Ethena USDe (USDE)
Ethena USDe is a synthetic dollar issued by Ethena, a crypto protocol that aims to create a dollar-denominated asset without using the conventional fiat-backed stablecoin model. Instead of relying primarily on bank deposits or short-term government securities, USDe is supported by crypto collateral and hedging strategies designed to offset price exposure. The protocol uses delta hedging, commonly through short positions in perpetual futures, to reduce the impact of movements in assets such as Ether and other supported collateral.
USDe is built for use across decentralised finance and centralised crypto venues as a stable unit of account, trading asset, and source of liquidity. Ethena also offers a yield-bearing version, commonly associated with staking USDe, where returns may be generated from sources such as staking rewards on collateral and funding payments from derivatives markets. This structure makes Ethena one of the more distinctive stable-asset projects because it connects the demand for digital dollars with the economics of crypto derivatives and proof-of-stake assets.
The asset’s design introduces a different risk profile from fiat-backed stablecoins. Its stability depends on the effectiveness of the hedging system, the availability and liquidity of derivatives markets, custody arrangements, collateral management, and the behaviour of funding rates during stressed conditions. For users, USDe represents an attempt to build a scalable crypto-native dollar with embedded yield potential, while also requiring an understanding of the market and protocol risks that come with synthetic stablecoin architecture.
Last updated
- Market Cap
- $4.1B
- Fully Diluted Valuation
- $4.1B
- 24 Hour Trading Vol
- $438M
- Circulating Supply
- 4.1B
- Total Supply
- 4.1B
- Max Supply
- —
Janus Henderson Takes Strategic ENA Position and Eyes Regulated Investment Products Tied to Ethena
OSL Global lists USDe trading pairs
FINANCE FEEDS: Ethena USDe Supply Contracts Following Significant Outflows
ETF Withdrawals Weigh on Bitcoin
Crypto: Did Binance worsen the October crash? CZ rejects suspicions
BIZINSIDER: HTX Opens Trading for USDe (Ethena USDe), the Third-Largest Stablecoin Offering a Crypto-Native Dollar Solution
Veera Launches Ethena USDe Vault to Expand Yield Opportunities for Stablecoin Users
Kraken Custody Becomes Official Custodian of Ethena USDe Reserves
Bitcoin Exchange Upbit Announces It Will List the Stablecoin Developed by Ethereum!
Crypto Market’s Capital Outflows Intensify as Bitcoin ETFs, Stablecoins, and DAT Activity Weaken
Ethena USDe Market Cap Drops 40% After ‘Black Friday’ October 10 Crash
Treating Ethena USDe as a stablecoin is ‘systematic risk’ to crypto – OKX founder
Ethena Labs' stablecoin products USDe and USDtb TVL exceed $16 billion
Ethena USDe (USDE) Hits Binance: Why Traders Are Watching This Listing Closely
Binance Opens Doors for Ethena USDe With New Listing
Binance to List Ethena USDe (USDe) and Open Spot Trading
Ethena USDe circulation exceeds $12 billion, and Fee Switch activation becomes a priority
- Market Cap
- $4,124,100,941
- Fully Diluted Valuation
- $4,121,624,522
- 24 Hour Trading Vol
- $437,705,400
- 24h High
- $0.999692
- 24h Low
- $0.998963
- 24h Change
- +0.06%
- 7d Change
- +0.11%
- 30d Change
- +0.04%
- 1y Change
- -0.05%
- Market Cap Rank
- #26
- Market Cap Rank (rehypothecated)
- #35
- Circulating Supply
- 4,125,761,316
- Total Supply
- 4,123,283,900
- Max Supply
- —
- All-time high
- $1.034 (-3.33%) · Dec 9, 2025, 12:10 p.m.
- All-time low
- $0.929486 (+7.55%) · Oct 4, 2024, 3:57 a.m.
- Website app.ethena.fi
- Whitepaper ethena-labs.gitbook.io
- Block explorer hypurrscan.io/token/0x2e6d84f2d7ca82e6581e03523e4389f7
- Block explorer bscscan.com/token/0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34
- X / Twitter twitter.com/ethena_labs
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