Ethena USDe USDE
Rank #24 by market cap
Last 7 days
0.00%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.
Where USDE lives
Always verify a contract address against the project's own site before sending anything. Addresses are shown as published by the data source, not as an endorsement — and identical-looking tokens on other chains are the most common way people lose money here.
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Ethena USDe data synced 10m 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.