USDe

$4.5B market cap

Issued by Ethena · reviewed 29 October 2026

Market cap: $4.54B -2.45% 7d
30-day trend
Volume / market cap: 0.5%
Peg drift, 30 days: 0.11%

Market data as of 29 October 2026, the same daily snapshot the tracker publishes. Peg drift is the largest single-day distance from par over the last 30 days, for USD-pegged tokens only.

USDe is a synthetic stablecoin by Ethena, maintaining a 1:1 peg with the U.S. dollar using a delta-neutral derivatives strategy.

01

Instrument facts

Symbol	USDe
Peg	USD
Backing	Crypto backed
Status	Active
Launched	2024
Networks	L1 EVM Ethereum
Specifications	Backing Delta-neutral hedging strategy using staked Ethereum (stETH) and short perpetual futures positions. Auditor Chainlink, Harris & Trotter, Chaos Labs, LlamaRisk Reserve reporting Weekly Proof of Reserves attestations Redemption No public retail redemption; approved KYC/KYB mint users can mint and redeem directly with Ethena, subject to terms. KYC required Yes
Use cases	DeFi collateral, Trading
Mint and redeem	Ethena's terms separate KYC/AML-cleared, whitelisted Mint Users from ordinary Holding Users. Only Mint Users may create USDe from accepted tokens or redeem directly for supported assets; Holding Users have no direct redemption right with Ethena.

02

Supply by chain

14 chains · $4.5B total

Chain	Supply
Ethereum	$2.4B
Plasma	$587M
Robinhood Chain	$367M
Base	$352M
Solana	$316M
TON	$141M
Monad	$121M
BSC	$78M
Mantle	$78M
Avalanche	$22M
Berachain	$12M
X Layer	$8M
Hyperliquid L1	$7M
Arbitrum	$2M

Chains holding at least $1M of this token, from the daily cross-chain compilation. The total may differ from the market capitalization above, which is a separate measurement.

03

Contract addresses

30 chains

Chain	Address
Aptos	`0xf37a8864fe737eb8ec2c2931047047cbaed1beed3fb0e5b7c5526dafd3b9c2e9`
Arbitrum One	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Avalanche	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Base	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Berachain	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Binance Smart Chain	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Blast	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Ethereum	`0x4c9edd5852cd905f086c759e8383e09bff1e68b3`
Fraxtal	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
HyperEVM	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Hyperliquid	`0x2e6d84f2d7ca82e6581e03523e4389f7`
Kava	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Linea	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Manta Pacific	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Mantle	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
MegaETH	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Metis Andromeda	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Mode	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Monad	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Morph L2	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Optimistic Ethereum	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Plasma	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Robinhood	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Scroll	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Solana	`DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT`
Swellchain	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
The Open Network	`EQAIb6KmdfdDR7CN1GBqVJuP25iCnLKCvBlJ07Evuu2dzP5f`
X Layer	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
Zircuit	`0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34`
zkSync	`0x39fe7a0dacce31bd90418e3e659fb0b5f0b3db0d`

Addresses as recorded for this token. Verify against the issuer's own published address before sending funds.

Official site · Whitepaper

04

Background

USDe is a synthetic stablecoin introduced by Ethena in early 2024, designed to maintain a 1:1 peg with the U.S. dollar.

USDe employs a delta-neutral hedging strategy, using staked Ethereum (stETH) as collateral and offsetting it with short perpetual futures positions.

The stablecoin is backed by a reserve fund and a delta-neutral strategy, with multiple third-party attestors for its Proof of Reserves system.

05

Recent activity

2026-08-19 Adoption FalconX, Ethena bring USDe backing assets into $1B institutional credit facility cointelegraph.com
— Our coverage BIS vs Stablecoins: The Fragmentation Debate Is Back — Stablecoin Beat Insight
— Our coverage Stablecoin Recap Apr 13–20, 2026: United Stables added $1.021 billion. — Stablecoin Beat Weekly
— Our coverage Stablecoin Recap Apr 20–27, 2026: US authorities froze $344 million in crypto linked to Iran. — Stablecoin Beat Weekly
— Our coverage Stablecoin Recap Apr 27–May 4, 2026: CLARITY Act stablecoin yield rules finalized. — Stablecoin Beat Weekly
— Our coverage Stablecoin Recap Mar 30–Apr 6, 2026: USDD added $0.565 billion during a week that also saw the Fed's Barr back stablecoin clarity. — Stablecoin Beat Weekly

06

Frequently asked questions

What is USDe?

USDe is a synthetic stablecoin by Ethena, maintaining a 1:1 peg with the U.S. dollar using a delta-neutral derivatives strategy.

How is USDe backed?

Delta-neutral hedging strategy using staked Ethereum (stETH) and short perpetual futures positions.

Which networks carry USDe?

USDe is recorded on 1 network, Ethereum.

What is the market capitalization of USDe?

USDe has a market capitalization of $4.5B as of 29 October 2026.

07

Other US dollar stablecoins

Compiled from issuer disclosures, on-chain data and market data. Ethena · Methodology