Ethena USDe (USDE) - Investment Analysis March 2026

Ethena USDe faces critical sustainability challenges despite rapid growth – here's the latest: • Severe revenue collapse with 98% decline in daily protocol fees (March 2026) • Negative funding rates on BTC/ETH compress primary yield source • Multiple depegging events occurred, including a drop to $0.65 (October 2025) • Regulatory headwinds in Germany and Brazil restrict adoption • ENA governance token declined 60% despite USDe growth