1. USDe and sUSDe Key Facts
| Tokens | USDe and sUSDe |
|---|---|
| Protocol | Ethena |
| USDe target | Designed to track the U.S. dollar |
| Stablecoin type | Synthetic dollar, not a fiat-backed stablecoin |
| Backing model | Crypto spot assets plus corresponding short futures positions, with liquid stablecoins also used in the backing mix |
| Yield-bearing version | sUSDe, an ERC-4626 staking vault receipt for staked USDe |
| Direct mint/redeem access | Whitelisted approved parties from permitted jurisdictions after KYC/KYB screening, according to Ethena docs |
| Latest attestation page reviewed | Ethena custodian attestations page listing monthly reports through January 2026 |
| Market data source | CoinGecko and CoinMarketCap live USDe/sUSDe pages, checked May 7, 2026 |
2. Backing and Delta-Neutral Mechanism
Ethena describes USDe as a synthetic dollar backed by crypto assets and corresponding short futures positions. The stated peg stability mechanism is delta hedging: the protocol holds spot backing assets and opens short perpetual or deliverable futures positions intended to offset the price movement of those backing assets.
Ethena docs list backing inputs such as Bitcoin, Ethereum, other governance-approved spot assets, and liquid stablecoins such as USDC and USDT. Ethena also describes off-exchange settlement providers as part of the custody workflow, with backing assets delegated for exchange margining while custody remains with off-exchange solutions.
| Component | Public description |
|---|---|
| Spot backing | BTC, ETH, other governance-approved spot assets, and liquid stablecoins listed in Ethena documentation |
| Hedge | Short perpetual or deliverable futures positions intended to offset backing asset price movement |
| Custody workflow | Off-exchange settlement providers such as Copper and Ceffu are named in Ethena custody documentation |
| Revenue sources | Funding/basis spread, rewards from liquid stable backing assets, and rewards from staked ETH assets |
3. Attestation and Transparency Status
Ethena publishes a transparency dashboard and a custodian attestations resource. The attestation page states that monthly attestations are completed with custodians to validate the existence, control, and value of USDe backing assets, and that the attestations show backing assets do not reside directly on exchange partners.
At the time of this review, the Ethena custodian attestations documentation listed monthly attestations from April 2024 through January 2026, with the transparency dashboard hosting the full attestation set.
4. Mint and Redemption Access
Ethena docs distinguish between permissionless market access and direct protocol mint/redeem access. Users can acquire or dispose of USDe in external liquidity pools and markets where available. Direct minting and redemption with Ethena contracts is described as available to approved parties from permitted jurisdictions after KYC/KYB screening and whitelisting.
Ethena's app copy also states that USDe can be unstaked, with withdrawals available after a seven-day cooldown, and that unstaking is supported on Ethereum.
5. sUSDe Reward Mechanism
sUSDe is the staked version of USDe. Ethena documentation says that when a user stakes USDe, the user receives sUSDe, and over time additional USDe is transferred into the staking contract as rewards. The user's sUSDe balance does not need to rebase; instead, the USDe value represented by each sUSDe can increase as the vault receives rewards.
Ethena docs state that sUSDe rewards are distributed through the staking rewards distributor, with APY calculated weekly and rewards distributed the following week in smaller payments. The documentation also states that users can only receive positive or flat rewards while staking USDe; negative protocol revenue is not passed into the staking contract as a negative reward.
Compare sUSDe with live USDT and USDC DeFi rates
sUSDe rewards come from Ethena's mechanism. For live lending APY on larger fiat-backed stablecoins, compare USDT and USDC rates by protocol and chain.
6. Market Cap, Price and Exchanges
USDe and sUSDe market data changes continuously. CoinGecko's live USDe page on May 7, 2026 showed a market cap near $4.0 billion, a circulating supply near 4.0 billion USDe, a 24-hour price range near $0.9989 to $0.9996, and listed Binance, Bybit, and MEXC among active USDe venues. CoinGecko's sUSDe page showed sUSDe trading near $1.23 with a market cap near $3.5 billion.
| USDe market cap | CoinGecko live page: about $4.0B on May 7, 2026; use live source for current value |
|---|---|
| USDe supply | CoinGecko live page: about 4.0B USDe on May 7, 2026 |
| USDe price history | CoinGecko listed all-time high around $1.03 and all-time low around $0.9295 |
| sUSDe market cap | CoinGecko live page: about $3.5B on May 7, 2026; use live source for current value |
7. Contracts and Supported Chains
Ethena's key addresses documentation lists the Ethereum USDe and sUSDe contracts below. CoinGecko also lists USDe on multiple chains and L2s. Always check official token lists, explorers, or Ethena documentation before transferring funds.
| Token | Ethereum contract |
|---|---|
| USDe | 0x4c9edd5852cd905f086c759e8383e09bff1e68b3 |
| sUSDe | 0x9d39a5de30e57443bff2a8307a4256c8797a3497 |
Before sending USDe or sUSDe, check the recipient address
Token mechanics do not verify the destination wallet. If you are sending USDe or sUSDe to an EVM address, scan the address for blacklist and behavior signals first.
Open Address Risk Checker8. Comparison Data Points
This page is not a recommendation or a full stablecoin comparison. The fields below are the data points to compare when looking at USDe/sUSDe next to fiat-backed stablecoins such as USDT, USDC, PYUSD, or USD1.
| Peg type | Synthetic dollar |
|---|---|
| Backing composition | Crypto spot assets, liquid stablecoins, and corresponding short futures positions |
| Attestation format | Monthly custodian attestations and transparency dashboard |
| Direct redemption | Whitelisted approved parties only, based on Ethena docs |
| Holder yield | USDe itself is the synthetic dollar; sUSDe is the reward-accruing staked version |
| DeFi support | CoinGecko lists centralized and decentralized markets; protocol integrations change over time |