USDe
USDe Stablecoin
active
Synthetic
Market Cap $5.9B
USDe is a synthetic stablecoin by Ethena Labs, pegged to the U.S. dollar using a delta-neutral hedging strategy.
Key Data
| Backing | Delta-neutral hedging strategy with staked Ethereum and Ethereum perpetual futures. |
| Auditor | Chainlink, Harris & Trotter, Chaos Labs, LlamaRisk |
| Reserve Reporting | Weekly attestations |
| Redemption | No direct issuer redemption; exit through authorized participants or secondary markets. |
| Peg Currency | USD |
| Launched | 2024 |
Supported Networks
EthereumVarious Layer 2 solutions
Overview
USDe is a synthetic stablecoin launched by Ethena Labs in early 2024, designed to maintain a stable value pegged to the U.S. dollar.
How It Works
USDe employs a delta-neutral hedging strategy, holding long positions in staked Ethereum and offsetting them with short positions in Ethereum perpetual futures.
Reserve Backing
The stablecoin's peg is maintained through a combination of staked Ethereum and Ethereum perpetual futures, with weekly attestations from independent verifiers.
Supported Networks
USDe is issued on the Ethereum blockchain and supported across various Layer 2 solutions via bridging.