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Rank #11USDeCrypto-Backed
Ethena USDe
Pegged to
USD
Market Cap
$5.00B
24h Volume
$200.00M
Circulating Supply
5.00B USDe
Total Supply
5.00B USDe
Peg Target
USD
Collateral Type
Crypto-Backed
Issuer
Ethena Labs
Launch Date
19-02-2024
About Ethena USDe
Ethena USDe is a synthetic dollar protocol built on Ethereum. Unlike traditional stablecoins, USDe maintains its peg through a delta-neutral hedging strategy. Users deposit staked ETH (stETH) as collateral, while Ethena opens corresponding short perpetual futures positions to neutralise price exposure. The yield from staking rewards and funding rates is passed to sUSDe (staked USDe) holders. Ethena has rapidly grown to become one of the largest stablecoins by market cap, offering yields that significantly exceed traditional money market rates.
Pros
- Attractive yield via sUSDe
- Innovative delta-neutral design
- No banking system dependency
- Fast growth and strong backing
Cons
- Negative funding rate risk
- Smart contract complexity risk
- Relatively new and untested long-term
- Centralised exchange counterparty risk
Key Features
Delta-neutral hedging strategy
Yield generation via sUSDe staking
No reliance on traditional banking
Backed by staked ETH and short futures
High APY from funding rates and staking
Permissionless minting and redemption
Stablecoin Information
Category
Crypto-BackedCollateral Type
Crypto-BackedIssuer
Ethena Labs