Ethena USDe (USDE) Daily Market Analysis 16 February 2026

Ethena's USDe faces regulatory hurdles while nearing a major protocol milestone – here's the latest: • Brazil's committee approved a bill to ban algorithmic stablecoins like USDe (05 February 2026), threatening a key market • Protocol fee switch activation nears, with 2 of 3 conditions met; would distribute revenue to ENA token holders • USDe maintains strong peg stability at $0.9989 and circulating supply reached $13.38B (15 February 2026) • Ecosystem expands with new exchange points program and plans for a strategic Nasdaq listing via SPAC in 2026 • Technical indicators are bearish, but valuation multiples are near historical lows, suggesting potential upside