The brief

Analyst view

• USDe launched on Ethereum in February 2024 as the first synthetic stablecoin using derivatives.
• Supply peaked at $14B in late 2025, then fell to ~$5B as rates normalized. Recovered through institutional partnerships.
• Expanded to TRON (September 2026) and TON/Telegram (May 2025). sUSDe yields 0–10% APY based on funding rates.

Technical approach

As reported

Delta hedging

Long crypto + short perpetuals

Long spot crypto (mainly ETH) paired with short perpetual futures. Price movements offset.

Funding rates

Yield source

In backwardation, Ethena collects negative funding rates, distributed to sUSDe stakers.

Collateral

Diverse crypto backing

USDe is backed by ETH, stETH, BTC, and USDT held in smart contracts. Ethena manages collateral ratios to maintain the $1 peg while maximizing yield capture.

Institutional integration

BlackRock Aladdin and FalconX

Integrated with BlackRock Aladdin (June 2026) and FalconX ($1B facility), expanding institutional access beyond retail.

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