Aave

<p><a href="https://x.com/ethena_labs" rel="noopener noreferrer nofollow">@ethena</a>, the protocol behind <a href="https://x.com/search?q=%24ENA&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ENA</a>, has made its USDe dollar token native on <a href="https://x.com/XLayerOfficial" rel="noopener noreferrer nofollow">@XLayerOfficial</a>, the layer 2 network run by OKX. Users can hold and swap the token across the chain. The first integration is an <a href="https://x.com/aave" rel="noopener noreferrer nofollow">@aave</a> v3 market that gives OKX Wallet users direct onchain access to <a href="https://x.com/search?q=%24USD&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$USD</a>e.</p>
<p>Liquidity provision and one-click USDe looping are due to follow through <a href="https://x.com/wallet" rel="noopener noreferrer nofollow">@wallet</a>. Looping repeats borrowing and depositing to stack yield. Ethena says this is the first time OKX Wallet's millions of users can access its product suite.</p>
<h2 id="what-changes-for-usde-holders">What changes for USDe holders</h2>
<p>USDe is a synthetic dollar designed to hold a value near one US dollar through collateral and hedged positions, according to a market summary by <a href="https://www.ad-hoc-news.de/boerse/news/marktberichte/ethena-usde-price-stands-at-1-000-usd-as-aave-reviews-4-76-billion/70393496" rel="noopener noreferrer nofollow">Ad-hoc-news</a>. The same report cites an Aave assessment dated October 12, 2026, which counted 4.76 billion USDe outstanding.</p>
<p>The same Aave assessment is a useful reference point for how limited USDe's presence on X Layer was before this launch. It recorded 62.78 USDe on the chain and said the token had been bridged through LayerZero rather than minted natively at that point.</p>
<p>Aave's risk reviewer, LlamaRisk, supported listing USDe on the Aave V3 X Layer instance, on the condition that enough local DEX liquidity was in place for liquidators. Its <a href="https://governance.aave.com/t/ethena-usde-on-aave-x-layer-assessments/25827" rel="noopener noreferrer nofollow">assessment thread on the Aave governance forum</a> said the team was expected to supply $5 million in DEX liquidity before launch.</p>
<h2 id="about-x-layer-and-the-aave-link">About X Layer and the Aave link</h2>
<p>X Layer is OKX's zero-knowledge layer 2 network. According to <a href="https://www.okx.com/en-us/learn/okx-launches-x1-layer-two-polygon-cdk" rel="noopener noreferrer nofollow">OKX's launch announcement</a>, it was built with the Polygon Chain Development Kit and uses the OKB token for gas fees. OKX later said it wanted X Layer to focus on DeFi, payments and real-world asset applications, as set out in its <a href="https://www.okx.com/en-us/help/announcement-on-the-pp-upgrade-of-x-layer-and-optimisation-of-the-okb-gas" rel="noopener noreferrer nofollow">PP upgrade announcement</a>.</p>
<p>Aave is already a familiar venue for USDe. Oak Research notes that <a href="https://oakresearch.io/en/analyses/fundamentals/ethena-ena-deep-dive-into-ecosystem" rel="noopener noreferrer nofollow">looping USDe on Aave and Pendle</a> was one of the reasons behind Ethena's growth. Bringing a native version of the token to X Layer, with an Aave market in place, gives OKX Wallet users a direct route into that activity without leaving the wallet.</p>
<p>Looping amplifies both yield and risk, since borrowed funds are redeployed into the same position. Users should check collateral terms and liquidity conditions on the new market before using it.</p>
<p>Sources:</p>
<ul>
 <li><a href="https://governance.aave.com/t/ethena-usde-on-aave-x-layer-assessments/25827" rel="noopener noreferrer nofollow">Aave Governance: Ethena USDe on Aave X Layer assessments</a></li>
 <li><a href="https://www.okx.com/en-us/learn/okx-launches-x1-layer-two-polygon-cdk" rel="noopener noreferrer nofollow">OKX: X Layer launch announcement</a></li>
 <li><a href="https://oakresearch.io/en/analyses/fundamentals/ethena-ena-deep-dive-into-ecosystem" rel="noopener noreferrer nofollow">Oak Research: Ethena deep dive</a></li>
</ul>

Ethena’s USDe goes native on OKX’s X Layer, with Aave first in line

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