[PRESS RELEASE – Seoul, South Korea, October 28th, 2025]
Terminal Finance, a spot decentralized exchange focused on trading yield-bearing stablecoins and institutional assets, has announced a pre-deposit total value locked (TVL) that exceeds $280 million, prior to its official launch. This milestone indicates the combined capacity of three pre-deposit vaults, which have already reached their limits of 225 million USDe, 10,000 WETH, and 100 WBTC.
The DEX is set to launch by the end of this year, with the Token Generation Event (TGE) expected to take place shortly thereafter. The pre-deposit TVL can be verified publicly through DeFiLlama, a site that monitors Terminal’s vault activities and growth.
Terminal will serve as the primary DEX within the Ethena ecosystem while also operating independently. Upon launch, it will offer USDe, sUSDe, and USDtb (backed by BlackRock BUIDL) as its primary pairing assets, allowing trades against major cryptocurrencies such as ETH and BTC. The foundation of the DEX is built on yield-bearing stablecoins, facilitating composability across various DeFi ecosystems.
“At Terminal, we are constructing the deepest liquidity pools to trade Ethena’s synthetic dollar, USDe, against any asset, ranging from cryptocurrencies to tokenized real-world assets. By designing the DEX around a yield-bearing dollar, Terminal gains improved economics from the start, enhancing liquidity bootstrapping significantly for token issuers and establishing a new benchmark for capital productivity in DeFi,” stated Co-Founder & CEO Sam Benyakoub.
Terminal’s unique Yield Skimming mechanism differentiates it from traditional decentralized exchanges, capturing yields generated by yield-bearing assets such as sUSDe and reinvesting them into the DEX ecosystem. This approach benefits liquidity providers, traders, and token holders by optimizing the efficiency and economics of on-chain markets.
Over 10,000 wallets have participated in the pre-deposit phase, and early participants will be eligible for airdrop rewards linked to the TGE. Public information on Ethena’s website indicates that up to 10% of Terminal’s governance token supply may be allocated to sENA holders based on the Terminal Points system, with tracking having started on June 28. Final eligibility, allocations, and timing will be confirmed closer to the TGE.
“Ethena assets form a key mechanism for DeFi rewards, driving value across most major applications built on Ethereum at a billion-dollar scale. The Terminal team has crafted their spot DEX around sUSDe to create additional value for users. We take pride in the fact that the Terminal team is integral to the Ethena ecosystem,” commented Nick Chong, Head of Strategy at Ethena
Looking forward, Terminal’s ambition is to expand across various blockchains in alignment with Ethena’s USDe growth strategy and establish itself as a leading liquidity hub for yield-bearing stablecoins within DeFi.
About Terminal Finance
Terminal Finance is a spot decentralized exchange incubated by Ethena Labs, specially designed for trading yield-bearing stablecoins as well as institutional assets, leveraging Ethena’s synthetic dollar USDe and its yield-bearing counterpart sUSDe for enhanced economic performance.
During its pre-deposit phase, Terminal attracted deposits exceeding $280 million and established partnerships with leading DeFi protocols, including Pendle, EtherFi, and Morpho. It aims to be the liquidity hub of the Ethena ecosystem, integrating yield, liquidity, and token issuance across various chains to lay a robust foundation for the next generation of on-chain markets.
For more information, visit terminal.fi and follow @TerminalFi on X.
