Ethena Proposes $1B SAFO Fund for USDe Backing by 2027
Ethena governance has proposed adding a regulated tokenized fund, SAFO, as backing for its stablecoin USDe.
Ethena governance has proposed adding a regulated tokenized fund, SAFO, as backing for its stablecoin USDe. Ethena (ENA) is trading at ₹19.78 ($0.2076), up 1.8% since this brief published. This is an original Token Times brief synthesising 2 outlets (TronWeekly, CoinCodex), plus live market data, as of Tue, 27 Oct 2026 15:00:01 UTC.
The proposal aims to enhance USDe's stability and credibility by leveraging a regulated fund structure with institutional backing, potentially increasing trust and adoption in the stablecoin market.
- Ethena proposes adding SAFO, a regulated tokenized fund, as USDe backing.
- Fund could reach $1B by 2027, starting with $500M in 2026.
- Proposal awaits community vote for implementation.
TronWeekly and CoinCodex both report that Ethena has proposed adding SAFO, a regulated tokenized fund by Spiko and Amundi with BNP Paribas swaps, as backing for its stablecoin USDe. The proposal includes a phased approach, with $500 million targeted by 2026 and $1 billion by 2027, pending community approval. However, CoinCodex focuses on the potential price impact on ENA, predicting a -23.73% decrease in the next 5 days, while TronWeekly emphasizes the regulatory and institutional aspects of the SAFO fund.
- Ethena's Q3 Report Shows USDe at $4.94B with 101.43% Reserves
- Ethena's USDe Expands to X Layer and OKX Wallet via Aave V3
- Ethena Proposes $1B SAFO Fund for USDe Backing by 2027 — this brief
Ethena has proposed integrating SAFO, a regulated tokenized fund, as backing for its stablecoin USDe. The proposal involves a collaboration with Spiko and Amundi, utilizing BNP Paribas swaps to enhance the stability and credibility of USDe.
The plan outlines a phased approach, with an initial target of $500 million by 2026, potentially growing to $1 billion by 2027. This proposal is currently awaiting a community vote for implementation.
The SAFO fund is designed to provide a robust backing mechanism for USDe, leveraging institutional partnerships and regulatory compliance. This move is seen as a strategic step to increase trust and adoption in the stablecoin market.
Ethena's Total Value Locked (TVL) stands at $5.04 billion, according to DeFiLlama, marking a 2.7% decrease over the past week. This indicates a potential market response to the proposal, as investors assess its implications.
The broader crypto market remains relatively flat, with a total market cap of $2.74 trillion. 
Bitcoin has seen a modest 24-hour increase of 0.39%, while the Fear & Greed Index sits at 48, indicating a neutral market sentiment. Ethena's native token, ENA, is currently priced at $0.203913, with a 24-hour change of -0.01% and a 7-day increase of 8.72%, reflecting a market cap of $2.73 billion.
Since this brief published about 5 hours ago, Ethena (ENA) has moved from ₹19.43$0.2039 to ₹19.78$0.2076 — +1.81%.
The chart plots ENA's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from Token Times's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 ENA ≈ ₹20.83 (about $0.2076), down 0.9% over 24 hours. The rupee itself trades about 5.3% above the official rate on the P2P market, so a Indian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 27, 2026.
Token Times reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Ethena Proposes $1B SAFO Fund for USDe Backing by 2027 — questions & answers
What is SAFO and how does it relate to USDe?
SAFO is a regulated tokenized fund proposed as backing for Ethena's stablecoin USDe, aiming to enhance its stability and credibility.
When is the SAFO fund expected to reach $1 billion?
The SAFO fund is expected to reach $1 billion by 2027, starting with $500 million by 2026.
What is the current status of the proposal?
The proposal is awaiting a community vote for implementation.
How much is 1 Ethena worth in rupee today?
About ₹20.83 at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $0.2076. The rupee price moves with both ENA's US-dollar price and the USDT/INR rate; use our Ethena in rupee page for any amount.
Has Ethena's price moved since this brief was published?
ENA is up 1.81% since this brief first published — trading at ₹19.78 ($0.2076) now versus ₹19.43 ($0.2039) at publication. Token Times re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from TronWeekly, CoinCodex, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.