Ethena USDe

USDE Rank #25

$0.9993▼ 0.01%24h

Low $0.9992High $0.9996

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Market cap$4.88BRank #25

Fully diluted value$4.89B

Volume (24h)$43.34MVol / Mcap 0.89%

Circulating supply4.89BUSDE

Total supply4.89B

Max supply∞no hard cap

All-time high$1.03Dec 9, 2025

All-time low$0.9295Oct 3, 2024

What is Ethena USDe?

Launch and issuance

Ethena launched USDe publicly in February 2024. The token is implemented through Ethereum smart contracts. Its supply expands through minting and contracts through redemption rather than a fixed issuance schedule. Direct minting and redemption are restricted to approved participants. Other users can acquire or transfer USDe through supported secondary markets.

Backing mechanism

Ethena pairs volatile backing assets with short derivatives positions to limit exposure to price changes. Stablecoins and eligible short-duration assets can be held without that hedge. The backing framework also permits other approved lending and asset strategies. Custodial arrangements separate backing custody from the exchanges used for derivatives execution. Portfolio composition and counterparty limits are managed under the protocol's risk framework.

Staked USDe

Depositing USDe into Ethena's staking contract produces sUSDe, an ERC-4626 vault token. Additional USDe rewards increase the backing attributed to each vault share. Revenue can come from asset staking, derivatives funding and other approved backing activities. Reward payments vary with the results of those activities. Ordinary USDe balances do not automatically receive the staking rewards.