A synthetic dollar backed by Ethereum collateral and delta-hedged positions.
**Ethena USDe** is a decentralized synthetic stablecoin built on Ethereum by **Ethena Labs**.
It maintains a stable $1 value by combining on-chain collateral with delta-hedged derivatives positions.
Unlike traditional fiat-backed stablecoins, USDe is fully crypto-native, collateralized by assets such as ETH and stETH, and stabilized through smart hedging strategies on perpetual futures markets.
Below is live market data fetched directly from the CoinGecko API.
Ethena USDe Live Data
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Project Overview
Ethena Labs created **USDe** as a "synthetic dollar" for decentralized finance, designed to be stable, capital-efficient, and independent of traditional banking systems.
It achieves stability by pairing long ETH collateral with short perpetual positions - a "delta-neutral" strategy that mitigates volatility.
Users can mint, redeem, or stake USDe to earn yield via the **Ethena Protocol**, which distributes income from its hedging strategies.
Key Insights
Ethena's approach to stablecoins blends DeFi innovation with robust risk management. It does not rely on centralized reserves but on algorithmic market mechanisms.
The system's native staking product, **sUSDe**, allows holders to earn real yield from delta-hedging profits and funding rates.
Ethena aims to create a censorship-resistant, fully on-chain alternative to USDC and USDT.
Common Questions About Ethena USDe
1. What is Ethena USDe?
USDe is a synthetic stablecoin designed to maintain a $1 peg using crypto collateral and hedged positions.
2. Who created USDe?
It was developed by **Ethena Labs**, a DeFi protocol specializing in delta-hedged stable assets.
3. How does USDe maintain its peg?
By combining staked ETH collateral with short futures positions to offset market fluctuations.
4. What is sUSDe?
sUSDe is the staked version of USDe that accrues yield from Ethena's hedging and funding income.
5. Is USDe centralized?
No, it's a decentralized and crypto-native stable asset without reliance on fiat reserves or banks.
Market Context
Ethena USDe represents the new wave of **synthetic stablecoins**, offering decentralization and sustainability without fiat backing. It's often compared to projects like MakerDAO's DAI and Frax.
Its architecture positions it as a potential backbone for decentralized savings, trading, and DeFi liquidity.