Ethena USDe USDE
Rank #24$0.999466▲ +0.02%(24h)▲ +0.02%(7d)
24h Low $0.99910224h High $0.99954
Market Cap
$4.71B
24h Volume
$42.6M
Circulating
4.72B USDE
All-Time High
$1.03
Ethena USDe Price Chart
Range: $0.999179 — $1.00
July 19, 2026October 16, 2026
Key Metrics
Market Cap
$4.71B
Volume (24h)
$42.6M
Circulating Supply
4.72B USDE
Max Supply
N/A
Ethena USDe Converter
Ethena USDe Converter
USDE
$USD
1 USDE = $1.00
Ethena USDe Historical Data
| All-Time High | $1.03 (December 9, 2025) |
| All-Time Low | $0.929486 (October 4, 2024) |
Where to Buy Ethena USDe
About Ethena USDe (USDE)
What is Ethena USDe and USDE price today
Ethena USDe is a synthetic dollar token designed to track $1.00 without holding fiat reserves in a bank account. Its peg is maintained through a delta-hedging strategy: staked crypto collateral is paired with an equal-sized short position in perpetual futures, so price moves in the collateral are offset by the derivative position. USDe currently trades around $0.9996, with a market capitalization near $4.69 billion that ranks it 21st by CoinGecko's data and daily volume of roughly $51.9 million. Its all-time high of $1.034 was set on December 9, 2025, during a period of elevated perpetual funding rates.
How Ethena's delta-hedging mechanism generates USDe's yield
When USDe is minted, the protocol takes in staked collateral, such as staked ether, and simultaneously opens a matching short position on that asset across derivatives venues. The long exposure from the staked collateral is offset by the short position, keeping the combined position neutral to the underlying asset's price. This structure produces two income streams, staking rewards from the collateral and funding payments from the short perpetual position, which are passed to holders who stake USDe into the yield-bearing sUSDe token rather than to USDe held idly in a wallet.
USDe versus fiat-backed stablecoins and its multi-chain reach
- Unlike USDT and USDC, which hold cash and short-term government debt in custodial accounts, USDe's backing sits in staked collateral plus offsetting derivatives positions, not bank deposits
- Unlike overcollateralized models such as DAI, USDe does not lock excess on-chain collateral in vaults; its stability instead depends on continuously executing the hedge across exchanges
- USDe is deployed natively across a large number of networks beyond Ethereum, including Solana, BNB Chain, Avalanche, Arbitrum, Optimism, Base, Aptos, TON, and Hyperliquid, positioning it as cross-chain liquidity infrastructure
- It also has a presence on newer chains such as Berachain, Mantle, Linea, Scroll, Blast, Fraxtal, HyperEVM, Plasma, and Monad
Risks of Ethena's synthetic dollar design and how to buy USDE
USDe's yield depends on perpetual funding rates, which can turn negative during sustained bearish markets and erode the income that normally flows to sUSDe holders over extended periods. Because hedging positions sit on derivatives exchanges, USDe also carries counterparty and custody risk tied to those venues, alongside smart contract risk in its minting, redemption, and staking contracts. Extreme volatility could widen the gap between USDe's market price and its $1.00 target, as its historical trading range around the all-time high illustrates.
Technical data
- Network
- ethereum
- Website
- app.ethena.fi
- Whitepaper
- PDF ↗
- Contract
- 0x4c9edd5852cd905f086c759e8383e09bff1e68b3
FAQ
What is Ethena USDe (USDE)?
Ethena USDe is a cryptocurrency traded under the ticker USDE. It currently ranks #24 by market capitalization, with a total market value of approximately $4.71B. On this page you can view its live price, charts, 24-hour performance, and key supply metrics.
How is the Ethena USDe price determined?
Ethena USDe's price is set by supply and demand across global cryptocurrency exchanges. Live quotes are aggregated from hundreds of trading pairs and reflect market sentiment, trading volume, on-chain activity, liquidity, and macroeconomic conditions. The current price is $0.999466.
How has Ethena USDe performed recently?
Over the past 24 hours, Ethena USDe is up +0.02%. Over the past 7 days it has gained +0.02%. You can review the full price history and select different time ranges using the chart above.
What is Ethena USDe's maximum supply?
Ethena USDe does not have a fixed maximum supply. Approximately 4.72B USDE are currently in circulation, and new coins may continue to be issued depending on the protocol's emission schedule.
What is Ethena USDe's all-time high price?
Ethena USDe reached its all-time high of $1.03. The all-time high represents the peak market price the asset has ever traded at across major exchanges. Historical peaks are useful reference points when evaluating long-term price action and drawdowns.
Where can I buy Ethena USDe?
Ethena USDe is available on most major cryptocurrency exchanges. Look for the USDE/USD or USDE/USDT pair. See the "Where to Buy" table above for live trading venues, or browse our curated list of top-rated exchanges for the safest and most liquid options.
Is Ethena USDe a good investment?
No cryptocurrency can be guaranteed to rise in value. Ethena USDe has advantages such as a transparent supply schedule and public market data, but it also carries high volatility, regulatory risk, and liquidity risk. Always do your own research, consider your risk tolerance, and never invest more than you can afford to lose.
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