Ethena USDe
Current price
$1.00
+0.02%24h
LiveUpdated 22s ago
TodayEthena USDe holds its $1 peg.
Scroll to zoom · drag to move · ← → to read pricesPinch to zoom · press and hold to read prices
View as table
| Time | Price |
|---|
Change by period
- 1 hour0.00%
- 24 hours+0.02%
- 7 days+0.05%
- 30 days+0.09%
- 1 year+0.11%
Ethena USDe's move in context
Built to stay at $1
Ethena USDe is a stablecoin: its issuer aims to keep it worth one US dollar, so small moves like +0.02% are normal.
Beating the market today
+0.02% today against −3.27% for the market as a whole, a gap of 3.3 points. A gap this wide suggests something specific to Ethena USDe may be moving it, not just the market mood.
Part of a climb
0.0% over 7 days and +0.1% over 30 days: the recent move continues the monthly direction.
This is analysis of past prices, not a prediction or financial advice.
About Ethena USDe
Ethena USDe (USDE)
Ethena USDe (USDE) is a synthetic stablecoin issued by the Ethena protocol on Ethereum. It is designed to maintain a stable value close to one U.S. dollar through a delta-neutral hedging strategy that combines Ethereum staking yield with short positions on crypto derivatives markets. Unlike fiat-collateralized or algorithmic stablecoins, USDe aims to maintain its peg without relying on centralized reserves or algorithmic supply adjustments.
Stability Mechanism
USDe achieves price stability through a delta-neutral mechanism. The Ethena protocol deposits user assets (such as ETH or liquid staking tokens) to earn staking rewards, while simultaneously opening short perpetual positions on centralized exchanges. This strategy is designed to offset market volatility and maintain a stable dollar value. This model distinguishes USDe from traditional stablecoins like USDC, DAI, or UST.
DeFi Integration
USDe is deployed as an ERC-20 token and can be used across various decentralized finance (DeFi) platforms. It is supported by multiple lending protocols, liquidity pools, and trading platforms, enabling users to earn yield or use USDe as collateral. The token’s integration into the broader Ethereum DeFi ecosystem has facilitated its adoption for borrowing, trading, and liquidity provisioning.
Use Cases
Stable medium of exchange in decentralized applications.
Collateral in DeFi protocols for lending and borrowing.
Liquidity provision in decentralized exchanges.
Participation in staking mechanisms via the Ethena protocol.
Development Background
Ethena was launched in early 2024 and quickly gained attention due to its unique approach to stablecoin design and aggressive growth incentives. The protocol is developed by a team of contributors from the crypto and financial sectors, and it is backed by several venture capital firms. The USDe token is complemented by ENA, the protocol’s governance and staking token, which allows users to participate in decision-making processes and access protocol incentives.
Security and Transparency
The Ethena protocol uses audited smart contracts deployed on Ethereum. USDe’s stability relies on positions held on centralized exchanges, which introduces custodial and counterparty risk. The protocol publishes regular transparency reports and maintains dashboards showing collateral composition and risk exposure. However, it is not trust-minimized in the same sense as fully on-chain, collateralized stablecoins.
Availability of Information
Information about Ethena, USDe, and its risk model is publicly available through the official Ethena documentation and analytics dashboards. Users can track the protocol’s delta-neutral positions, staking yield, and short exposure on supported centralized exchanges.
Ethena USDe market
- Position by market cap among the coins we track.
- #15
- Position by market cap among the coins we track.
- Price × coins in circulation. It measures a coin's size, not its quality.
- $9.8B
- Price × coins in circulation. It measures a coin's size, not its quality.
- The lowest and highest price in the last 24 hours. The dot marks the current price.
- Low $1.00High $1.00
- The lowest and highest price in the last 24 hours. The dot marks the current price.
- The highest price this coin has ever reached. The bar shows today's price as a share of it.
- $1.00
- Now 100% of itReached 20 Jul 2025 · At its record now
- The highest price this coin has ever reached. The bar shows today's price as a share of it.
- Coins that exist now and can be traded.
- 9.79B USDE
- Coins that exist now and can be traded.
- The most coins that can ever exist. Some coins have no limit.
- No limit listed
- The most coins that can ever exist. Some coins have no limit.
Ethena USDe converter
1 Ethena USDe = $1.00
