USD · hybrid

Ethena USDe USDE

Ethena Labs

USDe is a synthetic dollar created via delta-neutral hedging of staked ETH and BTC perpetual short positions. Generates native yield (sUSDe) from funding rates and staking rewards.

Official site Reserves report Updated today
Live metrics
Updated 1d ago
Market cap
$8.4B
Daily volume
$720.0M
Holders
250,000
Dominance
3.3%
Supply history · 90d Updated today
$4.5B
Source: DeFiLlama
24h
+0.01%
7d
+1.21%
net+$53.7M
30d
+15.43%
net+$602.5M
minted 7d$54.1M
burned 7d$372,938
Supply by chain Updated today
Total tracked
$4.5B
Source: DeFiLlama
11chains
  • Ethereum$2.8B62.7%
  • Solana$525.9M11.7%
  • MEMegaETH$416.0M9.2%
  • BSC$253.0M5.6%
  • TOTON$171.8M3.8%
  • PLPlasma$124.6M2.8%
  • MAMantle$117.4M2.6%
  • HYHyperliquid L1$41.1M0.91%
  • OTOther$31.6M0.70%
Issuer

Ethena Labs

Country of origin
British Virgin Islands
Jurisdiction
BVI
HQ
Remote-first
Founded
May 1, 2023
Structure
private
Key people
  • Guy Young Founder · since 2023

Ethena Labs developed the protocol; the Ethena Foundation manages decentralized governance via ENA token. Operations are non-custodial — synthetic dollars are created by delta-neutral positions on centralized exchanges (Binance, Bybit, OKX).

History

Timeline

  1. Feb 19, 2024
    USDe public launch

    Synthetic dollar launches on Ethereum with sUSDe yield product.

  2. Apr 2, 2024
    ENA token launch

    Ethena Foundation governance token via Binance Launchpool.

  3. Sep 10, 2024
    Pendle PT-USDe markets explode

    Pendle's principal-token market for fixed-rate USDe yield drives USD 4B+ TVL.

  4. Jun 15, 2025
    USDtb launch (T-bill backed sister product)

    Ethena launches USDtb backed by BlackRock BUIDL, complementing yield-bearing USDe.

Investors and backing

Backing

Investors
Dragonfly CapitalWintermuteGalaxy DigitalBinance LabsOKX VenturesBybitMaven 11
Mechanism and reserves
Updated 1d ago

Mechanism and reserves

Backing

Delta-neutral basket: long staked ETH (stETH, mETH) plus short ETH perpetual positions on CEXs (Binance, Bybit, OKX). Roughly 50% spot collateral, 50% short hedge value. USDtb sister product is 100% T-bill backed.

Mint / redeem

Permissioned mint/redeem for whitelisted institutions via Ethena's portal. Retail users acquire USDe via secondary markets (Curve, Uniswap, CEXs).

Attestations

Reserve composition

  • Staked ETH (stETH, mETH) 41.2%
  • ETH spot 14.5%
  • BTC spot 23.8%
  • USDT collateral 12.3%
  • Insurance fund 8.2%
Networks and deployments

Networks and deployments

Chain
Deployed
Contract
Supply
ethereum
Feb 19, 2024
0x4c9EDD…1E68B3
$6.4B
arbitrum
Aug 15, 2024
—
$1.1B
base
Oct 20, 2024
—
$580.0M
solana
Dec 5, 2024
—
$320.0M
0
Use cases

Real-world use

Used for
  • ›Yield-bearing synthetic dollar (sUSDe)
  • ›Pendle PT/YT principal yield trading
  • ›DeFi liquidity in stablecoin pools
  • ›Treasury allocation for crypto-native funds
Strong adoption in
Global DeFi (institutional)AsiaEurope
Regulation and compliance

Regulation and compliance

No freeze capability
MiCA (EU) restricted

Synthetic mechanism doesn't fit MiCA EMT or ART categories.

GENIUS Act (US) not compliant

Synthetic/hedge-based design doesn't fit fiat-backed framework.

Controversies
  • !Critics compared the funding-rate-dependent yield model to Anchor/UST before its 2022 collapse, though USDe's collateral is verifiable and delta-neutral.
  • !USDe yield drops sharply during sustained negative funding rate regimes.
Risks and criticism

Specific risks

Compare with

Compare with

Dai DAI

Largest decentralized alternative with longer track record.
Frax FRAX

Hybrid mechanism predecessor with sFRAX yield.
USD Coin USDC

Regulated alternative without native yield.
Official resources

Resources

How to get it

Get it

Available at
CurveUniswapBybitBinanceEthena portal (institutional)
How to custody
MetaMaskPhantom (Solana)Hardware walletSafe (multisig)

How Ethena USDe fits in

This page is a structured snapshot of Ethena USDe as of 2026-05-31. For deeper analysis, see related blog posts on the blog index.