Ethena USDeUSDE

Ethena USDe (USDE) is a “synthetic dollar”, a crypto asset designed to keep a value of one US dollar without relying on cash held in bank accounts. It was created by Ethena Labs, a company founded in 2023 by Guy Young, and it launched on the Ethereum mainnet in February 2024. Ethena also has a governance token called ENA.

USDe is backed by crypto assets, such as ETH, staked ETH and BTC, together with matching short positions in futures. For the crypto it holds, Ethena opens short positions of equal size in perpetual futures, which are derivatives contracts with no expiry date, on large crypto exchanges. This is called a delta-neutral hedge: when the price of the collateral moves, the gain on one side is meant to offset the loss on the other, so the total value backing each USDe stays close to one dollar. Part of the backing can also be held in stablecoins and other assets. According to Ethena, a reserve fund funded by protocol revenue acts as an extra buffer.

Users can also stake USDe to receive sUSDe, a staked version of the token that earns a share of the protocol's revenue.

USDe is used as a dollar-denominated asset in DeFi, including lending markets, and as collateral on some trading platforms. It is issued on Ethereum and can be moved to several other blockchains.

USDe has no fixed maximum supply. New USDe is created when approved users deposit eligible assets with Ethena and removed when it is redeemed, so the supply follows demand. The current circulating supply is shown at the top of this page.

USDe is designed to trade at $1, so its price chart looks very different from a typical crypto chart. The peg depends on the hedging positions held on exchanges, so it can be affected by market stress. On October 10, 2025, during a sharp market-wide sell-off, USDe briefly fell to about $0.65 on Binance's spot market, while it stayed close to $1 on other venues and onchain.

Cointelegraph's Ethena USDe price index gives you the current USDE to USD price and the numbers behind it: market cap, 24-hour volume, all-time high and the 24-hour and 52-week price range. Explore the price chart across six timeframes to see how closely USDe tracks the dollar, and use the converter for quick calculations. For news on reserves, regulation and issuance, follow our stablecoin coverage.