# USDe: Ethena USDe

USDe is Ethena’s synthetic dollar, backed by crypto assets and offsetting derivatives positions rather than a conventional bank-reserve model.

## Key details

- **Issuer:** Ethena Protocol
- **Reference currency:** USD
- **Backing model:** Crypto collateral with derivatives hedging
- **Created:** 2024-02-19

## About

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.

## 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

- **Reference contract:** `0x4c9EDD5852cd905f086C759E8383e09bff1E68B3` (Ethereum)

## Legal jurisdiction

Germany (EEA) / British Virgin Islands (elsewhere)

In the EEA, Ethena GmbH’s German-law asset-referenced-token terms apply. Outside the EEA, Ethena BVI’s BVI-law issuer terms apply.

## Sources

- [Official site](https://ethena.fi/)
- [Ethena](https://docs.ethena.fi/solution-overview/usde-overview)
- [Ethena USDe terms](https://docs.ethena.fi/resources/usde-terms-and-conditions)

This directory is for research, not an endorsement or an availability promise from Fiber. Stablecoin designs, reserves, networks, and redemption terms can change.

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