Ethena will fully eliminate token incentives and new inflation related to its USDe stablecoin starting at the end of September. The protocol announced it will no longer use additional token subsidies to drive scale expansion, marking a definitive shift in its growth strategy. Token incentives tied to USDe growth have already declined by approximately 85% since the project's initial airdrop in 2024. This move completes the phase-out process, ending all emission-based rewards for the stablecoin as the protocol transitions away from inflationary scaling mechanisms.