Ethena USDe
Profil du Stablecoin
Ethena USDe (USDe) est un stablecoin collatéralisé en crypto : les utilisateurs frappent USDe en verrouillant d'autres crypto-actifs en surcollatéral, avec 5,9 Md $US actuellement en circulation sur 23 réseaux blockchain. L'ancrage à USD est maintenu via des enchères de liquidation lorsque la valeur du collatéral tombe sous les seuils requis. Source de prix obtenue via coingecko.
À propos de 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.
Émetteur et attestation
Ethena USDe (USDe) is issued by Ethena Labs, operating under Decentralised protocol with corporate sponsor (Ethena Labs, BVI). Originally launched in 2024.
Composition des réserves
Synthetic dollar backed by delta-neutral stETH long positions hedged with perpetual-futures short positions on centralised exchanges. Not a fiat-backed stablecoin.
Événements notables d'ancrage
USDe surpassed $3B in supply within five months of its February 2024 launch — the fastest stablecoin to that mark on record.
Rapports d'attestation des réserves
Les informations sur l'émetteur sont compilées à partir de divulgations publiques, de dépôts réglementaires NYDFS / BMA et de rapports d'attestation de source primaire. Vérifiez toujours directement auprès de l'émetteur avant toute décision.
Activité récente de l'offre
Ethena USDe (USDe) supply expanded by 10 k $US in the last 24 hours, contracted by 2,2 M $US (-0.04%) over the past week, and contracted by 383,5 M $US (-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.
Historique de l'Offre
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.
| Chaîne | Offre | Part | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | 4,9 Md $US | 82.49% | -0.12% | -6.60% |
| Plasma | 357 M $US | 6.03% | +1.45% | -10.72% |
| BSC | 260,2 M $US | 4.39% | +0.00% | +0.59% |
| TON | 172,3 M $US | 2.91% | +0.00% | -12.84% |
| Mantle | 149,4 M $US | 2.52% | +3.76% | +41.77% |
| Hyperliquid L1 | 59,9 M $US | 1.01% | -7.16% | -20.56% |
| Berachain | 30,2 M $US | 0.51% | +0.14% | +1.37% |
| Solana | 3,3 M $US | 0.06% | -0.05% | -0.83% |
| Arbitrum | 2 M $US | 0.03% | -1.48% | -21.19% |
| Blast | 1,1 M $US | 0.02% | -0.59% | +4.85% |
| Base | 581,2 k $US | 0.01% | -0.23% | -1.13% |
| Movement | 384,6 k $US | 0.01% | 0.00% | -8.98% |
| Zircuit | 197,8 k $US | 0.00% | +0.00% | -1.29% |
| Scroll | 127,6 k $US | 0.00% | 0.00% | -0.80% |
| Fraxtal | 66,8 k $US | 0.00% | +4.52% | -62.31% |
| OP Mainnet | 15,9 k $US | 0.00% | +4.29% | +0.03% |
| Linea | 7,2 k $US | 0.00% | 0.00% | -11.64% |
| ZKsync Era | 3,3 k $US | 0.00% | 0.00% | -14.58% |
| Manta | 1,8 k $US | 0.00% | -0.01% | 0.00% |
| Mode | 1 k $US | 0.00% | 0.00% | -2.45% |
| Metis | 371,7 $US | 0.00% | 0.00% | +3.53% |
| Kava | 143,3 $US | 0.00% | 0.00% | 0.00% |
| X Layer | 58,8 $US | 0.00% | 0.00% | +586.49% |
Historique de stabilité de l'ancrage
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.
Comment les stablecoins crypto-collateralised défendent leur ancrage
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.
Implications pratiques pour les détenteurs
- 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.
Adresses de contrat
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.
| Chaîne | Adresse du contrat | Vérifier |
|---|---|---|
| Ethereum | 0x4c9EDD5852cd905f086C759E8383e09bff1E68B3 | Explorateur |
Les adresses de contrat proviennent du profil stablecoin de DeFiLlama. Certaines chaînes (Tron, Solana, Aptos, Sui) utilisent des formats d'adresse non EVM. Le lien « Explorateur » ouvre l'explorateur de blocs officiel de la chaîne concernée ; nous ne renvoyons pas vers des explorateurs tiers susceptibles d'afficher des données modifiées.
Comparer Ethena USDe à d'autres stablecoins crypto-collateralised
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 | Offre | Mécanisme | Chaînes |
|---|---|---|---|
| Sky Dollar (USDS) | 8,4 Md $US | crypto-backed | 6 |
| Dai (DAI) | 4,6 Md $US | crypto-backed | 48 |
| Falcon USD (USDf) | 1,6 Md $US | crypto-backed | 2 |
| USDD (USDD) | 1,1 Md $US | crypto-backed | 4 |
| United Stables (U) | 1 Md $US | crypto-backed | 2 |
Entre les classes de mécanismes
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.
Stabilité du Peg
Distribution par Chaîne
Ressources et sources de données
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.
Actualités récentes sur Ethena USDe
Latest reporting from major crypto news outlets covering Ethena USDe.
- Forbes
Ethena's USDe Pays Yield Legally, And The GENIUS Act Has No Answer For It
Ethena's USDe pays yield through a delta-neutral funding trade, sidestepping the GENIUS Act Section 4(a)(11) ban that forced Circle and Coinbase to restructure USDC.
- Crypto Briefing
Ethena's USDe vault on Coinbase surpasses $100M in 4 days
Ethena's vault success highlights growing interest in DeFi yields, but regulatory scrutiny and risk management remain critical challenges. Ethena's USDe vault on Coinbase…
- Crypto Briefing
Whale 0x54d2 borrows $10M USDe from Aave, buys 5,818 ETH in latest leveraged play
Leveraged ETH purchases by whales highlight DeFi's growing role in crypto markets, but also underscore potential risks of cascading liquidations. Whale 0x54d2 borrows $10M USDe…
- Crypto Briefing
Ethena launches High Yield Vault on Coinbase powered by USDe
Ethena's integration with Coinbase could reshape crypto savings, offering higher yields but also introducing new risks for investors. Ethena launches High Yield Vault on Coinbase…
- Coingape
Ethena Signs Two Major Deals for Investment in USDe
Ethena:- In a major update for USDe, Ethena has announced two strategic partnerships that could help expand institutional participation in its USDe ecosystem. In the first deal,…
- Crypto Briefing
Janus Henderson acquires ENA, adds USDe to treasury, and explores crypto ETPs with Ethena
Janus Henderson's crypto ventures could reshape asset management, but regulatory hurdles and synthetic asset risks may challenge their success. Janus Henderson acquires ENA, adds…
- Cryip
Janus Henderson Expands Digital Asset Strategy With Ethena Investment and USDe Partnership
Asset manager Janus Henderson has become the latest traditional financial institution to deepen its involvement in decentralized finance after announcing a strategic partnership…
- Bitcoin
Ethena Scores $480B TradFi Partner as Janus Henderson Commits to USDe
Ethena has secured a strategic partnership with Janus Henderson, a global asset manager overseeing approximately $480 billion, to diversify USDe's reserve portfolio with AAA-rated…
Stablecoins associées
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.
Autres stablecoins crypto-backed
Stablecoins indexés sur USD
Plus grands stablecoins par offre
Avertissement de Risque
Les stablecoins comportent des risques, notamment la dé-peggisation, les changements réglementaires et le risque de contrepartie. Diversifiez toujours et faites vos propres recherches.