Ethena's synthetic dollar backed by hedged staked ETH positions.
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CoinGecko data; may be delayed.
No declared max supply: no FDV is computable, supply follows demand.
100.0% of the achievable supply is already circulating.
$1.03 -3.32% · Dec 9, 2025
Source: CoinGecko, snapshot of Sep 13, 2026. Figures may be delayed.
Source: DefiLlama, data as of · Revenue is not reported by every protocol.. Figures are informational, not financial advice.
USDe is not backed by dollars in a bank: it is minted against crypto collateral (mostly staked ETH) paired with short perpetual futures positions that hedge price exposure. The design earns the basis spread between staking yield and funding rates, which it passes to users who lock USDe in rewards contracts. That makes it the highest-profile attempt at a scalable crypto-native dollar, and concentrates its risk in funding-rate dynamics: when funding flips negative for long stretches, the yield engine that supports the peg turns into a drain.
General research guidance, not analysis specific to this asset. Detail is pending.
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USDe is minted by depositing crypto collateral — predominantly staked ETH — against which the protocol opens short perpetual futures positions sized to offset price exposure. The reserve therefore earns staking yield and the funding-rate basis simultaneously, and the same reserve stands behind redemptions. It is a synthetic dollar: the peg is maintained by hedging and arbitrage, not by bank deposits.
Dollar unit with staking-based rewards
Collateral for derivatives venues that accept synthetic dollars
The basis spread between staking yield and perpetual funding rates is the engine: the protocol passes it to users who lock USDe into the sUSDe savings token, and keeps the design alive as long as funding does not stay negative for long stretches. ENA, the governance token, is the lever on protocol direction and fee routing — but the dollar itself is designed to trade at a dollar.
Supply is demand-driven: every USDe in existence corresponds to deposited collateral being hedged, with no emission schedule and no cap. Growth has been fast — Ethena reports more than thirty billion dollars moving through its mint and redeem systems since launch — and contraction is as fast, since redemptions unwind both the token and its hedge.
ENA holders govern protocol parameters and treasury, while the hedging execution and custody stack run through named custodians and exchanges chosen by the core team. Governance is real but bounded: the risk envelope — which venues hedge the reserve — has historically been an operator decision rather than a token vote.
Negative funding-rate regimes can flip the yield engine into a subsidy the protocol pays
Custody and exchange concentration in the hedging stack
Redemption stress in a sharp deleveraging would test the hedged design at scale
No. It is backed by crypto collateral, mostly staked ETH, paired with short perpetual hedges. That is why it is called a synthetic dollar: its stability comes from the hedge working, not from fiat deposits, and its risks are crypto-native rather than banking risks.
From two sources inside the reserve: Ethereum staking rewards and the funding basis from the short perpetual positions. When funding rates are positive, users receive the combined spread; when funding is negative for long enough, that same engine turns into a cost the protocol must absorb, which is the design's central risk.
Last verified:
Ethena Labs · ethena.fi · primary source
USDe as a fully backed synthetic dollar, sUSDe savings asset, launch date, and mint/redeem volume claims.
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Pending linkage to a concrete organization on the map.
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