USDe

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
Mint and redeem	Ethena's terms separate KYC/AML-cleared, whitelisted Mint Users from ordinary Holding Users. Only Mint Users may create USDe from accepted tokens or redeem directly for supported assets; Holding Users have no direct redemption right with Ethena.

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.

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

Official site · Whitepaper

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.