Users deposit ETH or LSTs on Ethena and can mint a USDe synthetic stablecoin in return. USDe generates yield from the staked Ethereum as well as the funding & basis spread from perpetual and futures' markets. A portion of this yield is then distributed to USDe stakers (expense).

Ethena is a stablecoin issuer and asset management protocol built on Ethereum. Ethena was founded by Guy Young and launched in 2024.

ENA tokenholders own and govern the protocol. They currently take a cut of the total yield generated (revenue). Ethena's investors include Dragonfly, Franklin Templeton, Brevan Howard Digital, etc.

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Ethena

# Ethena Outstanding supply Methodology

## 1. Overview

Ethena outstanding supply measures the total circulating supply of Ethena's stablecoins (Ethena USDe and USDtb) at any given time. This metric answers the fundamental question of how many tokens are currently in circulation by tracking all mint and burn events since inception. The calculation uses a cumulative approach, starting from zero and adding mints while subtracting burns to arrive at the current outstanding supply.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Ethereum Transfer events**: Parsed ERC20 `Transfer` events for Ethena USDe token (`0x4c9edd5852cd905f086c759e8383e09bff1e68b3`) and USDtb token (`0xc139190f447e929f090edeb554d95abb8b18ac1c`)
- **Token metadata**: Token decimal information for proper unit conversion
- **End-of-day price feeds**: Token price data for USD conversion of final outstanding supply values

## 3. Step-by-step calculation

### Component A: Ethena USDe mint identification
- **Purpose**: Identifies all Ethena USDe token mints from blockchain Transfer events
- **Logic**: Filters Ethereum `Transfer` events where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`) and `token_address` matches the Ethena USDe contract address. These transfers represent new tokens being created (minted) and added to circulation. Only non-removed events are included to ensure data quality.
- **Key fields**: `block_timestamp` for timing, `value` for mint amount, `token_address` for token identification, and standard transaction identifiers

### Component B: Ethena USDe burn identification  
- **Purpose**: Identifies all Ethena USDe token burns from blockchain Transfer events
- **Logic**: Filters Ethereum `Transfer` events where the `to_address` equals either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`) and `token_address` matches the Ethena USDe contract address. These transfers represent tokens being destroyed (burned) and removed from circulation.
- **Key fields**: Same as mints but with `to_address` identifying the burn destination

### Component C: USDtb mint identification
- **Purpose**: Identifies all USDtb token mints from blockchain Transfer events  
- **Logic**: Uses identical logic to Ethena USDe mints but filters for the USDtb contract address (`0xc139190f447e929f090edeb554d95abb8b18ac1c`). Captures transfers from the null address representing new USDtb tokens entering circulation.
- **Key fields**: Same structure as Ethena USDe mints but for the USDtb token

### Component D: USDtb burn identification
- **Purpose**: Identifies all USDtb token burns from blockchain Transfer events
- **Logic**: Uses identical logic to Ethena USDe burns but filters for the USDtb contract address. Captures transfers to null or dead addresses representing USDtb tokens being removed from circulation.
- **Key fields**: Same structure as Ethena USDe burns but for the USDtb token

### Component E: Data combination and standardization
- **Purpose**: Combines all mint and burn data into a unified dataset
- **Logic**: Unions all four components (Ethena USDe/USDtb mints and burns) into a single dataset. Truncates all timestamps to daily boundaries for consistent aggregation. Negates burn amounts to represent supply reduction when calculating net changes. Applies decimal correction using token metadata to ensure proper unit representation.
- **Key fields**: `timestamp` truncated to day, `amount` with burns negated, `token_address` for token identification

### Component F: Daily aggregation  
- **Purpose**: Summarizes all mint and burn activity by day for each token
- **Logic**: Groups the combined data by day, token, and other dimensions, then sums all mint and burn amounts. This creates daily net supply changes (total mints minus total burns) for each token.
- **Key fields**: Daily `timestamp`, aggregated `amount` representing net daily supply change

### Component G: Cumulative outstanding supply calculation
- **Purpose**: Calculates the running total outstanding supply over time
- **Logic**: Uses a cumulative sum calculation partitioned by token and ordered by timestamp. Each day's outstanding supply equals the previous day's outstanding supply plus the current day's net mint/burn amount. This creates a continuous time series showing how total supply evolves.
- **Key fields**: `outstanding_supply` as the cumulative sum of net supply changes

### Component H: Time series completion
- **Purpose**: Ensures continuous daily time series with no gaps
- **Logic**: Forward-fills outstanding supply values for any missing days between the first and last transaction dates. This ensures the metric has values for every day, maintaining consistency for time series analysis.
- **Key fields**: Gap-filled `outstanding_supply` values with complete daily coverage

### Final aggregation
- **Combining components**: All token outstanding supply calculations are maintained separately by token address, preserving individual token metrics while following the same calculation methodology
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day price feeds, applying the `convert_to_usd_and_correct_decimals` macro which handles both currency conversion and any remaining decimal corrections
- **Time aggregation**: Data maintains daily granularity with timestamps truncated to day boundaries, ensuring consistent daily reporting
- **Final calculation**: The final outstanding supply represents the cumulative sum of all historical mints minus all historical burns for each Ethena stablecoin, converted to USD and forward-filled to ensure complete time series coverage

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Circulating supply of stablecoins issued by the project.

EthenaENA

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown