About Ethena USDe
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.
Ethena flags potential security incident involving Binance, says collateral sits off-exchange
Ethena's off-exchange collateral strategy highlights the importance of robust custody solutions to mitigate risks from exchange-related incidents.
Ethena says it has paid out over $800M in USDe ecosystem rewards
Ethena's shift from token incentives to revenue-based sustainability could redefine user engagement and stability in the DeFi ecosystem.
Ethena founder Guy Young says DEXs are winning on efficiency
The rise of DEXs highlights a shift towards decentralized finance, emphasizing efficiency, user control, and innovation over traditional models.
Aave, Ethena and Hyperliquid founders name their biggest rivals at TOKEN2049
The diverse rivalries highlight DeFi's strategic shifts, emphasizing regulatory challenges and market dynamics in reshaping financial landscapes.
Mezo sets October 13 deadline for swBTC and USDe bridge-out
Mezo's bridge-out deadline highlights the need for efficient resource allocation, impacting token holders and signaling a shift in strategic focus.
StablecoinX shares go tokenized on Binance’s bStocks platform
Tokenized trading on bStocks enhances market accessibility but raises concerns about price alignment and interconnected financial risks.
A sourced map of Ethena USDe's relationships is on the way.
Partners, competitors and related assets, each link independently verified and source-linked before it appears here.
The Crypto Briefing podcast is on the way.
Conversations on Ethena USDe and the wider market, hosted by our team, will appear here once episodes are live.