Assets · Other claim · issued by Ethena Labs
Ethena USDe (USDe)New
Ethena's synthetic dollar: backed by spot crypto and other assets hedged with short futures (delta-neutral), plus stablecoins and short-dated real-world assets. Minted and redeemed only by whitelisted, KYC'd users of Ethena BVI Limited; others hold it on the secondary market. Not a fiat-reserved stablecoin.
Issued through Ethena USDe synthetic dollar Live (scaled)
Classification · low confidence
- Legal form
- Other claim from issuance terms
- Underlying
- Mixed · Other 33%, Crypto assets 17%, Private credit 16%, Government debt 13%, Government debt 7%, Government debt 5%, Government debt 2%, Government debt 1%, Government debt 0%, Corporate debt 4%, Corporate debt 2%, Listed equities 1% (27 Oct 2026)
- Value behaviour
- Stable value · no income
- Ledger role
- Native
Other claim: synthetic dollar; only whitelisted users redeem, no par claim on a reserve. Backing of $4,532.1m on 27 Oct 2026 (Ethena backing-assets data): stablecoins lent in DeFi markets (Aave, Morpho, Jupiter, Kamino: USDT0, PYUSD, RLUSD, USDC) $1,480.7m, recorded as 'other' (on-chain loans, not held tokens, as for Sky in decision 2026-10-26-overlaps-1); liquid stablecoins held $1,302.9m (PYUSD $575.9m, RLUSD $300.4m, USDT $215.1m, USDC $103.2m, sGHO $49.6m counted as crypto, USDtb $38.5m, USDG $20.1m), looked through to government debt; delta-hedged BTC, ETH, SOL, XRP and other crypto $709.4m; institutional loans $703.9m; STAC $178.9m and JAAA $105.6m; hedged equity and gold positions $50.9m. No class over half, so mixed. Issuer data only, hence low. sUSDe, the staked version, earns the yield; USDe itself pays nothing.
Sourced[3]. How assets are classified: methodology.
Contracts
Addresses as published by the issuer. Check them on the explorer before relying on them. Supply per network comes from the issuing deployment's on-chain figures.
| Network | Address | Standard | Supply here | Source |
|---|---|---|---|---|
| Ethereum | 0x4c9edd…1e68b3 ↗ | ERC-20 | ~$1.88bn | [1] |
| Solana | DEkqHyPN…wjEonT ↗ | SPL | ~$192.75m | [1] |
| TON | EQAIb6Km…2dzP5f ↗ | Jetton | ~$56.62m | [1] |
Sources
- [1]Key Addresses | Ethena docs — Ethena. Accessed 15 Oct 2026. Most EVM layer 2s share one USDe address (0x5d3a1Ff2b6BAb83b63cd9AD0787074081a52ef34); not recorded per chain because the page does not map every chain to it..B
- [2]USDe Terms and Conditions | Ethena docs — Ethena. Accessed 15 Oct 2026.B
- [3]USDe backing assets by strategy, counterparty and asset (transparency data feed) — Ethena Labs, 26 Oct 2026. Accessed 26 Oct 2026. Issuer's own data feed behind the transparency dashboard, timestamp 26 Oct 2026 05:00 UTC; total $4,572,553,495..B