


ethena-usde (commonly referred to as USDe) is a synthetic dollar stablecoin created by Ethena Labs on the Ethereum blockchain. Unlike traditional stablecoins that rely on fiat reserves, USDe is backed by crypto-native mechanisms—most notably delta-neutral hedging using long positions in liquid assets paired with short positions in perpetual futures. This creates a censorship-resistant, on-chain, composable stablecoin that offers both stability and yield within DeFi.
ethena-usde was designed to solve the limitations of conventional stablecoins:
By addressing centralization issues, USDe aims to provide an innovative and scalable stablecoin alternative.
$USDe is the native synthetic dollar stablecoin of Ethena. It is minted against crypto collateral and hedged through derivatives to maintain its peg. Its core utilities include:

Ethena launched USDe and the Shard Campaign, introducing the Internet Bond concept.
USDe supply reached 1B within weeks, proving strong demand for the model.
Ethena launched governance token ENA and the Sats Campaign for community growth.
USDe expanded to Solana with integrations into major DeFi apps.
| ROI | PRICE | MARKET CAP | INVESTMENT |
|---|---|---|---|
| 1xx | $1.00 | $10.1B | |
| 0.00xx | $0.00 | $10.0M | $0.495 |
| 0.00xx | $0.00 | $25.0M | $1.238 |
| 0.00xx | $0.00 | $50.0M | $2.476 |
| 0.01xx | $0.01 | $100.0M | $4.951 |
| 0.02xx | $0.02 | $250.0M | $12.379 |
| 0.05xx | $0.05 | $500.0M | $24.757 |
| 0.07xx | $0.07 | $750.0M | $37.136 |
| 0.10xx | $0.10 | $1.0B | $49.514 |
| 0.30xx | $0.30 | $3.0B | $148.542 |
| 0.50xx | $0.49 | $5.0B | $247.57 |
| ATHx | $1.03 | $10.4B | $516.339 |
Paxos Accidentally Mints and Burns 300 Trillion in PYUSD
Binance Rolls Out $283M Compensation Plan After Market Crash
Ethena Labs Confirms USDe Suffered Price Volatility
STBL USDY Partnership Unlocks $50M in USST Minting
Paxos Accidentally Mints and Burns 300 Trillion in PYUSD
Binance Rolls Out $283M Compensation Plan After Market Crash
Ethena Labs Confirms USDe Suffered Price Volatility
STBL USDY Partnership Unlocks $50M in USST Minting