Ethena USDe
USDe is Ethena’s synthetic dollar, backed by crypto assets and offsetting derivatives positions rather than a conventional bank-reserve model.
- Issuer
- Ethena Protocol
- Created
- February 19, 2024
- Reference currency
- 1 USDe → 1 US dollar
Price in USD
USDe
- Total supply · Ethereum
- —
- Circulating supply
- —
- Reference network
- Ethereum
About
USDe is Ethena’s synthetic dollar, backed by crypto assets and offsetting derivatives positions rather than a conventional bank-reserve model.
Ethena’s initial framework was developed in 2023 after a proposal for a crypto-backed synthetic dollar. The team adapted the idea around staked ether and delta-hedged derivatives, launched USDe in 2024, and later broadened its collateral mix and risk oversight as the protocol grew.
USDe uses a delta-hedging strategy and has different risk, liquidity, and redemption mechanics from fiat-reserve stablecoins.
What is a stablecoin?Supported chains
- Ethereum
- Solana
- Base
- BNB Smart Chain
- Arbitrum
- Avalanche
- Mantle
- Linea
- OP Mainnet
- Scroll
- ZKsync
- Blast
- Berachain
- HyperEVM
- Ink
- Kava
- Manta
- MegaETH
- Metis
- Mode
- Monad
- Morph
- Plasma
- TON
- X Layer
- Zircuit
Sources
This directory is for research, not an endorsement or an availability promise from Fiber. Stablecoin designs, reserves, networks, and redemption terms can change.
These summaries are informational, not legal advice. They identify the issuer or protocol framework but do not determine whether a token is legal, regulated, or available where you live; review current issuer documents and seek local legal advice.