Ethena USDe (USDE) price today
USDe is Ethena's synthetic dollar: it aims to be worth 1 dollar not with bank reserves but with crypto assets hedged by short positions in futures contracts.
Ethena USDe price now
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- Price in US dollars (USD)
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- Price in Brazilian reais (BRL)
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Market data source: CoinGecko, with a reference USD/BRL rate. Values can lag by a few minutes.
What is Ethena USDe?
USDe was launched in 2024 by Ethena Labs. Although it appears on stablecoin lists, the project itself describes it as a synthetic dollar, because its backing does not consist of dollars in an account.
The yield-bearing version, called sUSDe, passes on to holders part of the gains generated by the protocol's strategy.
How Ethena USDe works
For each USDe issued, the protocol holds crypto assets such as ETH and BTC and opens a short position of the same size in perpetual futures. If the asset price falls, the gain on the contract offsets the loss, and vice versa. This offset is called delta neutral.
Yield comes from the funding rates paid on those contracts and from staking rewards. When funding rates turn negative, the strategy costs money instead of earning it, and a reserve fund exists to absorb those periods.
What USDE is used for
- Dollar reserve with variable yield through sUSDe.
- Collateral in decentralized finance applications and on exchanges.
- Trading pair on some platforms.
Risks and points of attention
- It is not backed by dollars: the peg depends on a derivatives strategy working continuously.
- Counterparty risk at the centralized exchanges where positions are held and at the custodians of the collateral.
- Negative funding rates over long periods can drain the reserves.
- In October 2025, during a wave of liquidations, USDe traded well below 1 dollar on a major exchange.
Key facts
| Symbol | USDE |
|---|---|
| Asset type | Stablecoin |
| Launch | 2024 |
| Issuer or organization | Ethena Labs |
| Network | Ethereum, with versions on other networks |
| Maximum supply | No cap: issued on demand |
Reference data checked on October 3, 2026 against CoinGecko and the project's official pages.
Official links
Frequently asked questions about Ethena USDe
Is USDe a stablecoin?
It works like one but is structured differently. It is a synthetic dollar, maintained by crypto assets combined with short futures positions, not by dollars or government securities in reserve.
Where does sUSDe yield come from?
From funding rates received on perpetual contract positions and from staking rewards on the collateral assets. The yield is variable and can fall to zero.
Is USDe riskier than USDT or USDC?
Its risk profile is different and generally considered higher, because it depends on derivatives markets and exchanges, on top of ordinary smart contract risks.
Where does the Ethena USDe price on this page come from?
The panel shows the USDE price in US dollars and Brazilian reais, with change, volume and market capitalization. Data comes from CoinGecko, uses a reference exchange rate and can lag by a few minutes.