Frontier AdoptionEvidence-graded tracking of what's actually live

Deployments · platform by Ethena Labs

Ethena USDe synthetic dollarNew

A dollar token from Ethena that is not backed by bank reserves: each USDe is backed by spot crypto and other assets hedged with short futures, plus stablecoins and short-dated real-world assets, so the backing is meant to hold a stable dollar value. Only whitelisted, KYC'd users of Ethena BVI Limited mint and redeem it; everyone else holds or trades it on the secondary market. About $4.7 billion was in circulation in October 2026, half of it on Ethereum. It is in the register as one of the largest crypto-collateralised and synthetic dollars, alongside Ethena's bank-issued USDtb.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (scaled) since 11 Dec 2023[1] — Openly held and traded across many chains since Ethena's December 2023 launch (first supply in DefiLlama's series); minting is limited to whitelisted users. · Reviewed 24d ago

Assets
Other claim[2]
Synthetic dollar backed by delta-hedged crypto and other assets, not by fiat reserves
Networks
Ethereum Public, permissionless[1]
Plasma Public, permissionless[1]
Solana Public, permissionless[1]
Base Public, permissionless[1]
Robinhood Chain Public, permissionless[1]
TON Public, permissionless[1]
Monad Public, permissionless[1]
BNB Chain Public, permissionless[1]
Mantle Public, permissionless[1]
Berachain Public, permissionless[1]
Avalanche Public, permissionless[1]
Hyperliquid Public, permissionless[1]
X Layer Public, permissionless[1]
Use cases
Primary issuance[1]
Jurisdictions
British Virgin Islands

Participants

Assets

Metrics

  • ~$4.72bnTokens in circulation · as of 15 Oct 2026context[1]
    On-chain via DefiLlama; sum of its per-chain balances. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$3.12bnTokens in circulation (counted part) · as of 15 Oct 2026[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$2.45bnTokens in circulation · as of 15 Oct 2026 · on Ethereumcontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$1.62bnTokens in circulation (counted part) · as of 15 Oct 2026 · on Ethereum[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$576.1mTokens in circulation · as of 15 Oct 2026 · on Plasmacontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$380.63mTokens in circulation (counted part) · as of 15 Oct 2026 · on Plasma[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$444.09mTokens in circulation · as of 15 Oct 2026 · on Solanacontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$293.41mTokens in circulation (counted part) · as of 15 Oct 2026 · on Solana[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$387.59mTokens in circulation · as of 15 Oct 2026 · on Basecontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$256.08mTokens in circulation (counted part) · as of 15 Oct 2026 · on Base[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$356.21mTokens in circulation · as of 15 Oct 2026 · on Robinhood Chaincontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$235.35mTokens in circulation (counted part) · as of 15 Oct 2026 · on Robinhood Chain[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$169.18mTokens in circulation · as of 15 Oct 2026 · on TONcontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$111.77mTokens in circulation (counted part) · as of 15 Oct 2026 · on TON[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$138.5mTokens in circulation · as of 15 Oct 2026 · on Monadcontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$91.51mTokens in circulation (counted part) · as of 15 Oct 2026 · on Monad[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$78.39mTokens in circulation · as of 15 Oct 2026 · on BNB Chaincontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$51.79mTokens in circulation (counted part) · as of 15 Oct 2026 · on BNB Chain[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$74.07mTokens in circulation · as of 15 Oct 2026 · on Mantlecontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$48.94mTokens in circulation (counted part) · as of 15 Oct 2026 · on Mantle[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$12.52mTokens in circulation · as of 15 Oct 2026 · on Berachaincontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$8.27mTokens in circulation (counted part) · as of 15 Oct 2026 · on Berachain[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$11.68mTokens in circulation · as of 15 Oct 2026 · on Avalanchecontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$7.72mTokens in circulation (counted part) · as of 15 Oct 2026 · on Avalanche[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$7.52mTokens in circulation · as of 15 Oct 2026 · on Hyperliquidcontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$4.97mTokens in circulation (counted part) · as of 15 Oct 2026 · on Hyperliquid[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$5mTokens in circulation · as of 15 Oct 2026 · on X Layercontext[1]
    On-chain via DefiLlama. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$3.3mTokens in circulation (counted part) · as of 15 Oct 2026 · on X Layer[1]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$4.92bnSupply on chain (daily) · as of 7 Nov 2026context[7]
    Automated daily reading of on-chain supply across all chains. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$3.25bnSupply on chain (daily) (counted part) · as of 7 Nov 2026[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$78.39mSupply on chain (daily) · as of 7 Nov 2026 · on BNB Chaincontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$51.79mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on BNB Chain[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$31.39mSupply on chain (daily) · as of 7 Nov 2026 · on X Layercontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$20.74mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on X Layer[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$2.85bnSupply on chain (daily) · as of 7 Nov 2026 · on Ethereumcontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$1.88bnSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Ethereum[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$81.94mSupply on chain (daily) · as of 7 Nov 2026 · on Avalanchecontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$54.14mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Avalanche[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$376.48mSupply on chain (daily) · as of 7 Nov 2026 · on Robinhood Chaincontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$248.74mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Robinhood Chain[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$6.46mSupply on chain (daily) · as of 7 Nov 2026 · on Hyperliquidcontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$4.27mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Hyperliquid[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$65.72mSupply on chain (daily) · as of 7 Nov 2026 · on Mantlecontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$43.42mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Mantle[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$120.73mSupply on chain (daily) · as of 7 Nov 2026 · on Monadcontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$79.77mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Monad[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$558.25mSupply on chain (daily) · as of 7 Nov 2026 · on Plasmacontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$368.84mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Plasma[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$365.32mSupply on chain (daily) · as of 7 Nov 2026 · on Basecontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$241.36mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Base[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$85.7mSupply on chain (daily) · as of 7 Nov 2026 · on TONcontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$56.62mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on TON[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).
  • ~$291.73mSupply on chain (daily) · as of 7 Nov 2026 · on Solanacontext[7]
    Automated daily reading. Gross supply, shown not counted: 66.1% of it is counted (the rest of the reserve is held in tokens counted elsewhere; breakdown as of 2026-10-27).
  • ~$192.75mSupply on chain (daily) (counted part) · as of 7 Nov 2026 · on Solana[7]
    66.1% of the gross figure: the part not backed by reserves held in other tracked tokens (breakdown as of 2026-10-27, source ethena-backing-assets-oct27).

Timeline

  1. Happened 11 Dec 2023 · Launch · recorded 15 Oct 2026
    First USDe supply on Ethereum in DefiLlama's data.[1]

Sources

  1. [1]USDe stablecoin data (API) — DefiLlama, 15 Oct 2026. Accessed 15 Oct 2026. DefiLlama classes the peg mechanism as crypto-backed..A
  2. [2]How USDe Works | Ethena docs — Ethena. Accessed 15 Oct 2026.B
  3. [3]USDe Terms and Conditions | Ethena docs — Ethena. Accessed 15 Oct 2026.B
  4. [4]Key Addresses | Ethena docs — Ethena. Accessed 15 Oct 2026.B
  5. [5]Off Exchange Custody | Ethena — Ethena. Accessed 28 Oct 2026. Names Copper, Ceffu, Kraken and Anchorage Digital as the off-exchange settlement custody providers holding USDe backing..B
  6. [6]Custodian Attestations of Assets Backing USDe: November — Ethena Labs, 1 Nov 2025. Accessed 28 Oct 2026. Page date 1 Nov 2025 although the snapshot is 26 Nov 2025; gives the amounts verified at Copper and Ceffu. Later monthly attestations on ethena.fi/blog load by script..B
  7. [7]Supply by chain, read daily — DefiLlama (automated daily refresh). Accessed 7 Nov 2026.A

Spotted something out of date or missing? Suggest a correction, ideally with a source.