USDe
USDe
active
Crypto Backed
USD
Market Cap $4.5B
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 direct issuer redemption; exit via authorized participants. |
| Peg Currency | USD |
| Launched | 2024 |
Supported Networks
L1 EVMEthereum
Cross-Chain Supply (DefiLlama · $4.5B total)
MegaETH
$428M
9.5%
Berachain
$28M
0.6%
Use Cases
Defi CollateralTrading
Overview
USDe is a synthetic stablecoin introduced by Ethena in early 2024, designed to maintain a 1:1 peg with the U.S. dollar.
How It Works
USDe employs a delta-neutral hedging strategy, using staked Ethereum (stETH) as collateral and offsetting it with short perpetual futures positions.
Reserve Backing
The stablecoin is backed by a reserve fund and a delta-neutral strategy, with multiple third-party attestors for its Proof of Reserves system.
Supported Networks
USDe is natively issued on Ethereum and supported across Layer 2 solutions via bridging.
Related Coverage
Other USD Stablecoins
Data source: CoinGecko ↗