USDE
USDeSyntheticSynthetic dollar powered by delta-neutral strategy
Official Overview
USDe is a synthetic dollar protocol built by Ethena Labs that achieves USD price stability through a delta-neutral hedging strategy rather than fiat reserves. Users mint USDe by depositing crypto assets (primarily ETH and BTC), while Ethena simultaneously opens equivalent short positions on derivatives exchanges to hedge price exposure. This creates a "synthetic dollar" that maintains its peg through market mechanics. USDe also offers high yields (the "Internet Bond") through funding rate income from the short positions, making it attractive for yield-seeking users.
Market Activity · 12 Months
Price stability · Issuance growth · On-chain mint / burn events
Peg Target
$1.0000
Current Issuance
$5.92B
circulating supply
12-Month Growth
+10.2%
vs 12 months ago
Peak Issuance
$14.85B
12-month high
Max Peg Deviation
0.453%
from $1.00
12-Month Net Flow
+$11.74B
Total Minted
−$11.19B
Total Redeemed
Issuance Growth Curve
Circulating supply over 12 months
+10.2% in 12 months
Mint & Burn Events — Latest 10
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Type
Date
Chain
Amount
Total Supply
Peg
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Querying Ethereum
Estimated from CoinGecko market cap · Top 25% by daily change · Newest first
Contract Addresses
Always verify the contract address before transacting. Official addresses only.
Supported Chains
Ethereum
Primary chain
Where to Get USDE
ArgusMark recommended platforms — vetted for compliance, liquidity, and security.
Technical Details
Peg MechanismSynthetic / Delta-neutral — backed by crypto collateral with corresponding short positions on centralized exchanges to offset price risk.
Reserve InfoAll collateral positions are publicly verifiable on-chain. Hedge positions on CEXs are reported via signed proof of reserves.
Audit StatusSmart contracts audited by Quantstamp and Zellic. Note: carries CEX counterparty risk and funding rate risk.
ArgusMark provides informational analysis only. This is not financial advice. Always conduct independent research before transacting with any stablecoin. Ratings reflect our Observer Network assessment and may not reflect all risks.