Ethena reported that USDe supply increased by more than $700 million during September, according to the protocol's monthly review. The synthetic dollar has now become the second-largest collateral asset and the largest USD-denominated collateral on the Morpho platform. USDe currently supports two of Morpho's three primary markets, underscoring its growing integration within decentralized lending infrastructure. This expansion highlights increasing adoption of Ethena's yield-bearing stablecoin alternative across major DeFi protocols.