Ethena USDe

Ethena USDe (USDe) is a crypto-collateralised stablecoin: users mint USDe by locking other crypto assets as over-collateral, with $5.9B currently in circulation across 23 blockchain networks. The USD peg is maintained through liquidation auctions when collateral value falls below required thresholds. Price feed sourced via coingecko.

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 USDe (USDe) is issued by Ethena Labs, operating under Decentralised protocol with corporate sponsor (Ethena Labs, BVI). Originally launched in 2024.

Issuer information is compiled from public disclosures, NYDFS / BMA regulatory filings, and primary-source attestation reports. Always verify directly with the issuer before making decisions.

Ethena USDe (USDe) supply expanded by $10K in the last 24 hours, contracted by $2.2M (-0.04%) over the past week, and contracted by $383.5M (-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.

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.

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.

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.

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.

Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.

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.

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.