Ethena USDe USDE
Cryptocurrency · Stablecoins · Not Mineable · launched in 0024
№19of 40 004
- $1.00
- Price +0.01%
- $4.59 billion
- Capitalization
- $16.32 million
- Volume over 24 hours
- 0.17%
- Dominance
About the coin
- Circulating supply
- 4.59 billion USDE
- Total supply
- 4.59 billion USDE
- Maximum supply
- Unlimited
- Fully diluted capitalization
- $4.59 billion
- 24h high
- $1.00
- 24h low
- $0.9999
Ethena USDe is an innovative synthetic dollar protocol created in 2024 on the Ethereum blockchain. Unlike traditional stablecoins, USDe does not rely on direct fiat bank reserves. Instead, stability against the US dollar is maintained through delta-neutral hedging. The protocol opens equivalent short positions in BTC and ETH futures on centralized exchanges against investors' collateralized crypto assets. This allows the token to serve as a stable payment instrument while simultaneously generating yield (sUSDe) through funding and staking.
Additional information
FAQ
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Ethena USDe is a synthetic dollar created on the Ethereum blockchain. Unlike traditional stablecoins (USDT or USDC), it does not rely on conventional fiat banking reserves. Its stability against the US dollar is maintained through cryptographic technologies and delta-neutral hedging strategies [EthenaLabs GitBook].
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The protocol uses a delta-neutral strategy: when a user deposits collateral (e.g., Ethereum or Bitcoin), the platform retains this asset on its balance sheet while simultaneously opening an equivalent short futures position on major exchanges. As a result, any cryptocurrency price fluctuations are mutually offset, maintaining stable dollar-backed value.
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Users can lock their USDe and receive sUSDe (Staked USDe) token in return. Yield is generated from two independent sources: first, staking rewards from the underlying collateral (for example, income from Lido stETH), and second, funding rate payments from short positions on derivatives markets.
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Unlike algorithmic stablecoins that were printed "out of thin air" backed by other volatile ecosystem tokens, USDe is 100% backed by real and highly liquid market assets (BTC, ETH, stETH) combined with strict mirror hedging of positions on the open market.
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Key risks include: exchange custodian risk (where hedging positions are held), sustained negative funding risk (when the protocol must pay to maintain short positions), and standard smart contract risks of decentralized systems. The protocol minimizes these by distributing positions across independent off-exchange custodians (e.g., Copper, Fireblocks).
Legal status of crypto assets in Uzbekistan
This section is for reference only and shows global market data. MONIQ is not a crypto asset service provider, does not carry out operations with crypto assets and does not give individual investment advice.
- Crypto assets are not legal tender in the Republic of Uzbekistan: they cannot be used to pay for goods and services, except in cases directly established by law.
- Residents may buy, sell and exchange crypto assets only through providers licensed by the NAPP — crypto exchanges, crypto shops, crypto depositories and mining pools registered as legal entities resident in Uzbekistan.
- The register of licences is maintained by the National Agency of Perspective Projects. Licences are issued and revoked, so the composition of the register changes — check the status of a venue at the moment of the transaction.
- Until 1 January 2029 transactions with crypto assets are not subject to taxation, and income from them is not included in aggregate income.
- Crypto assets are not traded on the RSE «Toshkent» and are not available through a broker account. There are no guaranteed returns, investments are not insured, and the price may change by tens of percent in a short time.
The information does not replace legal advice. Regulation changes — before any transaction check the current wording of the law and the register of licences at .