Issuer of USDe (~$5.9B market cap). Synthetic dollar via delta-hedged ETH. sUSDe yields.
Overview
Ticker
USDe
Backing type
Crypto-backed
Market cap
$5B+
Peg currency
USD
Issuer
Ethena Labs
Auditor
On-chain verifiable (audits by Quantstamp, Pashov)
Yield rate
~10-25% via sUSDe staking (variable, funding-rate dependent)
Launch year
2024
Reserves
Delta-neutral positions: staked ETH long + ETH perpetual short futures
Supported Chains
EthereumArbitrumBase
Regulatory
MiCA compliant
No
Jurisdiction
British Virgin Islands
Features
Programmable✓
Rebaseable—
Permissioned—
Cross-chain✓
DeFi integrated✓
Institutional grade—
Use Cases
Yield generationDeFi collateralFunding rate arbitrage exposureSavings product