Ethena introduces zero-basis-point USDT minting for USDe, achieving parity with USDC in stablecoin competitive dynamics.
DeFi & Yields ·
Ethena has extended zero-basis-point minting to USDT pairs for its USDe stablecoin, matching the firm's earlier move to eliminate fees on USDC mints. This development follows Ethena's announcement that USDC and USDT secondary market pricing have reached parity, with both pairs now offered at 0bps for all onboarded users conducting mints and redeems.
The fee elimination is designed to reduce friction in USDe liquidity flows and decrease slippage losses in secondary markets. Whitelisted users gain instant access to convert between stablecoins and USDe at no cost, a structure that mirrors Ethena's earlier July 2026 decision to waive USDC minting fees. The firm notes that mint and redeem fee schedules remain subject to adjustment based on market conditions and are tracked on its public fees dashboard.
Whether the zero-fee structure persists or shifts in response to market dynamics remains to be seen. The announcement does not specify duration or conditions under which fees might be reinstated, leaving open the question of how competitive stablecoin economics will evolve as other protocols respond.