Aave V3’s X Layer Market Shows Nearly $1 Million in USDe Supply

By Oct. 26, Aave V3’s X Layer market had received 985,580 USDe, providing an early measure of lending activity three days after launch.

At 1 p.m. ET (17:00 UTC), the balance was worth about $984,000, and the market listed no USDe borrowed. The figure measures supply to Aave, not the total amount of USDe on X Layer.

USDe went live on X Layer and OKX Wallet Oct. 23, with Aave V3 as Ethena’s first integration on the network. The availability announcement was covered in an earlier report on USDe’s X Layer launch. One-click USDe looping in OKX Wallet remained forthcoming, with no release date.

Liquidity for liquidators was a separate planned part of the rollout. The rollout plan called for $5 million in local decentralized-exchange liquidity before launch to give liquidators a local exit route. As of Oct. 23, liquidity provision remained forthcoming.

The X Layer version cannot be minted natively on the network. On X Layer, the token follows LayerZero’s OFT design, while canonical USDe remains in escrow on Ethereum.

USDe is a strategy-backed synthetic dollar whose stability relies on managed positions and arbitrage by approved counterparties. It is not a promise of fiat redemption or a bank deposit.