Rank #11USDeCrypto-Backed

Ethena USDe

Pegged to

USD

Market Cap

$5.00B

24h Volume

$200.00M

Circulating Supply

5.00B USDe

Total Supply

5.00B USDe

Peg Target

USD

Collateral Type

Crypto-Backed

Issuer

Ethena Labs

Launch Date

19-02-2024

About Ethena USDe

Ethena USDe is a synthetic dollar protocol built on Ethereum. Unlike traditional stablecoins, USDe maintains its peg through a delta-neutral hedging strategy. Users deposit staked ETH (stETH) as collateral, while Ethena opens corresponding short perpetual futures positions to neutralise price exposure. The yield from staking rewards and funding rates is passed to sUSDe (staked USDe) holders. Ethena has rapidly grown to become one of the largest stablecoins by market cap, offering yields that significantly exceed traditional money market rates.

Supported Blockchains

Ethereum Arbitrum BNB Chain

Pros

Attractive yield via sUSDe
Innovative delta-neutral design
No banking system dependency
Fast growth and strong backing

Cons

Negative funding rate risk
Smart contract complexity risk
Relatively new and untested long-term
Centralised exchange counterparty risk

Key Features

Delta-neutral hedging strategy

Yield generation via sUSDe staking

No reliance on traditional banking

Backed by staked ETH and short futures

High APY from funding rates and staking

Permissionless minting and redemption

Stablecoin Information

Community & Socials

Website Twitter / X Discord GitHub