CashboardStablecoin · USDe
Ethena USDe (USDe) live price dashboard
USDe is meant to sit at one dollar. The part worth watching is when it does not, and where the supply is moving. The board below tracks the peg, the supply and the chains USDe lives on.
What is Ethena USDe?
USDe is a synthetic dollar from Ethena Labs, launched to the public in February 2024. It is backed by crypto collateral hedged with short perpetual futures, plus stablecoins and other liquid assets, not by bank deposits. Staked as sUSDe it earns a yield from funding rates, staking rewards and the return on its reserves.
Ethena holds spot ETH or BTC and shorts the same amount in perpetual futures, so price moves cancel out and the position collects funding. In a bull market that pays well. When funding turns negative the hedge costs money, and a reserve fund covers the gap.
October 10, 2025 was the real test. During the market-wide liquidation cascade USDe fell to about $0.65 on Binance, whose collateral system priced it from its own order book, while on-chain pools stayed close to $1. Redemptions kept working. Supply was above $14 billion before the crash and less than half that by March 2026.
Ethena has since shifted most of the backing into liquid stablecoins and tokenized Treasury products such as its own USDtb, with perps down to roughly a tenth of reserves. In 2026 it also replaced the fixed seven-day sUSDe unstaking wait with a cooldown of one to seven days that depends on how liquid the backing is.
| Symbol | USDe |
|---|---|
| Category | Stablecoin |
| CoinGecko id | ethena-usde |
| Price sources in Cashboard | CoinGecko |
| Wallet tracking | Watch-only, on Solana or an indexed EVM chain |
What do traders watch on USDe?
- Perp funding rates, the part of the sUSDe yield that swings the most.
- USDe supply, which grows when funding pays well and shrinks when it does not.
- The USDe price on centralized exchanges during liquidation cascades.
How do you check whether USDe holds its peg?
A stablecoin chart is supposed to be boring. What tells you something is the gap to one dollar, which way supply is going and how much of it sits on a single chain. Stablecoin risk shows all three from DefiLlama and flags a row at 0.5% off the peg; Market flows adds the market-wide supply trend.
Where can you read more about Ethena USDe?
Frequently asked questions
Is USDe a stablecoin like USDC?
No. USDC is backed by cash and Treasuries and redeemed through Circle. USDe is held near $1 by a hedged crypto position plus stablecoin reserves, so its risks come from negative funding, exchange counterparties and thin liquidity in a crash.
Where does the sUSDe yield come from?
From funding payments on Ethena's short perp positions, staking rewards on staked ETH collateral and interest on its stablecoin and Treasury-backed reserves. The net goes to sUSDe holders, so the rate drops when funding cools.
How can I tell if USDe is losing its peg?
Put the Stablecoin risk widget on a board. It shows USDe against one dollar with supply change and chain concentration, marks the row as watch at 0.5% off the peg and high at 2%, and does the same for sharp supply drops. Data comes from DefiLlama.
More stablecoin dashboards
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- DAIDai (DAI)Dai is a decentralized dollar stablecoin from the Maker protocol, first launched in December 2017.
- PYUSDPayPal USD (PYUSD)PayPal USD (PYUSD) is a dollar stablecoin that PayPal launched in August 2023.
Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.