Ethena USDe
Stablecoin-Profil
Ethena USDe (USDe) ist ein krypto-besicherter Stablecoin: Nutzer prägen USDe, indem sie andere Krypto-Assets überbesichert hinterlegen. Aktuell sind 5,9 Mrd. $ im Umlauf, verteilt auf 23 Blockchain-Netzwerke. Die USD-Bindung wird über Liquidations-Auktionen gehalten, wenn der Kollateralwert unter den geforderten Schwellenwert fällt. Preisfeed bezogen über coingecko.
Über Ethena USDe (USDe)
Ethereum enabled crypto-native synthetic dollar which provides an embedded yield to users and achieves price stability through delta-neutral hedging across centralized and decentralized venues
Ethena enables users to deposit either USD, Ethereum or liquid staking tokens as collateral to create USDe. Stability is ensured through delta-neutral hedging process across centralized and decentralized exchanges.
Emittent & Attestierung
Ethena USDe (USDe) is issued by Ethena Labs, operating under Decentralised protocol with corporate sponsor (Ethena Labs, BVI). Originally launched in 2024.
Reserve-Zusammensetzung
Synthetic dollar backed by delta-neutral stETH long positions hedged with perpetual-futures short positions on centralised exchanges. Not a fiat-backed stablecoin.
Bemerkenswerte Peg-Ereignisse
USDe surpassed $3B in supply within five months of its February 2024 launch — the fastest stablecoin to that mark on record.
Reserve-Attestierungsberichte
Informationen zum Emittenten stammen aus öffentlichen Offenlegungen, regulatorischen NYDFS- / BMA-Einreichungen und primären Attestierungsberichten. Vor Entscheidungen stets direkt beim Emittenten verifizieren.
Jüngste Angebotsaktivität
Ethena USDe (USDe) supply expanded by 10.021,6 $ in the last 24 hours, contracted by 2,2 Mio. $ (-0.04%) over the past week, and contracted by 383,5 Mio. $ (-6.08%) over the past 30 days.
Supply contraction: net redemptions have driven circulating supply down 6.08% in the past month, signaling capital rotation or deleveraging.
Supply-Verlauf
Network distribution
Ethena USDe circulates across 23 blockchain networks. Ethereum hosts the largest share at 82.49%, followed by Plasma at 6.03%. Mantle has shown the strongest 30-day growth at +41.77%, suggesting fresh issuance or bridge inflows on that chain.
| Kette | Angebot | Anteil | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | 4,9 Mrd. $ | 82.49% | -0.12% | -6.60% |
| Plasma | 357 Mio. $ | 6.03% | +1.45% | -10.72% |
| BSC | 260,2 Mio. $ | 4.39% | +0.00% | +0.59% |
| TON | 172,3 Mio. $ | 2.91% | +0.00% | -12.84% |
| Mantle | 149,4 Mio. $ | 2.52% | +3.76% | +41.77% |
| Hyperliquid L1 | 59,9 Mio. $ | 1.01% | -7.16% | -20.56% |
| Berachain | 30,2 Mio. $ | 0.51% | +0.14% | +1.37% |
| Solana | 3,3 Mio. $ | 0.06% | -0.05% | -0.83% |
| Arbitrum | 2 Mio. $ | 0.03% | -1.48% | -21.19% |
| Blast | 1,1 Mio. $ | 0.02% | -0.59% | +4.85% |
| Base | 581.211,2 $ | 0.01% | -0.23% | -1.13% |
| Movement | 384.582,7 $ | 0.01% | 0.00% | -8.98% |
| Zircuit | 197.794,8 $ | 0.00% | +0.00% | -1.29% |
| Scroll | 127.620,5 $ | 0.00% | 0.00% | -0.80% |
| Fraxtal | 66.824,3 $ | 0.00% | +4.52% | -62.31% |
| OP Mainnet | 15.868,5 $ | 0.00% | +4.29% | +0.03% |
| Linea | 7224,5 $ | 0.00% | 0.00% | -11.64% |
| ZKsync Era | 3345,4 $ | 0.00% | 0.00% | -14.58% |
| Manta | 1752,1 $ | 0.00% | -0.01% | 0.00% |
| Mode | 1027,3 $ | 0.00% | 0.00% | -2.45% |
| Metis | 371,7 $ | 0.00% | 0.00% | +3.53% |
| Kava | 143,3 $ | 0.00% | 0.00% | 0.00% |
| X Layer | 58,8 $ | 0.00% | 0.00% | +586.49% |
Verlauf der Peg-Stabilität
As a crypto-collateralised stablecoin, Ethena USDe (USDe) maintains its 1.00 USD target by holding excess on-chain collateral and routing redemptions through automated liquidation auctions. Spot price is currently $1.0000 (+0.001%); short-term excursions are normal in this range are typically arbitraged away within hours via the protocol's open mint/redeem mechanics.
Wie crypto-collateralised-Stablecoins ihren Peg verteidigen
Crypto-collateralised stablecoins like this one over-collateralise positions — borrowers must lock more than $1.00 of crypto for each $1.00 of stablecoin minted. If collateral value falls below the required ratio, the position is automatically liquidated in an open Dutch auction. Arbitrageurs can always mint and redeem against the protocol's contracts, which keeps the secondary-market price tightly bounded around $1.00. The main residual risks are sudden crypto-collateral crashes that outpace the liquidation engine, and oracle failure.
Praktische Auswirkungen für Inhaber
- Collateral volatility is the dominant risk: a fast drawdown in the collateral asset can outpace liquidation auctions and leave the protocol under-collateralised.
- Oracle risk: the protocol relies on price feeds (typically Chainlink or a multi-oracle setup). Oracle manipulation or delay during volatile markets has historically caused peg excursions.
- Governance risk: parameter changes (collateral types, liquidation ratios, debt ceilings) are decided by token-holder votes. Sudden governance attacks remain a tail risk.
- On-chain transparency is a major advantage — collateral is verifiable 24/7 without trusting an attestor.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (crypto-collateralised) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Vertragsadressen
Ethena USDe (USDe) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Kette | Vertragsadresse | Verifizieren |
|---|---|---|
| Ethereum | 0x4c9EDD5852cd905f086C759E8383e09bff1E68B3 | Explorer |
Vertragsadressen stammen aus dem Stablecoin-Profil von DeFiLlama. Einige Ketten (Tron, Solana, Aptos, Sui) verwenden Nicht-EVM-Adressformate. Der „Explorer"-Link öffnet den offiziellen Blockexplorer für die jeweilige Kette; wir verlinken nicht auf Drittanbieter-Explorer, die geänderte Daten anzeigen könnten.
Ethena USDe mit anderen crypto-collateralised-Stablecoins vergleichen
Below are the largest crypto-collateralised stablecoins tracked on Mantapex alongside Ethena USDe (USDe). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Angebot | Mechanismus | Ketten |
|---|---|---|---|
| Sky Dollar (USDS) | 8,4 Mrd. $ | crypto-backed | 6 |
| Dai (DAI) | 4,6 Mrd. $ | crypto-backed | 48 |
| Falcon USD (USDf) | 1,6 Mrd. $ | crypto-backed | 2 |
| USDD (USDD) | 1,1 Mrd. $ | crypto-backed | 4 |
| United Stables (U) | 1 Mrd. $ | crypto-backed | 2 |
Über Mechanismusklassen hinweg
If you're researching USDe as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Peg-Stabilität
Chain-Verteilung
Ressourcen & Datenquellen
Ethena USDe (USDe) is tracked across major crypto data providers. The links below open Ethena USDe (USDe)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from coingecko. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Aktuelle Ethena USDe-Nachrichten
Latest reporting from major crypto news outlets covering Ethena USDe.
- Crypto Briefing
Ethena's USDe deposits surge to $324M on Morpho in four weeks
Ethena's strategic asset deployment and partnerships enhance DeFi liquidity, but yield sustainability hinges on favorable market conditions. Ethena's USDe deposits surge to $324M…
- Crypto Briefing
Ethena enables free minting and redemption of USDe with USDC
Ethena's fee removal for USDe minting may boost institutional adoption but highlights DeFi's shift towards regulatory compliance. Ethena enables free minting and redemption of…
- Unchained
Ethena and BlackRock Expand Tie, Adding USDe to Its $20 Trillion Platform
The expanded partnership puts Ethena's synthetic dollar in front of BlackRock's institutional client base and gives the firm's tokenized treasury fund round-the-clock liquidity.
- Cryptopolitan
BlackRock is adding Ethena's USDe to its Aladdin platform
BlackRock is adding Ethena's USDe to its Aladdin platform, with about $25 trillion in AUM. Ethena Labs formally partnered with BlackRock on Monday.
- Crypto Briefing
BlackRock integrates Ethena's USDe into $25T investment platform
BlackRock's integration of USDe into its platform could accelerate institutional crypto adoption, but synthetic dollar risks remain significant. BlackRock integrates Ethena's USDe…
- BeInCrypto
BlackRock Fuels 10% Surge for Ethena as USDe Joins $25 Trillion Aladdin Platform
Ethena says it has integrated USDe, its synthetic dollar, into BlackRock's Aladdin platform. The move targets the institutions that run portfolios and risk on the system.
- Crypto news
BlackRock plugs Ethena USDe into Aladdin as ENA price jumps
Ethena's governance token ENA has climbed after BlackRock integrated the project's synthetic dollar USDe into its Aladdin investment platform, extending institutional access to a…
- Coingape
BlackRock Integrates Ethena's USDe Into $20T Aladdin Platform, ENA Climbs 5%
The world's largest asset manager, BlackRock, is integrating Ethena's USDe into its Aladdin investment platform, a move that would boost liquidity on the platform. The ENA price…
Verwandte Stablecoins
Stablecoins comparable to Ethena USDe by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Andere crypto-backed Stablecoins
An USD gebundene Stablecoins
Größte Stablecoins nach Angebot
Risikohinweis
Stablecoins tragen Risiken, einschließlich De-Pegging, regulatorischer Änderungen und Gegenparteirisiken. Diversifiziere immer und führe eigene Recherchen durch.