USDe

USDeUSD pegStablecoin

Synthetic dollarDelta-neutral hedge

Synthetic dollar pegged via delta-hedging BTC/ETH spot plus perp shorts and liquid stables. Not fiat-backed. Mint/redeem KYC-gated to market makers.

Latest peg

$0.9997

Deviation

3 bps

Market cap

$4.07B

Peg health

Tight peg

Historical peg variance

Tight peg

90-day series · source: DeFi Llama

On-chain

Alchemy · live

Live circulating supply1.8MUSDe

Decimals18

Arbitrum contract0x5d3a…ef34

Last refreshed2s ago

Supply trend · ~30d

Recent transfers

When	From	To	Amount
4h ago	0x5342…3811	0x52aa…e497	33
4h ago	0xc23f…8d74	0x5342…3811	33
4h ago	0x5342…3811	0x52aa…e497	20
4h ago	0xc23f…8d74	0x5342…3811	20
4h ago	0x51e8…1a54	0x3223…9bfa	0.8996
4h ago	0x1231…4eae	0x51e8…1a54	0.8996
4h ago	0xd51a…2e5f	0x1231…4eae	0.8996
4h ago	0x5342…3811	0x52aa…e497	320

Chain distribution

Circulating supply by chain · updated 5d ago

DeFi Llama

Ethereum2.24B USDe54.9%

Solana537.8M USDe13.2%

Base356.1M USDe8.7%

Robinhood Chain298.2M USDe7.3%

Plasma178.1M USDe4.4%

BSC168.5M USDe4.1%

TON141.4M USDe3.5%

Monad64.4M USDe1.6%

Mantle62.3M USDe1.5%

Hyperliquid L115.5M USDe0.4%

Berachain12.2M USDe0.3%

Arbitrum1.8M USDe0.0%

Avalanche1.3M USDe0.0%

Blast929.3K USDe0.0%

MegaETH379.3K USDe0.0%

Morph78.5K USDe0.0%

Ink68.0K USDe0.0%

Zircuit67.1K USDe0.0%

Fraxtal25.5K USDe0.0%

Movement21.3K USDe0.0%

OP Mainnet13.6K USDe0.0%

Linea7.0K USDe0.0%

ZKsync Era2.6K USDe0.0%

Scroll2.0K USDe0.0%

Manta1.7K USDe0.0%

Mode975 USDe0.0%

Metis372 USDe0.0%

Kava140 USDe0.0%

X Layer61 USDe0.0%

Tempo22 USDe0.0%

Metadata

Peg targetUSD

Sub-categoryStablecoin

IssuerView network

ChainsArbitrum One

Arbitrum nativeNo

LiveLive

Founded—

Links

Website Twitter / X GitHub Audit report Arbitrum Portal Contract (Arbiscan)

Issuance

Backing & mint/redeem mechanics per the issuer.

DeFi Llama

Peg mechanismCrypto-backed

Ethena enables users to deposit either USD, Ethereum or liquid staking tokens as collateral to create USDe. Stability is ensured through delta-neutral hedging process across centralized and decentralized exchanges.

Published audits

ethena-labs.gitbook.io/ethena-labs/resources/audits#quantstamp-audit-on-v2-of-contracts

Off-chain facts

Reserve CompositionUpdated periodically
Backing is a delta-neutral mix of crypto collateral hedged with perp shorts plus liquid stablecoins; depegs if perp funding stays negative.
OAK Research — Ethena deep dive

Market

CoinGecko · live

Price$0.999662

Market cap$4.07B

Rank#24

24h volume$47.7M

Circulating4.07B

Total supply4.07B

24h change-0.0%

7d change+0.0%

30d change-0.0%

ATH / ATL$1.034 / $0.9295