Ethena USDe (USDE)

Ethena USDe (USDE) is a delta-neutral synthetic dollar with embedded yield. It provides a decentralized, stable asset that achieves price stability through delta-neutral hedging across centralized and decentralized exchanges. The Ethena product suite includes an Ethereum-enabled crypto-native synthetic dollar that offers users an embedded yield and achieves stability through collateralization with trustless crypto assets.

USDe is unique in its ability to solve the decentralized money trilemma by capturing yield from staked Ethereum and basis arbitrage. It is 100% collateralized with trustless crypto assets, ensuring censorship resistance and scalability. USDe can be created by depositing USD, Ethereum, or liquid staking tokens as collateral, then distributed to secure on-chain custodial wallets. The corresponding delta-neutral short position is taken to collateralize USDe.

Ethena USDe generates an embedded yield to users through staked Ethereum returns and capturing the basis in ETH perpetual funding rates. Unlike centralized stablecoins, this yield is accrued to the user. The native money markets Ethena provides allow users to mint USDe against liquid staking tokens, enabling them to maintain long exposure to Ethereum while generating USD liquidity. Repo financing further unlocks efficient post-leverage returns on the embedded yield of USDe Internet Bonds.