Live · updated 8 minutes ago
Ethena USDe Price chart
Key stats
Performance
How the price moved over each period.
Supply
4.52B USDE circulate. No maximum supply is set.
- Circulating
- 4.52B
- Total supply
- 4.60B
- Max supply
- No max supply
ⓘ Circulating · Total supply · Max supply
Circulating supply: coins currently available to trade, as reported by the data provider.
Total supply: coins created so far, minus any burned. It includes locked or not-yet-released coins.
Max supply: the hard cap on coins that can ever exist. Shown as “No max supply” when the protocol sets no cap.
CryptoWave Health score
Five measurable signals. Each ring segment’s length is its weight; how full it is shows the score.
Volume is 2.37% of market cap. Normal turnover for its size.
$4.51B market cap, rank #25. Bigger is harder to push around.
98% of the total supply circulates. Little dilution ahead.
3.5% below its all-time high of $1.03.
Largest recent swing: 0.04% a day. Calm.
Describes market structure today. Not a price forecast and not investment advice.
How this score is calculated
A weighted average of five signals computed from the market data on this page. Each signal is scored from 0 to 100:
- Liquidity (25%): 24-hour trading volume divided by market cap.
- Market depth (25%): market cap, on a logarithmic scale from $10 million to $1 trillion.
- Supply (15%): circulating supply divided by max supply, or by total supply when there is no cap. More supply already in circulation scores higher.
- Distance from peak (15%): the current price compared with the all-time high.
- Stability (20%): the largest recent price swing among the 1-hour move (×3), the 24-hour move and the 7-day move (÷2.6).
Bands: 75 and above strong, 55–74 fair, 35–54 weak, below 35 fragile.
Limits: the score describes current market structure only. It is not a price forecast, an audit or investment advice, and it does not consider the team, code or token unlocks. A missing input counts as a neutral 50.
Time machine
Drag the date. See what a one-off buy or a regular buy would be worth today. Real daily closing prices, fees not included.
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What is Ethena USDe (USDE)?
Ethena USDe is a synthetic dollar created by the Ethena protocol. Unlike USDT or USDC, it is not backed by a bank balance of dollars. Ethena describes USDe as backed by crypto assets paired with offsetting short futures positions, a structure known as delta-neutral hedging. The protocol was designed by Guy Young and USDe went live in February 2024.
The idea is simple in outline. When USDe is minted, Ethena holds a long position in assets such as staked Ether and opens an equal short position in perpetual or futures markets. Price moves in the collateral are offset by the hedge, so the combined position is worth roughly one dollar per USDe. Redeeming USDe closes the matching short position.
What USDE is used for
USDe is used as a dollar-denominated asset in crypto markets and decentralized finance.
- Trading and settlement: USDe trades in liquidity pools against assets such as USDT and USDC, and is accepted as a dollar unit on several platforms.
- Savings: holders in permitted jurisdictions can stake USDe to receive sUSDe, a savings token whose return comes from the protocol's strategies, mainly funding rates on hedging positions.
- DeFi collateral: USDe and sUSDe are used in lending and liquidity applications on supported networks.
USDE supply and token design
USDe has no fixed supply. It is created when approved counterparties mint it and removed when they redeem it, so supply follows demand. Direct minting and redeeming are limited to approved market-making counterparties that pass KYC or KYB checks. Everyone else buys and sells USDe through external pools. Ethena says sUSDe is not offered to people habitually resident or registered in the EU or EEA.
The backing portfolio can shift between strategies, including delta-neutral basis trades, lending, tokenized real-world assets and liquid stablecoins, subject to governance and risk committee review. The hedging positions are held on major derivatives exchanges, with collateral kept in off-exchange settlement arrangements. The main Ethereum contract is 0x4c9edd5852cd905f086c759e8383e09bff1e68b3, and USDe also exists on other networks, so check the address before interacting.
Live circulating supply is shown in the market data on this page.
Official information is on ethena.fi.
What to check before using USDE
- Funding-rate risk: the strategy earns when futures trade above spot, and that income can shrink or turn negative in weak markets.
- Exchange and custodian exposure: hedges depend on derivatives venues and settlement providers, so an outage, default or liquidation problem there affects the backing.
- Peg risk: the one-dollar value relies on arbitrage by approved counterparties. In stressed markets USDe can trade away from a dollar.
- Not a fiat-backed coin: the risks differ from a cash-reserve stablecoin, as Ethena's own documentation notes.
- Eligibility: minting, redemption and sUSDe access vary by jurisdiction and may not be available to you.
Ethena USDe project profile
- Consensus
- PoW/P
- Open source
- No
- Hardware wallet support
- Yes
Token contracts
- Ethereum:
0x4c9edd…1e68b3 - Monad:
0x5d3a1ff2b6bab83b63cd9a… - Plasma:
0x5d3a1ff2b6bab83b63cd9a… - Metis Andromeda:
0x5d3a1ff2b6bab83b63cd9a… - Swellchain:
0x5d3a1ff2b6bab83b63cd9a… - Kava:
0x5d3a1ff2b6bab83b63cd9a… - Berachain:
0x5d3a1ff2b6bab83b63cd9a… - Mantle:
0x5d3a1ff2b6bab83b63cd9a…
Always confirm links on the project's own official channels before connecting a wallet or sending funds.
Ethena USDe market analysis
With a market capitalisation of $4.51 billion, Ethena USDe (USDE) is classed as a mid-cap asset and ranks #25 of 1,342 cryptocurrencies with a reported market cap on CryptoWave, larger than about 98.1% of them. It accounts for roughly 0.17% of the combined tracked market value. Mid-cap assets sit between the established majors and the speculative long tail, so both growth and drawdowns can be sharp.
Over the last 24 hours roughly $107.03 million of USDE changed hands, equal to 2.37% of its market cap, which puts its trading volume ahead of about 97.2% of tracked assets. That is a moderate, fairly typical level of turnover. Its turnover ratio is higher than that of about 37% of tracked assets.
Price action: USDE moved −0.04% in 24 hours and −0.08% over 7 days. It outperformed Bitcoin by 1.66 percentage points over 24 hours and by 3.77 points over 7 days. Against the median tracked coin (ahead by 2.09 points on the day and ahead by 6.06 points on the week), it has been a relative strength in recent sessions.
To overtake Dai (DAI) just above it, Ethena USDe would need to grow its market cap by about 0.1%; it is 3.8% larger than Uniswap (UNI) just below. Its market cap is 0.29% of Bitcoin's.
Based on market data; not investment advice.
Ethena USDe FAQ
What is Ethena USDe?
Ethena USDe is a synthetic dollar backed by crypto assets and offsetting short futures positions rather than by cash reserves. It aims to stay near one US dollar through delta-neutral hedging.
Who can mint and redeem USDe?
Direct minting and redemption are limited to approved market-making counterparties that pass KYC or KYB checks. Other users buy and sell USDe through external pools.
What is sUSDe?
sUSDe is the staked, yield-bearing form of USDe. It is available only to users in permitted jurisdictions and is not offered to people habitually resident or registered in the EU or EEA.
When did USDe launch?
USDe launched in February 2024. The protocol was designed by Guy Young.
Price history
| Date | Open | High | Low | Close |
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Historical price data is not available yet for this asset. | ||||