Ethena USDe (USDe) is a synthetic dollar stablecoin issued by Ethena Labs, with governance and operations associated with the Ethena protocol and its BVI-based foundation structure. Its peg is maintained primarily through delta-hedged crypto collateral rather than traditional fiat reserves, and it is most commonly used on-chain across Ethereum and major DeFi venues for yield-bearing dollar exposure, collateral, and trading pairs. For peg confidence, depeg chatter, and risk monitoring, see the full risk profile.
Research only — not financial advice, not a solvency rating.