Ethena USDe price
Current price
$1.00
−0.05% 24h
Live Updated just now
Today Ethena USDe holds its $1 peg.
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View as table
| Time | Price |
|---|
Change by period
- 1 hour −0.01%
- 24 hours −0.05%
- 7 days −0.02%
- 30 days −0.09%
- 1 year +0.06%
Ethena USDe's move in context
Built to stay at $1
Ethena USDe has stayed within 2% of one US dollar all week, as a dollar stablecoin is built to, so small moves like −0.05% are normal.
Moving with the market
−0.05% in 24 hours, close to the whole market (−0.46%). Nothing specific to Ethena USDe stands out in the price.
- We compare the last 24 hours with this coin's typical day, from 26 recent days (up to four weeks). We only count exchanges we read on both days, so an exchange we've just added doesn't look like extra trading. This describes trading, not where the price goes next.
$34.82M traded in the last 24 hours on the exchanges we read, about 5.1 times its usual day.
Part of a slide
0.0% over 7 days and −0.1% over 30 days: the recent move continues the monthly direction.
This is analysis of past prices, not a prediction or financial advice.
Where to trade Ethena USDe
Prices agree within 0.36% across these 6 exchanges.
- Bybit Most traded USDE/USDT $30.32M 24h volume Last price $1.00 +0.01% vs our price
- MEXC USDE/USDT $36.78K 24h volume Last price $1.00 +0.02% vs our price
- Gate.io USDE/USDT $16.96K 24h volume Last price $0.9999 −0.01% vs our price
- Bitget USDE/USDT $13.34K 24h volume Last price $1.00 0.00% vs our price
- KuCoin USDE/USDT $1.7K 24h volume Last price $0.9991 −0.09% vs our price
- HTX USDE/USDT $1.48K 24h volume Last price $0.9966 −0.34% vs our price
Each exchange's last price against our price above. Listed for convenience, not as advice: check that an exchange is allowed where you live.
About Ethena USDe
Ethena USDe (USDE)
Ethena USDe (USDE) is a synthetic stablecoin issued by the Ethena protocol on Ethereum. It is designed to maintain a stable value close to one U.S. dollar through a delta-neutral hedging strategy that combines Ethereum staking yield with short positions on crypto derivatives markets. Unlike fiat-collateralized or algorithmic stablecoins, USDe aims to maintain its peg without relying on centralized reserves or algorithmic supply adjustments.
Stability Mechanism
USDe achieves price stability through a delta-neutral mechanism. The Ethena protocol deposits user assets (such as ETH or liquid staking tokens) to earn staking rewards, while simultaneously opening short perpetual positions on centralized exchanges. This strategy is designed to offset market volatility and maintain a stable dollar value. This model distinguishes USDe from traditional stablecoins like USDC, DAI, or UST.
DeFi Integration
USDe is deployed as an ERC-20 token and can be used across various decentralized finance (DeFi) platforms. It is supported by multiple lending protocols, liquidity pools, and trading platforms, enabling users to earn yield or use USDe as collateral. The token’s integration into the broader Ethereum DeFi ecosystem has facilitated its adoption for borrowing, trading, and liquidity provisioning.
Use Cases
Stable medium of exchange in decentralized applications.
Collateral in DeFi protocols for lending and borrowing.
Liquidity provision in decentralized exchanges.
Participation in staking mechanisms via the Ethena protocol.
Development Background
Ethena was launched in early 2024 and quickly gained attention due to its unique approach to stablecoin design and aggressive growth incentives. The protocol is developed by a team of contributors from the crypto and financial sectors, and it is backed by several venture capital firms. The USDe token is complemented by ENA, the protocol’s governance and staking token, which allows users to participate in decision-making processes and access protocol incentives.
Security and Transparency
The Ethena protocol uses audited smart contracts deployed on Ethereum. USDe’s stability relies on positions held on centralized exchanges, which introduces custodial and counterparty risk. The protocol publishes regular transparency reports and maintains dashboards showing collateral composition and risk exposure. However, it is not trust-minimized in the same sense as fully on-chain, collateralized stablecoins.
Availability of Information
Information about Ethena, USDe, and its risk model is publicly available through the official Ethena documentation and analytics dashboards. Users can track the protocol’s delta-neutral positions, staking yield, and short exposure on supported centralized exchanges.
Ethena USDe market
- Position by market cap among the coins we track whose circulating supply is checked.
- #19
- Position by market cap among the coins we track whose circulating supply is checked.
- Price × coins in circulation. It measures a coin's size, not its quality.
- $4.88B
- Price × coins in circulation. It measures a coin's size, not its quality.
- Dollars traded in the last 24 hours on the exchanges we read, in pairs against the dollar or a dollar stablecoin such as USDT. Sites that count more exchanges and pairs show higher figures.
- $34.82M
- on the exchanges we read
- Dollars traded in the last 24 hours on the exchanges we read, in pairs against the dollar or a dollar stablecoin such as USDT. Sites that count more exchanges and pairs show higher figures.
- The lowest and highest price we recorded in the last 24 hours. The dot marks the current price.
- Low $1.00 High $1.00
- The lowest and highest price we recorded in the last 24 hours. The dot marks the current price.
- The highest price in our records for this coin. The bar shows the current price as a share of it.
- $1.00
- Now 100% of it Reached 20 Jul 2025 · At its record now
- The highest price in our records for this coin. The bar shows the current price as a share of it.
- Coins that exist now and can be traded.
- 4.88B USDE
- Coins that exist now and can be traded.
- The most coins that can ever exist. Some coins have no limit.
- No limit listed
- The most coins that can ever exist. Some coins have no limit.
Ethena USDe converter
1 Ethena USDe = $1.00
