USDe is a synthetic dollar backed by delta-neutral derivatives positions. Ethena captures crypto funding rates while maintaining price stability through hedged staked ETH positions. Offers high native yields through sUSDe staking.
Market Cap
$6.43B
Peg Deviation
+0.145%
Regulatory Grade
C
Regulatory Score
45/100
Issuer & Reserve Details
Issuer
Ethena Labs
Issuer Type
Algorithmic Protocol
Treasury Transparency
On-Chain
Backing Type
Delta-Neutral
Reserve CompositionHolds staked ETH (stETH, etc.) long + short ETH perpetual futures on CEXes (Binance, Bybit, OKX, Deribit). Basis trade captures funding rate spread. Custodians: Copper, Ceffu, Cobo.
Peg MechanismMint/redeem via whitelisted participants. Delta-neutral position means backing value stays stable regardless of ETH price.
Regulatory Scorecard
Reserve CompositionNon-compliant reserve assets
Non-Compliant8/20
Audit & TransparencyReal-Time (On-Chain) audits by Pashov Audit Group, Quantstamp
Partial15/20
Redemption RightsCrypto-only redemption
Partial9/15
Issuer LicensingForeign jurisdiction
Non-Compliant6/15
Consumer ProtectionPays yield (GENIUS Act risk)
Non-Compliant2/15
CLARITY ClassificationSynthetic — unclear classification
Non-Compliant5/15
Reserve Assets
Delta-Neutral Derivatives
Audit Frequency
Real-Time (On-Chain) by Pashov Audit Group, Quantstamp
Redemption
3-5 Business Days
License
Foreign Regulated
BVI (Ethena Labs)
Classification
Synthetic / Delta-Neutral
Backing Ratio
100%
Top Yields for USDE
Source: DeFiLlama
| Platform | Chain | Type | Yield Source | APY | TVL | Safety | Links |
|---|---|---|---|---|---|---|---|
 berapaw |  Berachain | DeFi | Unknown | 29.21% | $1.4M | D · 41 | |
 beefy |  Ethereum | DeFi | Unknown | 14.45% | $848,441 | D · 53 | |
 pendle Audited | Ethereum | DeFi | Vault Strategy | 14.02% | $5.5M | B · 75 | |
pendle Audited | Ethereum | DeFi | Vault Strategy | 13.81% | $5.5M | B · 75 | |
 supernova-cl | Ethereum | DeFi | Unknown | 13.79% | $160,146 | D · 53 | |
 re | Ethereum | DeFi | Unknown | 12.00% | $17.8M | C · 62 | |
 wildcat-protocol | Ethereum | DeFi | Unknown | 12.00% | $148,666 | D · 53 | |
 curve-dex Multiple Audits | Ethereum | DeFi | LP Fees | 11.03% | $1.4M | A · 85 |
Audit & Attestation History
No audit records available
Disclaimer: Compliance scores are for informational purposes only and do not constitute financial or legal advice. Regulatory scores are based on the GENIUS Act (S.1582) and CLARITY Act (H.R.3633) frameworks using publicly available information. The GENIUS Act takes effect no later than January 18, 2027. Always conduct your own research.
Back to all stablecoins