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Morning Edition · Thursday, October 29, 2026Published at 1:42 AM EDT · New York
Ethena Pay's 11x Leverage Loop Depends on Borrowing Costs and Exit Funding That Users Cannot Verify
CryptoSlate's analysis finds that the vault's actual leverage and controls are unpublished, and the USDe stablecoin behind the product has a circulating supply of $4.53 billion, according to DeFiLlama.
Ethena Pay, the consumer payments product built on Ethena's USDe stablecoin, offers a yield product that loops leverage up to 11 times. A CryptoSlate analysis found that what users actually earn depends on borrowing costs and on how exits a…
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Leveraged Yield Repackaged for Retail
As crypto-native yields compress, protocols keep repackaging leveraged basis and lending loops into consumer savings and payment products, shifting liquidation and funding risk from professional traders to retail users.
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