Ethena USDe (USDe) is a crypto-backed US dollar stablecoin issued by Ethena Labs. It has about $4.84B in circulation, ranking #4 among the stablecoins CoinScoop tracks, and runs on 14 blockchains.
USDe price
$0.9994
On peg Circulating supply
$4.84B
30-day change
+10.4%
Price
$0.9994
Blockchains
14
Tracked since
Dec 2023
What is USDe?
Ethena USDe (USDe) is a crypto-backed US dollar stablecoin issued by Ethena Labs. It has about $4.84B in circulation, ranking #4 among the stablecoins CoinScoop tracks, and runs on 14 blockchains.
USDe is a synthetic dollar, not a fiat-backed coin. Yield comes from staking USDe into sUSDe, funded by futures funding rates and staking rewards, and can fall or turn negative.
In the issuer's words: Ethereum enabled crypto-native synthetic dollar which provides an embedded yield to users and achieves price stability through delta-neutral hedging across centralized and decentralized venues.
USDe supply history
$15.26B$0
Oct 8, 2025Oct 8, 2026
$15.26B$0
Dec 11, 2023Oct 8, 2026
USDe supply grew 10.4% over the past 30 days, to $4.84B. Its peak was $14.82B in October 2025, and supply is 67% below that high.
Is USDe holding its peg?
Last price
$0.9994
Target
1.0000 USD
Status
On pegUSDe is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDe lives: supply by blockchain
USDe is spread across several networks. The largest, Ethereum, holds 68% of supply. Check that the token on your chain is the issuer's official contract, not a bridged copy.
How USDe is backed
USDe is backed by crypto collateral (such as ETH and BTC) hedged with short perpetual-futures positions, plus liquid stable assets.
Minting and redemption: Ethena enables users to deposit either USD, Ethereum or liquid staking tokens as collateral to create USDe. Stability is ensured through delta-neutral hedging process across centralized and decentralized exchanges.
Reserve reports and audits: ethena-labs.gitbook.io
USDe risks
Collateral and liquidations
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Smart contracts and oracles
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDe vs USDT and USDC
Similar crypto-backed stablecoins
See all →
USDe in the news
Binance adds four tokenized stocks as collateral and pairs
Aave weighs a December PT-AUSD listing and Umbrella reward renewals
Aave begins formal assessment of Ethena USDe for Avalanche listing
USDe guides
- Stablecoin Yield: Live Rates and Where the Interest Comes FromLive APYs for the biggest stablecoin savings and lending products, where each rate comes from, and the risks behind yields above the Treasury-bill rate.
USDe FAQ
What is USDe?
Ethena USDe (USDe) is a crypto-backed US dollar stablecoin issued by Ethena Labs. It has about $4.84B in circulation, ranking #4 among the stablecoins CoinScoop tracks, and runs on 14 blockchains.
Is USDe pegged 1:1 to the US dollar?
USDe targets 1 USD. At the last update it traded at $0.9994, a deviation of -0.06%, which we classify as "on peg".
What backs USDe?
USDe is a crypto-backed stablecoin. Crypto collateral (such as ETH and BTC) hedged with short perpetual-futures positions, plus liquid stable assets.
Which blockchains is USDe on?
USDe is live on 14 blockchains. The largest by supply are Ethereum ($3.30B), Solana ($505M), Base ($393M).
How much USDe is in circulation?
About $4.84B of USDe was in circulation at the last update, +10.4% over 30 days. That makes it the #4 stablecoin by supply among those we track.
Does USDe pay interest?
Not on its own. Plain USDe does not earn yield, but holders can deposit it into sUSDe (staked USDe) to earn a variable rate set by the protocol. USDe is a synthetic dollar, not a fiat-backed coin. Yield comes from staking USDe into sUSDe, funded by futures funding rates and staking rewards, and can fall or turn negative.
Is USDe safe?
No stablecoin is risk-free. As a crypto-backed design, USDe's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.