sUSDeStablecoin

Ethena Staked USDe

Circulating supply: $1.01B
30D change: -3.3%
Yield · 30-day trailing APY: 15.00%
NAV: 1.0500
Management fees: 0.00%
Minimum: $0
Redemption: Daily
Launched: 01 Feb 2024

Field coverage 96%Primary-source or on-chain verified 100% of tracked metrics1/1 source documents analyst-verifiedLast reconciled 13 Nov 2026

Overview

What this product is

Staked version of USDe which accrues the protocol yield.

Underlying asset: USDe
Asset class: Stablecoin
Product structure: Payment Stablecoin
Legal structure: BVI Professional Fund
Issuer jurisdiction: British Virgin Islands
Fund domicile: British Virgin Islands
Base currency: USD
Launched: 01 Feb 2024

Peer set

Comparable products

Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.


USDT	0.00%	0.00%	$0	$90.67B
USDC	0.00%	0.00%	$0	$61.58B
USDS	0.00%	0.00%	$1	$5.38B
USDe	10.50%	0.00%	$0	$5.27B
DAI	0.00%	0.00%	$0	$4.95B
sUSDS	6.00%	0.00%	$0	$3.39B
PYUSD	0.00%	0.00%	$0	$2.64B

Issuer

Who runs it

Ethena Labs

British Virgin Islands

Issuer of USDe, a synthetic dollar protocol built on Ethereum.

Portfolio

Composition

Ethena USDe100.0%

Weighted average maturity

0 days

Reserves

Attestation

Reserve composition

What actually backs the float, from the most recent independent attestation.

Ethena USDeCash & equivalents100.0%

Attestation

Verification history

Attesting firm: N/A
Frequency: monthly
Last attestation: 01 Jan 2024
Reserve WAM: 0 days

An attestation confirms the reserve existed on a reporting date. It is not an audit, and it says nothing about what a holder legally owns if the issuer fails, that question is answered by the legal structure, not the reserve report.

Risk

Reserve profile

Who holds the reserves, and whether the yield they earn reaches you or stays with the issuer.

Held as bank deposits-

Deposits are unsecured claims on a bank; government securities are not. A higher share means more bank credit exposure inside a product marketed as cash.

Backing type: crypto backed
Yield to holders: Passed through
Peg currency: USD

Par redemption access

Through smart contracts

On-chain history begins 05 Oct 2026 and covers 40 days of readings.

AUM

$1.01B

Assets under management

-3.3% over 40 days held

Yield

15.00%

Yield history. 30-day trailing APY

No on-chain history recorded for this series yet.

NAV

1.0500

NAV per token

No on-chain history recorded for this series yet.

Movement

Recent daily movement

Net movement -$34.3MOver 40 daysChange -3.3%


13 Nov 2026	$1.01B	-$1.7M	-0.2%
12 Nov 2026	$1.01B	-$292.8K	-0.0%
11 Nov 2026	$1.01B	-$2.6M	-0.3%
10 Nov 2026	$1.01B	$3.9M	+0.4%
09 Nov 2026	$1.01B	-$1.2M	-0.1%
08 Nov 2026	$1.01B	-$1.2M	-0.1%
07 Nov 2026	$1.01B	$51.9M	+5.4%
06 Nov 2026	$957.4M	$1.6M	+0.2%
05 Nov 2026	$955.8M	-$4.6M	-0.5%
04 Nov 2026	$960.4M	$2.1M	+0.2%

Redemption

Terms

Contractual terms

Redemption frequency: Daily
Dealing cut-off: 24/7
Settlement: 7 days unbonding
Redemption fee: None
Secondary venues: Curve, Uniswap
Transfer restrictions: None

These are contractual terms from the offering documents. Observed settlement performance and any discretionary accommodation by the manager are explicitly out of scope.

Assessment

Liquidity profile

Primary redemption

Daily · 7 days unbonding

Off-hours exit

Available continuously

Secondary market

Curve, Uniswap

Transferability

Freely transferable after compliance period

Exit fee

No redemption fee

Relationship graph

Operational dependency network

Every firm and system this product relies on. Select any of them to open its profile.

Every counterparty and system this product depends on to function. Each card links to that entity's own profile: the question worth asking of each is what happens to your position if it stops working.

Open in Ecosystem Graph →

Issuance & legal

Who is legally on the hook for this product.

Issued byEthenaBritish Virgin Islandsderived Administered byEthenaBritish Virgin Islandsderived Transfer agent of recordEthenaBritish Virgin Islandsderived

Custody

Where the backing assets actually sit.

Custodied bySmart ContractsDecentralizedderived

Markets & settlement

Where it trades and how value moves between venues and chains.

Deployed onEthereumpublic l1 · 100% of supplyderived

Look-through

Other tracked products this one holds.

HoldsEthena USDeUSDe · 100% of portfolioderived

Edges marked derived are inferred from a structured field on this product that carries its own source; they are not independent confirmation of it. Edges without that mark were sourced separately from a disclosure naming both parties.

Deployments

Registry

Networks and contracts

		Contract / asset id
EthereumPrimary	public l1	0x9D39A5DE30…797A3497	100.0%

Counterparties

Service providers

If any of these has a problem, this product is affected.

Custodian: Smart Contracts· Decentralized
Administrator: Ethena· British Virgin Islands
Transfer agent: Ethena· British Virgin Islands
Tokenization platform: Ethena· British Virgin Islands
Oracle / attestation: Not disclosed

Access

Classification

Who may hold this

RetailEligible

AccreditedNot eligible

ProfessionalNot eligible

InstitutionalEligible

Minimum investment: $0
Allow-list required: No
Transfer restrictions: None

Geography

Where it is available

United StatesNot available

European UnionNot available

SingaporeNot available

United KingdomNot available

SwitzerlandNot available

Hong Kong SARNot available

United Arab EmiratesNot available

Explicit prohibitions

−United States

Availability is limited to the jurisdictions in the coverage boundary. Absence here means not covered, not necessarily prohibited. This is a classification of the offering documents, not legal advice.

Structure

Legal and regulatory

Legal structure: BVI Professional Fund
Product structure: Payment Stablecoin
Fund domicile: British Virgin Islands
Issuer jurisdiction: British Virgin Islands
Transfer agent: Ethena Labs

The domicile of the fund and the jurisdiction of its manager are frequently different. Both are recorded separately because they drive different questions: tax and insolvency follow the domicile, supervision follows the manager.

Source documents

Offering documentation

The documents behind the figures on this page. Anything marked verified has been checked by an analyst.

sUSDe Docsfactsheet · 01 Jan 2024Parsed & verified↗

On-chain activity

Daily value outstanding

Value outstanding as read from the token contracts each day, and the movement between readings. Mints and redemptions are not separable on-chain, so this is the net of both, not gross issuance.

Net movement -$34.3MOver 40 daysChange -3.3%


13 Nov 2026	$1.01B	-$1.7M	-0.2%
12 Nov 2026	$1.01B	-$292.8K	-0.0%
11 Nov 2026	$1.01B	-$2.6M	-0.3%
10 Nov 2026	$1.01B	$3.9M	+0.4%
09 Nov 2026	$1.01B	-$1.2M	-0.1%
08 Nov 2026	$1.01B	-$1.2M	-0.1%
07 Nov 2026	$1.01B	$51.9M	+5.4%
06 Nov 2026	$957.4M	$1.6M	+0.2%
05 Nov 2026	$955.8M	-$4.6M	-0.5%
04 Nov 2026	$960.4M	$2.1M	+0.2%
03 Nov 2026	$958.3M	-$18.1M	-1.9%
02 Nov 2026	$976.4M	-$5.1M	-0.5%
01 Nov 2026	$981.4M	$127.3K	+0.0%
31 Oct 2026	$981.3M	-$16.3M	-1.6%
30 Oct 2026	$997.6M	-$184.4K	-0.0%
29 Oct 2026	$997.8M	$2.7M	+0.3%
28 Oct 2026	$995.1M	-$2.3M	-0.2%
27 Oct 2026	$997.4M	$4.5M	+0.5%
26 Oct 2026	$992.9M	$2.1M	+0.2%
25 Oct 2026	$990.8M	$641K	+0.1%
24 Oct 2026	$990.1M	$6M	+0.6%
23 Oct 2026	$984.2M	-$5M	-0.5%
22 Oct 2026	$989.2M	-$10.4M	-1.0%
21 Oct 2026	$999.5M	-$11.6M	-1.1%
20 Oct 2026	$1.01B	$479.8K	+0.0%
19 Oct 2026	$1.01B	-$16M	-1.6%
18 Oct 2026	$1.03B	-$2.5M	-0.2%
17 Oct 2026	$1.03B	$24.4M	+2.4%
16 Oct 2026	$1B	-$6.2M	-0.6%
15 Oct 2026	$1.01B	-$4.1M	-0.4%
14 Oct 2026	$1.01B	-$845.1K	-0.1%
13 Oct 2026	$1.02B	-$194K	-0.0%
12 Oct 2026	$1.02B	-$1.6M	-0.2%
11 Oct 2026	$1.02B	-$2.7M	-0.3%
10 Oct 2026	$1.02B	-$2M	-0.2%
09 Oct 2026	$1.02B	-$7.4M	-0.7%
08 Oct 2026	$1.03B	-$5.4M	-0.5%
07 Oct 2026	$1.04B	-$6.9M	-0.7%
06 Oct 2026	$1.04B	$1.6M	+0.2%
05 Oct 2026	$1.04B	-	-

Related intelligence

2 events reference this product

03 Nov 2026Market Structure

Ethena Framework Sets Trading Team Route for Lending Counterparties - TOKENPOST

Ethena implements a structural governance framework defining the operational pathway for its trading team to authorize and manage lending counterparties.

Establishing a formalized framework for counterparty selection impacts the risk-return profile of yield-bearing stablecoins by institutionalizing discretionary lending. Allocators must re-evaluate counterparty concentration and operational trust assumptions underlying the asset's yield generation.

03 Nov 2026Market Structure

Ethena’s trading team can approve borrowers of assets backing USDe under new rules - Cryptonews.net

New governance rules empower Ethena's trading team to directly approve lending counterparties and borrowers of the underlying assets backing the USDe stablecoin.

Delegating borrowing counterparty approvals to an internal trading team centralizes execution velocity while shifting counterparty credit risk management. This operational change alters the transparency of backing asset deployment for institutional holders evaluating structural risk in sUSDe.