PANews reported on September 2nd that, according to DL News, the circulating supply of Ethena's USDe stablecoin has reached $12.43 billion, a 42% increase from the previous month, making it the third-largest USD stablecoin. The protocol generated over $61 million in revenue in August, meeting two of the three requirements for Fee Switch activation. The remaining USDe must be listed on four major centralized exchanges. Ethena ENA holders are expected to receive a share of the protocol's profits for the first time. USDe currently has an annualized yield of 9%, higher than USDC's 4.2% on Aave. Regarding risks, Chaos Labs and S&P Global have previously warned of potential liquidity and risk exposure issues with USDe.