance looming between $0.095 and $0.10. Should momentum hold, a retest of that range is likely. The reserve transformation, not speculation, is now the foundation of Ethena’s price action.