Ethena USDe USDE
Rank #23 by market cap
Last 7 days
CM Profile: Ethena USDe
Cryptominium Profile. What we have established, measured and written about USDE, and what we have not.
- Measured
- Selling $100,000 on Kraken's order book lost 4.31%, on 9 October 2026.
- Its price, recorded by us every day since 9 August 2026.
- Written, with sources
Read from our own records when this page was made. It describes what we know, and is not a view on whether to hold USDE. How each part is worked out
What changed
Week to 9 October- Price unchanged since 2 October.
- On Kraken, $100,000 now costs 4.3% to sell, against 13.0% over the previous month.
- Circulating supply up 7.9% in 30 days, as CoinGecko reports it.
The price fell while selling got cheaper.
From our own measurements only, each against the month before. We do not say why a price moves. How this is worked out · Every coin this week
What it actually costs to sell USDE
Selling $100,000 of USDE into each exchange’s resting bids, measured against the mid price:
| Exchange | Lost | Got back | Measured |
|---|---|---|---|
| Kraken USDE/USD | 4.31% | $95,686 | 2026-10-09 median of 3 |
Exchange figures need an account there (and KYC, a permitted country, the tokens already deposited), are before trading fees, and are never averaged with the on-chain figure. Binance is not included: it refuses requests from the region our servers are in. How this is measured →
Watch this number instead of remembering it. A free account keeps USDE on a list, records where it stood the day you added it, and emails you if selling it on these exchanges gets materially harder — one message, not a series. The measurement itself stays public; the account is for being told when it moves without you looking.
What Ethena USDe is
USDe is a synthetic dollar issued by Ethena, launched in 2024. Despite trading near a dollar, it is not a stablecoin in the sense that USDC or Tether are — no bank account holds dollars behind it.
Instead it holds crypto collateral, mostly staked ETH and bitcoin, and simultaneously opens matching short positions on derivatives exchanges. The long and short offset, so the combined position holds roughly constant dollar value regardless of price direction. Yield comes from staking rewards plus the funding rates that perpetual futures traders pay to hold long positions.
The risks are structural and specific. Funding rates are usually positive in bull markets, but they turn negative in sustained downturns — the moment when the strategy costs money rather than earning it. The hedges sit on centralised exchanges, so exchange failure or withdrawal restrictions become a direct risk to the peg. USDe is a leveraged trading strategy wrapped in a token, and its yield is compensation for real risk rather than interest.
What Ethena USDe can do
Selling $100,000 on Kraken lost 4.31% against the mid price, before trading fees. Check your own amount →
Our own measurement · measured 9 October 2026
USDe earns nothing by itself. Staked with Ethena it becomes a second token, sUSDe, which earns from the protocol's revenue: staking rewards on ether and what its hedging positions pay. Unstaking has a waiting period.
Source: Ethena docs: staking USDe · checked 2 October 2026
USDe is what Ethena calls a synthetic dollar. Ethena holds crypto assets as backing and offsets their price moves with short futures positions of about the same size. The backing sits with outside custody firms such as Copper and Ceffu. It holds for as long as the backing and the hedge do.
Sources: Ethena docs: how USDe works, Ethena docs: backing asset custody · checked 2 October 2026
Only users Ethena has approved after identity checks can create USDe or redeem it with Ethena. Everyone else buys and sells it on exchanges and in trading pools.
Sources: Ethena docs: peg arbitrage, Ethena docs: FAQ · checked 2 October 2026
What a coin can do is not a reason to buy it or to sell it. Each answer names its source and the day we read it; where we could not source one, the row is left out. How these are written · Every coin we have written up
Where USDE lives
On Solana, a mint authority can create more of the token and a freeze authority can freeze it in a holder's account; both are read from the token itself, every day. On Ethereum, Base and BNB Chain, GoPlus's analysis of each contract is read weekly: whether it has a function to block addresses or pause transfers, and whether an owner holds it. That is GoPlus's reading, not ours. Where a token exists on several chains, one copy's settings say nothing about the original coin.
Always verify a contract address against the project's own site before sending anything. Addresses are shown as published by CoinGecko, not as an endorsement — and identical-looking tokens on other chains are the most common way people lose money here.
Price change
Compare Ethena USDe with
Ethena USDe data synced 3m ago from CoinGecko. Figures shown in USD. This page is market information, not financial advice — and nothing here is a recommendation to buy or sell USDE.