Snapshot
Continue to About ↓- What it does
- USDe is a synthetic dollar token that tracks $1 using crypto collateral delta-hedged with short futures positions, rather than fiat reserves.
More detail
- Staking USDe yields sUSDe, a savings wrapper that passes through protocol revenue as a variable APY.
- Ethena does not publish a subscription or management fee for the protocol.
- Best for
- Crypto-native users, traders and institutions who understand delta-hedged synthetic dollars and want a productive dollar asset usable as collateral across centralised exchanges, custodians and onchain venues, or a protocol-revenue savings wrapper (sUSDe).
- Pricing
- No subscription or management fee is published for USDe/sUSDe. sUSDe spreads protocol revenue to stakers as a variable APY averaged from weekly data since 1 Jan 2024, assuming no net stake/unstake during vesting
More detail
- the exact spread between gross backing yield and sUSDe APY is not disclosed.
- Direct min
- Main limitation
- US persons (app access excluded) and EU/EEA residents for sUSDe
More detail
- anyone wanting fiat-backed stablecoin safety, or non-whitelisted users seeking direct mint/redeem.
- Record
- Living and monitored
- Reviewed
- Evidence
- Public web research
- Machine access
- Structured profile ↗
About
- USDe is a synthetic dollar token that tracks $1 using crypto collateral delta-hedged with short futures positions, rather than fiat reserves.
- Staking USDe yields sUSDe, a savings wrapper that passes through protocol revenue as a variable APY.
- Ethena does not publish a subscription or management fee for the protocol.
What it helps with
- Idle dollar balances earn little or nothing, while USDe is designed to stay productive as collateral.
- Fiat-backed stablecoin savings often trail the rates Ethena markets for sUSDe.
- Traders need a composable dollar collateral asset that works across centralised and onchain venues.
- Holders lack easy visibility into backing; Ethena provides real-time backing data, a SOC 2 Type II audit and proof of re
- Access to dollar savings is constrained by geography; Ethena offers globally accessible USDe markets subject to jurisdic
Capabilities
A practical view of what is available and where limitations apply.
| Offering | Available | Detail |
|---|---|---|
| Synthetic dollar design | Yes | Backed by crypto collateral plus short futures delta hedge, not fiat reserves. |
| sUSDe staking yield | Yes | Variable APY passed through from protocol revenue; historical average stated from 1 Jan 2024. |
| Direct mint/redeem | Limited | KYC/KYB whitelisting required; permissionless via AMM pools. |
| Real-time transparency | Yes | Real-time backing assets, SOC 2 Type II audit with zero exceptions, proof of reserves and attestations. |
| API access | Limited | Streaming quotes, RFQ and signed orders for whitelisted users. |
| Exchange and DeFi integrations | Yes | Binance, Bybit, Coinbase, Robinhood, Kraken, Deribit, Upbit; Aave Liquid Leverage integration. |
| US availability | No | US users cannot access the application, per Ethena FAQ. |
| EU/EEA sUSDe availability | No | sUSDe not offered to EU/EEA residents. |
| Published fee schedule | Unknown | No subscription, management fee or yield spread is disclosed on reviewed pages. |
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Evidence
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- Verification
- Scribble researched these facts from the linked public sources.
- The owner has not manually confirmed every field.
- Last reviewed
- Primary source
- ethena.fi
Technical profile details
Record ID
f9e1c3e8-0ef8-48b5-994c-86f8a01c9273Canonical URLhttps://profiles.scribble.network/listing/ethena-f9e1c3e8