STABLECOIN / USD
USDe
Ethena USDe, issued by Ethena Labs. Synthetic dollar with dynamic backing strategies.
Supply snapshot: 2026-09-14. API captured 2026-09-14 12:10:59 UTC. Price-update time is not supplied by the provider. Selected document fields reviewed 2026-09-12; other fields need review.
OVERVIEW
What is USDe?
Ethena USDe (USDe) is a USD-denominated synthetic dollar with dynamic backing strategies stablecoin associated with Ethena Labs. This profile separates a market snapshot dated 2026-09-14 from issuer-document reviews.
ISSUER / OPERATOREthena Labs
BACKING MODELProtocol assets; derivatives, lending and liquid-asset strategies
REDEMPTION ROUTEDirect route for approved KYC/KYB market-making counterparties
DOCUMENT REVIEW / 2026-09-12
What the sources establish.
A synthetic dollar has different dependencies
Ethena's current overview describes crypto and non-crypto basis trades, lending, tokenized assets and liquid stablecoin holdings. It separates secondary-market acquisition from direct minting and redemption for approved counterparties. These are protocol descriptions, not independently measured allocations. A dollar target alone does not make the backing equivalent to a cash-reserve stablecoin, and this review does not certify a current backing ratio.
Read the source ↗01 / ISSUER & STRUCTURE
What supports the unit.
- ISSUER
- Ethena Labs Not field-reviewed
- UNIT
- USD Not field-reviewed
- RESERVE / COLLATERAL
- Protocol assets; derivatives, lending and liquid-asset strategies Source · 2026-09-12 ↗
- ATTESTATION
- Onchain dashboard Not field-reviewed
- REGULATORY POSTURE
- Offshore protocol Not field-reviewed
02 / INTERPRETATION
How to read this record.
Only fields with their own dated source link were checked in the latest document review. Other descriptions remain historical reference material, even when a general source link is available.
Market cap is estimated as dated token supply multiplied by the USD price captured from the API. The two inputs are not guaranteed to be simultaneous. Supply change compares exact 30-day history points in token units, not dollar value or investment return. Network counts include tracked bridges.
03 / QUESTIONS
Common questions about USDe.
What is USDe?
Ethena USDe (USDe) is a USD-denominated synthetic dollar with dynamic backing strategies stablecoin associated with Ethena Labs. This profile separates a market snapshot dated 2026-09-14 from issuer-document reviews.
Who issues USDe?
The Stablrcoin record identifies Ethena Labs as the issuer, operator or governing organization associated with Ethena USDe. The exact legal role can differ between company-issued tokens and decentralized protocols, so the linked primary source remains authoritative.
What backs USDe?
The directory describes the reserve or collateral model as Protocol assets; derivatives, lending and liquid-asset strategies. That field has a dated source in the document review from 2026-09-12.
Can USDe be redeemed?
The recorded redemption route is: Direct route for approved KYC/KYB market-making counterparties. The route has a dated source in the document review from 2026-09-12. Eligibility, minimums, settlement windows and fees can still depend on the issuer, account type and jurisdiction.
Does USDe pay yield?
The listed yield profile is Separate sUSDe and partner reward programs; eligibility varies. Yield from a separate wrapper, savings product or protocol position is not the same as yield built into the stablecoin itself and can introduce additional risks.