What is the current price of Ethena USDe?
The current price of Ethena USDe is $1.00 with a 0.00% change in the last 24 hours.
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Prices and notionals are USD-equivalent venue units, with USDC collateral. No currency conversion is applied. Notional = venue price × base-asset size. Contract specifications
Derivatives and mapped ecosystem data, with source timings and coverage.
Ethena USDe (USDe) is a synthetic dollar: a token designed to hold a value of about 1 US dollar without a bank account full of dollars behind it. Instead, USDe is backed by a portfolio in which volatile assets such as spot BTC and ETH are paired with short futures positions of roughly the same size, so gains and losses on the spot side are offset by the hedge. That "delta-neutral" construction, plus holdings of liquid stablecoins and short-duration real-world assets, is what the protocol relies on to keep USDe stable. It matters because it is the most prominent attempt to build a dollar token out of crypto collateral and derivatives rather than bank deposits, and because its staked form, sUSDe, passes protocol revenue to holders.
Official resources:
Ethena's own documentation traces the idea to "Dust on Crust", an essay Arthur Hayes published in March 2023 arguing that a synthetic dollar built from crypto collateral and derivatives was the largest opportunity in crypto. The protocol is developed by Ethena Labs, while an Ethena Foundation subsidiary handles reward distributions.
The v1 contracts went through a multi-phase audit program in late 2023: Zellic first, then Quantstamp and Spearbit (both completed 18 October 2023), an independent review by Pashov (22 October 2023) and a public Code4rena contest (13 November 2023), none of which reported critical or high-severity issues. Pashov later audited the V2 contracts (May 2024) and the staked ENA contracts (September 2024), and Chaos Labs produced an economic risk review. Monthly custodian attestations have been published since April 2024, with the most recent covering August 2026.
Since then the design has broadened. Backing that was once almost entirely hedged spot crypto plus a stablecoin buffer is being diversified into non-crypto basis trades, DeFi and institutional lending, and tokenized real-world assets. Ethena also launched USDtb, a conventional reserve-backed stablecoin that, according to the docs, has been issued by Anchorage Digital Bank since October 2025.
Minting and redeeming Only whitelisted counterparties that pass KYC/KYB checks can mint or redeem directly; US users cannot access the app. A minter deposits an accepted asset (for example USDT), signs an EIP-712 order at a price quoted by Ethena, and receives newly minted USDe in the same transaction. Ethena says it earns no profit on minting or redemption; users pay only execution costs.
Hedging For volatile backing, Ethena opens a short perpetual or dated futures position of about the same notional value on a derivatives exchange, making the combined position roughly delta-neutral.
Off-exchange custody Backing assets are not deposited on exchanges. They sit with off-exchange settlement (OES) custodians, which the docs name as Copper, Ceffu, Kraken and Anchorage Digital. The custodian delegates margin to the exchange without transferring the assets, and profit and loss is settled on frequent, generally daily, cycles.
Peg arbitrage If USDe trades below 1 dollar on a venue such as Curve, approved users can buy it there and redeem it with Ethena at 1 dollar; if it trades above, they can mint and sell. The docs describe keeping a small share of backing in stablecoins inside the minting contract for on-demand redemptions, refilled from a larger stablecoin buffer held with custodians.
Revenue Income comes from perpetual funding rates and futures basis, staking yield on staked-ETH collateral, and returns on stablecoins, lending and real-world assets.
USDe is a dollar-denominated settlement and collateral asset. Holding plain USDe earns nothing; to receive rewards a holder stakes it into sUSDe. Rewards are calculated weekly, paid into the staking contract every 8 hours and vest linearly, and can only be positive or zero: when revenue is negative no rewards are paid and the Reserve Fund carries the cost. Unstaking sUSDe triggers a cooldown that the docs describe as dynamic, currently between 1 and 7 days, with the contract allowing up to 90 days. sUSDe is not offered to residents of the EU or EEA.
The first five risks below come from Ethena's own risk documentation; the last is structural:
USDe tests whether a dollar token can scale using crypto markets alone, with transparency from on-chain contracts, custodian attestations and a public dashboard. Its growth has made funding-rate markets and exchange custody practices a direct part of stablecoin design.
Most users acquire USDe on the secondary market, either on centralized exchanges or by swapping USDT or USDC in on-chain pools, since direct minting is limited to approved counterparties.
USDe on Ethereum is a standard ERC-20 token (contract 0x4c9edd5852cd905f086c759e8383e09bff1e68b3), so any Ethereum wallet such as MetaMask or a hardware wallet can hold it. On most other EVM chains the address is 0x5d3a1Ff2b6BAb83b63cd9AD0787074081a52ef34; always confirm addresses in the key addresses page before sending. Holders who want rewards can stake into sUSDe through the Ethena app, keeping the unstaking cooldown in mind.
Track Ethena USDe live price, chart, market cap, and volume in real time. Practice mock trading and demo trading for Ethena USDe on CoinRithm before using real money.
Use a crypto paper trading account to demo trade Ethena USDe with real-time prices, AI trade feedback, and trading leagues. Test strategies, learn risk management, and build confidence before trading Ethena USDe with real money.
Read the complete paper trading guideThe current price of Ethena USDe is $1.00 with a 0.00% change in the last 24 hours.
The daily trading volume is $2,535,053 representing a 59.71% change in the past 24 hours.
The market capitalization of Ethena USDe is $4,785,011,088, ranking #23 globally.
The fully diluted valuation (FDV) of Ethena USDe is $4,785,011,088, calculated assuming the total supply of 4,782,828,630 USDE is in circulation.
Circulating: 4,782,828,630. Total: 4,782,828,630. Max: N/A.
In the last 24 hours, Ethena USDe traded between a low of $1.00 and a high of $1.00.
USDE/USDTTether USDT1.00 USDT
The bank also expects Ethena’s ENA token to rise roughly sevenfold to $2 by the end of 2028 as USDe scales and token buybacks increase.
Standard Chartered forecasts a 7x gain by end-2028 on the strength of Ethena's buyback program. The buyback switches on when USDe supply reaches $7.5 billion; USDe sits at $4.9 billion.
Standard Chartered forecasts ENA will reach $2 by the end of 2028 as USDe scales eightfold and buybacks reshape the token's value.
The strategy pairs bStocks with short equity perpetuals, while eligible hedged accounts receive lower auto-deleveraging priority.
Ethena is adding Binance bStocks and equity perpetuals to the basis trade used for USDe's backing strategy.
LlamaRisk outlined Aave V3 cap increases, targeted supply-limit cuts and higher USDe base rates, with implementation planned through Risk Stewards.
