USDe USDe

About USDe

Ethena USDe is a synthetic dollar created by Ethena Labs. Instead of being backed by money in a bank account, USDe keeps its dollar value through a strategy called delta hedging: the protocol holds crypto assets such as ether and bitcoin, or liquid stablecoins, and opens equal short positions in futures markets so price moves cancel each other out.

This design lets USDe grow quickly without relying on traditional banks, and it earns income from staking rewards and the funding payments that futures traders pay. Users who stake USDe receive sUSDe, which grows in value as that income is passed on. Yields change over time and can drop sharply when funding rates turn low or negative.

USDe has become one of the largest dollar-pegged assets in crypto and is widely used as collateral in DeFi lending markets. Its risks are different from a fiat-backed stablecoin, including exchange, custody and funding-rate risk, which Ethena tries to manage with a reserve fund.

Contract

Mantle: 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34

Always check the contract address before buying; copycat tokens often reuse the same name and ticker.

USDe pools