USDe
USDe
active
Crypto Backed
USD
Market Cap $3.9B
USDe is a synthetic stablecoin by Ethena, maintaining a 1:1 peg with the U.S. dollar using a delta-neutral derivatives strategy.
Key Data
| 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 |
| Peg Currency | USD |
| Launched | 2024 |
Supported Networks
L1 EVMEthereum
Cross-Chain Supply ($3.9B total)
Robinhood Chain
$209M
5.4%
Berachain
$15M
0.4%
Monad
$13M
0.3%
Use Cases
Defi CollateralTrading
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.
Recent Activity
- —Our coverageStablecoin Recap Jul 6–13, 2026: USDS added $0.823 billion, leading stablecoin inflows.
- —Our coverageStablecoin Recap Jul 13–20, 2026: USDS saw a $1.037 billion outflow during a stablecoin market contraction.
Other USD Stablecoins
Profile compiled from issuer disclosures, regulatory filings, press releases, and financial media. Market and on-chain data sourced directly or via third-party providers. See methodology.