Ethena staked USDe

A synthetic dollar backed by hedged crypto, stablecoins and lending; staking it as sUSDe earns the income the backing makes.

Run by

Ethena (BVI) Limited, Ethena Labs

Route

Offshore synthetic dollar

Size

USDe ≈ $4.6B (Oct 23, 2026); about $1.1B staked as sUSDe (Nov 5, 2026)

Launched

Feb 2024

License

Issued by Ethena (BVI) Limited. BaFin ordered its German unit to wind down USDe business in Apr 2025. Its USDtb is issued through Anchorage for US rules.

Backing

After an Apr 2026 overhaul, perp hedged positions were about 11% of backing; the rest stablecoins, lending and T-bill funds.

Reports

Monthly custodian attestations since Apr 2024; backing held off exchange with regulated custodians. LlamaRisk runs a public monitor.

Networks

Ethereum, Solana, Avalanche and Tron (Sep 2026), among others.

Access

US users cannot mint under its terms, and sanctioned places are barred. Only approved, KYC'd firms can mint or redeem USDe directly.

Yield

About 5.1% (7 day average, Nov 5, 2026), from funding on hedges, lending and T-bill income, passed to stakers.

Rules

US users cannot mint USDe but can still hold or trade it, so US law can still reach them. USDe is widely seen as outside the GENIUS payment stablecoin rules.

More ways to earn and borrow

Aave Morpho sUSDS Ledn Kamino Veda

Public information as of September 2026, simplified. Not legal or investment advice. Open the full earn and borrow world.