USDe

$4.4B market cap

Issued by Ethena · reviewed 8 September 2026

Market cap: $4.41B +5.39% 7d
30-day trend
Volume / market cap: 1.8%
Peg drift, 30 days: 0.07%

Market data as of 8 September 2026, the same daily snapshot the tracker publishes. Peg drift is the largest single-day distance from par over the last 30 days, for USD-pegged tokens only.

Last verified 2026-06-27. All fields shown are verified; 4 tracked fields are not yet recorded.

USDe is a synthetic stablecoin by Ethena, maintaining a 1:1 peg with the U.S. dollar using a delta-neutral derivatives strategy.

01

Instrument facts

8 of 12 tracked fields recorded

Symbol	USDe
Peg	USD
Backing	Crypto backed
Status	Active
Launched	2024
Networks	L1 EVM Ethereum
Specifications	Backing Delta-neutral hedging strategy using staked Ethereum (stETH) and short perpetual futures positions. Auditor Chainlink, Harris & Trotter, Chaos Labs, LlamaRisk Reserve reporting Weekly Proof of Reserves attestations Redemption No public retail redemption; approved KYC/KYB mint users can mint and redeem directly with Ethena, subject to terms. KYC required Yes
Use cases	DeFi collateral, Trading

02

Supply by chain

13 chains · $4.4B total

Chain	Supply
Ethereum	$2.5B
Solana	$537M
Base	$344M
Robinhood Chain	$324M
Plasma	$309M
TON	$164M
BSC	$78M
Monad	$70M
Mantle	$59M
Berachain	$12M
Hyperliquid L1	$9M
Avalanche	$5M
Arbitrum	$4M

Chains holding at least $1M of this token, from the daily cross-chain compilation. The total may differ from the market capitalization above, which is a separate measurement.

03

Contract addresses

30 chains

Chain	Address
Aptos	`0xf37a8864fe737eb8ec2c2931047047cbaed1beed3fb0e5b7c5526dafd3b9c2e9`
Arbitrum One	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Avalanche	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Base	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Berachain	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Binance Smart Chain	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Blast	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Ethereum	`0x4c9edd5852cd905f086c759e8383e09bff1e68b3`
Fraxtal	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
HyperEVM	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Hyperliquid	`0x2e6d84f2d7ca82e6581e03523e4389f7`
Kava	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Linea	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Manta Pacific	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Mantle	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
MegaETH	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Metis Andromeda	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Mode	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Monad	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Morph L2	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Optimistic Ethereum	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Plasma	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Robinhood	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Scroll	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Solana	`DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT`
Swellchain	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
The Open Network	`EQAIb6KmdfdDR7CN1GBqVJuP25iCnLKCvBlJ07Evuu2dzP5f`
X Layer	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Zircuit	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
zkSync	`0x39fe7a0dacce31bd90418e3e659fb0b5f0b3db0d`

Addresses as recorded for this token. Verify against the issuer's own published address before sending funds.

Official site · Whitepaper

04

Background

USDe is a synthetic stablecoin introduced by Ethena in early 2024, designed to maintain a 1:1 peg with the U.S. dollar. USDe employs a delta-neutral hedging strategy, using staked Ethereum (stETH) as collateral and offsetting it with short perpetual futures positions. The stablecoin is backed by a reserve fund and a delta-neutral strategy, with multiple third-party attestors for its Proof of Reserves system.

Compiled from issuer disclosures, on-chain data and market data. Ethena · Methodology