Ethena USDe (USDE)USD

Ethena USDe is a synthetic dollar stablecoin on Ethereum that targets a value of one dollar using crypto collateral and derivatives instead of fiat reserves. It was created by Ethena Labs, a protocol founded by Guy Young, and launched on Ethereum mainnet in February 2024. The design relies on a delta-neutral strategy: users deposit assets like ETH, liquid staking tokens, BTC, or stablecoins, and Ethena holds those assets long while opening equal and opposite short perpetual futures positions on exchanges to hedge price movements and maintain the dollar peg. The Ethena protocol's native token is ENA, used for governance and ecosystem incentives, with a fixed total supply of 15 billion tokens. USDe itself is a crypto-native dollar substitute used for payments, trading, DeFi liquidity, and as collateral. Holders can stake it to receive sUSDe, a yield-bearing form of the stablecoin. USDe has no fixed supply cap. It is minted against deposited collateral and hedged positions, so total supply expands or contracts with user demand and available collateral. The peg is maintained through on-chain collateral management and derivatives hedging rather than direct fiat backing.