About Ethena USDe
Ethena USDe (USDe) is a crypto-native synthetic US-dollar stablecoin issued by Ethena Labs, launched in 2024. Rather than relying on bank deposits or over-collateralized debt, USDe maintains its dollar peg by holding crypto collateral (primarily staked ETH and BTC) and simultaneously opening offsetting short perpetual-futures positions on major derivatives venues, producing a delta-neutral portfolio whose dollar value is largely insulated from spot price moves.
When the long collateral is hedged with short perps, the resulting position earns a combination of underlying staking yield (when ETH-LSTs are used) and the funding rate paid by perp longs to perp shorts during typical market conditions. A portion of this yield is distributed to holders of sUSDe, the staked, yield-bearing wrapper of USDe. Ethena's risk framework includes off-exchange settlement, an insurance fund, and continuous monitoring of funding regimes and venue counterparty exposure.
USDe and sUSDe are integrated across major DEXs and lending markets including Curve, Uniswap, Pendle, Aave, and Morpho, where they are widely used as collateral and yield assets. The Ethena protocol is governed by the ENA token, and USDe sits within a broader 'internet bond' product line that the team has expanded through additional dollar-denominated products and partnerships with derivatives venues.
Crypto Market Watch tracks the live Ethena USDe price ranked #26 by market capitalisation, 24-hour and 7-day price changes, market capitalisation, trading volume, circulating supply, and all-time highs and lows on this page. Data refreshes continuously throughout the trading day so investors can monitor USDE market activity in real time.
