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USDE

USDeSynthetic

Synthetic dollar powered by delta-neutral strategy

Since 2024·Score 62/100·Official Site

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 · 12M

Price stability · Issuance growth · Mint / burn events

Peg Target

$1.0000

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Contract Addresses

Always verify the contract address before transacting. Official addresses only.

Ethereum

Explorer

0x4c9EDD5852cd905f086C759E8383e09bff1E68B3

Supported Chains

Ethereum

Primary chain

Where to Get USDE

ArgusMark recommended platforms — vetted for compliance, liquidity, and security.

Binance

Highest liquidity

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Bybit

Strong derivatives platform

Visit

Curve

Best on-chain rates

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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.