Ethena has removed mint fees on USDT for onboarded users minting or redeeming USDe, following an earlier cut in USDC fees. According to Ethena, this puts USDC:USDT secondary-market pricing at parity and could reduce friction around its synthetic dollar.

Ethena Cuts USDe Mint Fees to 0 Basis Points in 2026 for Users

Ethena said USDT mints for USDe are now free for onboarded mint and redeem users. Its updated fee schedule shows the USDT mint fee moving from swap cost plus 2 basis points to 0 basis points, while redemption pricing remains subject to the applicable swap cost. A basis point is one hundredth of a percentage point, so the change removes what had been a 0.02% charge on top of conversion costs.

The company said fees can change with external market pricing. That clarification matters because a zero fee does not mean every transaction involving USDe is costless.

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ENA's 0-Bps USDT Fee Targets Better USDe Liquidity for Traders

Lower primary-market costs can make USDe more competitive against dollar assets such as USDC and USDT. For onboarded users, removing the mint charge reduces one barrier to moving capital into or out of USDe. That gating is relevant because Ethena's mint and redeem function is available only to users who complete its onboarding and eligibility process, while other users generally access USDe through secondary markets such as exchanges.

Ethena describes USDe as a synthetic dollar designed for digital-asset markets, with integrations across exchanges, custodians and onchain venues. Unlike USDT and USDC, which are backed by reserves held by their issuers, USDe is generated through a delta-neutral design in which crypto collateral is hedged with offsetting derivatives positions, and its staked form, sUSDe, is used as collateral across money markets. Its ecosystem lists USDe across money markets and trading platforms, meaning greater efficiency could support broader collateral and trading use.

ENA Links Fee Cuts to USDe Market Pricing and Demand

The timing is notable because Ethena said USDC: USDT secondary-market pricing had reached parity after USDC mint fees were reduced to zero. A tighter relationship between primary issuance costs and secondary pricing can reduce incentives for arbitrage gaps to persist.

For USDe users, the benefit is potentially lower conversion friction. For Ethena, the strategic benefit is greater accessibility for capital providers, exchanges and DeFi protocols that depend on dollar liquidity, although adoption will still depend on demand and market conditions.

ENA Expands USDe Utility as Digital Dollar Competition Grows

Ethena's move comes as stablecoin competition centers on distribution, liquidity and utility rather than maintaining a dollar peg. Its website says USDe is integrated across centralized exchanges, custodians and onchain venues, while its ecosystem includes Aave, Hyperliquid and Morpho.

The next test is whether lower mint costs translate into sustained USDe demand and deeper liquidity, and observable metrics such as USDe supply and redemption activity provide a way to track that. Ethena's fee schedule remains adjustable, so users should distinguish between the zero-basis-point rate and a permanent pricing policy.

The development matters most for onboarded participants seeking efficient USDe access, while ENA holders may watch whether greater product usage strengthens the broader ecosystem.

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