What is the current price of Ethena USDe?
The current price of Ethena USDe is $0.9999 with a 0.01% change in the last 24 hours.
Ethena USDe is a synthetic dollar protocol built on Ethereum that aims to provide a crypto-native, censorship-resistant stable asset without relying on traditional banking infrastructure.
Unlike fiat-backed stablecoins, USDe targets a 1 USD peg using a delta-hedging approach that combines crypto collateral with derivatives positions to reduce directional price exposure.
USDe is commonly described as:
Official resources:
Ethena uses a hedged collateral model plus mint/redeem mechanics:
The protocol holds approved crypto collateral (often ETH-based assets) and opens offsetting short derivatives positions intended to neutralize price exposure. In simplified terms:
The goal is to keep USDe near $1 without relying on direct fiat reserves.
USDe can be minted by depositing approved collateral and redeemed back into collateral. Arbitrage incentives help push USDe back toward its peg when it trades above or below $1.
Ethena has introduced a yield-bearing narrative sometimes referred to as an "Internet Bond," which can combine:
This is intended to create a crypto-native, dollar-denominated savings primitive for DeFi.
USDe is often differentiated by:
Because the backing mechanism is financial-engineering based rather than fiat custody based, USDe has a different risk profile than fiat-backed stablecoins.
USDe is designed as a stable settlement asset and collateral primitive within the Ethena ecosystem and broader DeFi.
Ethena also has a governance token, commonly referred to as ENA, used for protocol governance and risk parameter decisions.
Common USDe use cases include:
Security and stability mechanisms may include:
Exact guarantees depend on implementation and market conditions.
USDe carries risks that differ from fiat-backed stablecoins:
Ethena represents a stablecoin design that is crypto-collateralized and delta-hedged rather than fiat-backed or overcollateralized in the Maker-style model.
If it proves resilient under stress conditions, it may influence how future stable assets are designed around on-chain collateral and derivatives markets.
USDe availability depends on listings and jurisdiction. USDe may be available on major centralized exchanges and within DeFi where supported.
USDe is an ERC-20 token. After buying, it can be stored:
You can view transactions and addresses on an Ethereum explorer such as Etherscan.
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Read the complete paper trading guideThe current price of Ethena USDe is $0.9999 with a 0.01% change in the last 24 hours.
The daily trading volume is $10,628,031 representing a 42.53% change in the past 24 hours.
The market capitalization of Ethena USDe is $4,077,145,232, ranking #23 globally.
The fully diluted valuation (FDV) of Ethena USDe is $4,077,145,232, calculated assuming the total supply of 4,077,620,050 USDE is in circulation.
Circulating: 4,077,620,050. Total: 4,077,620,050. Max: N/A.
In the last 24 hours, Ethena USDe traded between a low of $0.9997 and a high of $1.00.
USDE/USDTTether USDT0.9999 USDT
Ethena and FalconX set up a $1 billion secured lending facility to put USDe backing assets into institutional credit.
The $1 billion facility will deploy assets backing USDe into overcollateralized institutional loans, expanding Ethena’s sources of returns beyond crypto basis strategies.
Ethena and FalconX have launched a $1 billion secured lending facility that will use assets backing USDe to finance overcollateralized loans for institutional borrowers. How the $1 billion USDe facility will work FalconX and Ethena said the warehouse financing arrangement…
The warehouse facility gives Ethena another source of returns for the assets backing USDe while channeling onchain capital into overcollateralized institutional loans.
Stablecoin market cap on the chain has reached $640 million, the bulk of which has come from USDe.
There is a clear divergence for Robinhood Chain in the number of transactions and TVL growing against a stagnating user base.
