{"id":45853,"date":"2025-07-10T20:00:43","date_gmt":"2025-07-10T17:00:43","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=45853"},"modified":"2025-09-25T13:20:11","modified_gmt":"2025-09-25T10:20:11","slug":"what-is-ethena-usde-usde","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/","title":{"rendered":"What Is Ethena USDe (USDe)?"},"content":{"rendered":"<p dir=\"ltr\"><a href=\"https:\/\/coinengineer.net\/blog\/coinbase-lists-ethena-ena-altcoin-price-surge\/\"><strong>Ethena<\/strong> <\/a>is a synthetic dollar protocol built on the <strong>Ethereum<\/strong> blockchain, offering a scalable, censorship-resistant <strong>cryptocurrency<\/strong> solution called <strong>USDe<\/strong>. Additionally, it provides a globally accessible dollar savings asset, <strong>sUSDe<\/strong>, which allows users to earn rewards. This article will explore what Ethena\u2019s USDe is, how it works, its advantages, and its role within the ecosystem in detail.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#What_is_Ethena_and_USDe\" title=\"What is Ethena and USDe?\">What is Ethena and USDe?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#How_Does_USDe_Work\" title=\"How Does USDe Work?\">How Does USDe Work?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Delta-Neutral_Strategy\" title=\"Delta-Neutral Strategy\">Delta-Neutral Strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Off-Exchange_Custody\" title=\"Off-Exchange Custody\">Off-Exchange Custody<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Protocol_Rewards\" title=\"Protocol Rewards\">Protocol Rewards<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#USDe_Use_Cases\" title=\"USDe Use Cases\">USDe Use Cases<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Ethena_Ecosystem_and_Opportunities\" title=\"Ethena Ecosystem and Opportunities\">Ethena Ecosystem and Opportunities<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#USDtb_A_New_Stablecoin\" title=\"USDtb: A New Stablecoin\">USDtb: A New Stablecoin<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Ethena_Network\" title=\"Ethena Network\">Ethena Network<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#ENA_Ethenas_Governance_Token\" title=\"ENA: Ethena\u2019s Governance Token\">ENA: Ethena\u2019s Governance Token<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#ENA_Tokenomics\" title=\"ENA Tokenomics\">ENA Tokenomics<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Ethena_Vesting\" title=\"Ethena Vesting\">Ethena Vesting<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#How_to_Acquire_and_Stake_USDe\" title=\"How to Acquire and Stake USDe\">How to Acquire and Stake USDe<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Acquiring_USDe\" title=\"Acquiring USDe\">Acquiring USDe<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Staking_USDe\" title=\"Staking USDe\">Staking USDe<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Staking_ENA\" title=\"Staking ENA\">Staking ENA<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Peg_Stability_and_Reserve_Fund\" title=\"Peg Stability and Reserve Fund\">Peg Stability and Reserve Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Ethena_Team\" title=\"Ethena Team\">Ethena Team<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/#Official_Links\" title=\"Official Links\">Official Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"What_is_Ethena_and_USDe\"><\/span>What is Ethena and USDe?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">Ethena is a protocol designed to bridge decentralized finance (<strong>DeFi<\/strong>) and centralized finance (<strong>CeFi<\/strong>) in the crypto ecosystem. <strong>USDe<\/strong> is a synthetic dollar backed by spot assets like Bitcoin, Ethereum, and Solana, as well as liquid stablecoins such as USDC and USDT, utilizing a delta-neutral strategy. This ensures that USDe\u2019s value remains relatively stable by balancing protocol-held assets with futures contracts.<\/p>\n<p dir=\"ltr\">USDe is a fully backed asset (subject to potential loss scenarios outlined in the risks section) and can be freely used across CeFi and DeFi platforms. The protocol enables users to acquire USDe permissionlessly, stake it, and earn rewards.<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-161419 aligncenter\" src=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/07\/usde.png\" alt=\"\" width=\"1286\" height=\"495\" \/><\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"How_Does_USDe_Work\"><\/span>How Does USDe Work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">USDe is a <strong>cryptocurrency<\/strong> solution supported by on-chain custody of spot assets and centralized liquidity venues. Here are the key aspects of USDe\u2019s mechanism:<\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Delta-Neutral_Strategy\"><\/span>Delta-Neutral Strategy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\">USDe\u2019s peg stability is maintained through a delta-neutral hedging strategy against price fluctuations of the protocol\u2019s spot assets. For example, when a user deposits 100 USDT, approximately 100 USDe is minted, and the protocol opens a short futures position of equivalent value to offset asset price volatility. This keeps USDe\u2019s value stable.<\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Off-Exchange_Custody\"><\/span>Off-Exchange Custody<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\">Assets backing USDe are stored in <strong>off-exchange settlement<\/strong> solutions, ensuring they remain on-chain while minimizing counterparty risk from centralized exchanges. Ethena delegates but retains control over these assets.<\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Protocol_Rewards\"><\/span>Protocol Rewards<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\"><strong>sUSDe<\/strong> is the reward-bearing version of USDe. Users can stake their USDe to receive sUSDe and earn a share of protocol revenue. Rewards come from three main sources:<\/p>\n<ol class=\"tight\" dir=\"ltr\" data-tight=\"true\">\n<li>\n<p dir=\"ltr\">Funding rates and basis spreads from delta-hedging positions.<\/p>\n<\/li>\n<li>\n<p dir=\"ltr\">Yields from liquid stablecoins (e.g., USDC).<\/p>\n<\/li>\n<li>\n<p dir=\"ltr\">Consensus and execution layer rewards from staked ETH assets.<\/p>\n<\/li>\n<\/ol>\n<p dir=\"ltr\">In 2024, sUSDe\u2019s annual percentage yield (APY) averaged <strong>18%<\/strong>. Bitcoin and Ethereum perpetual futures positions yielded 11% and 12.6%, respectively.<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-161420 aligncenter\" src=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/07\/usde-1.png\" alt=\"\" width=\"1224\" height=\"228\" \/><\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"USDe_Use_Cases\"><\/span>USDe Use Cases<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">Ethena offers users multiple ways to interact with USDe:<\/p>\n<ul class=\"tight\" dir=\"ltr\" data-tight=\"true\">\n<li>\n<p dir=\"ltr\"><strong>Permissionless USDe Acquisition<\/strong>: Users can buy or sell USDe using assets like USDT or USDC through AMM pools.<\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>Direct Mint and Redeem<\/strong>: Approved market makers who pass KYC\/KYB checks can mint USDe or redeem backing assets.<\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>Stake and Unstake<\/strong>: Users in permitted jurisdictions can stake USDe to receive sUSDe and earn protocol rewards.<\/p>\n<\/li>\n<\/ul>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Ethena_Ecosystem_and_Opportunities\"><\/span>Ethena Ecosystem and Opportunities<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">Ethena aims to go beyond being a synthetic dollar provider, positioning itself as a platform for the <strong>DeFi ecosystem<\/strong>. USDe can be used as margin collateral in both DeFi and CeFi, with a potential $20 billion market opportunity through TradFi integration.<\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"USDtb_A_New_Stablecoin\"><\/span>USDtb: A New Stablecoin<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\"><strong>USDtb<\/strong> is Ethena\u2019s blockchain-based digital dollar, offering faster and cheaper transactions compared to traditional fiat banking. USDtb is backed by institutional-grade tokenized U.S. treasury fund products, such as BlackRock\u2019s BUIDL fund, and includes a stablecoin reserve for rapid redemptions.<\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Ethena_Network\"><\/span>Ethena Network<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\">Ethena is transitioning from a single asset issuer to a platform for innovative financial applications. The <strong>Ethena Network<\/strong> supports new protocols built on sUSDe. Example applications include:<\/p>\n<ul class=\"tight\" dir=\"ltr\" data-tight=\"true\">\n<li>\n<p dir=\"ltr\"><strong>Ethereal<\/strong>: A perpetual and spot exchange integrated with sUSDe, with its testnet launching in February 2025.<\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>Derive<\/strong>: An on-chain options and structured products protocol using sUSDe as a core collateral asset, with its token launched in January 2025.<\/p>\n<\/li>\n<\/ul>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"ENA_Ethenas_Governance_Token\"><\/span>ENA: Ethena\u2019s Governance Token<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\"><strong>ENA<\/strong> is Ethena\u2019s governance token with the following functions:<\/p>\n<ul class=\"tight\" dir=\"ltr\" data-tight=\"true\">\n<li>\n<p dir=\"ltr\"><strong>Governance<\/strong>: ENA holders can vote biannually to elect members of the Risk Committee and other key bodies. For instance, in 2024, ENA holders voted to add SOL as a backing asset for USDe.<\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>sENA Rewards<\/strong>: Users staking ENA receive sENA, earning ecosystem rewards. For example, Ethereal committed to distributing 15% of its future token supply to sENA holders.<\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>Restaked ENA<\/strong>: Through integration with LayerZero, ENA restaking pools provide economic security for cross-chain USDe transfers.<\/p>\n<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-161422 aligncenter\" src=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/07\/usde-3.webp\" alt=\"\" width=\"460\" height=\"372\" \/><\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"ENA_Tokenomics\"><\/span>ENA Tokenomics<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\">ENA\u2019s total supply is allocated as follows:<\/p>\n<ul class=\"tight\" dir=\"ltr\" data-tight=\"true\">\n<li>\n<p dir=\"ltr\"><strong>30% Core Contributors<\/strong>: Locked for 1 year with a 25% cliff, followed by 3-year linear monthly vesting.<\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>30% Investors<\/strong>: Subject to the same vesting schedule.<\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>30% Ecosystem Development<\/strong>: Used for airdrops and incentive campaigns.<\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>10% Foundation<\/strong>: Funds development, risk assessments, audits, and USDe expansion.<\/p>\n<\/li>\n<\/ul>\n<h4 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Ethena_Vesting\"><\/span>Ethena Vesting<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p dir=\"ltr\"><img decoding=\"async\" class=\"size-full wp-image-161418 aligncenter\" src=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/07\/ethena-vesting.avif\" alt=\"\" \/><\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"How_to_Acquire_and_Stake_USDe\"><\/span>How to Acquire and Stake USDe<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Acquiring_USDe\"><\/span>Acquiring USDe<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\">USDe can be purchased on secondary markets (e.g., Uniswap, Curve) or minted directly through the Ethena protocol. Whitelisted users can mint USDe using assets like USDT or USDC.<\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Staking_USDe\"><\/span>Staking USDe<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\">Users can stake USDe via Ethena\u2019s dApp interface to receive sUSDe. The staking process uses a token vault mechanism, with sUSDe\u2019s value increasing over time due to protocol rewards. Unstaking involves a 7-day cooldown period.<\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Staking_ENA\"><\/span>Staking ENA<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\">ENA holders can stake ENA to receive sENA and earn rewards. sENA\u2019s value also grows with protocol distributions, and unstaking requires a 7-day cooldown period.<\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Peg_Stability_and_Reserve_Fund\"><\/span>Peg Stability and Reserve Fund<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">USDe\u2019s <strong>peg stability<\/strong> is achieved through a delta-neutral hedging strategy, using short futures positions to balance price fluctuations of backing assets. Additionally, Ethena\u2019s reserve fund acts as a safety net during negative funding periods, reaching $46.6 million in Q4 2024.<\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Ethena_Team\"><\/span>Ethena Team<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">Ethena was founded in 2023 by <strong>Guy Young<\/strong> with a vision to create a censorship-resistant, scalable, and stable <strong>internet money<\/strong> in the crypto world. The protocol is managed by an experienced team and advisors. Ethena Labs consists of core contributors working on USDe\u2019s development and market launch. This team focuses on building the protocol\u2019s technical infrastructure, enhancing risk management processes, and expanding the ecosystem. The <strong>Risk Committee<\/strong>, playing a key role in governance, comprises industry-recognized experts, including:<\/p>\n<ul class=\"tight\" dir=\"ltr\" data-tight=\"true\">\n<li>\n<p dir=\"ltr\"><strong>Gauntlet<\/strong><\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>Block Analitica<\/strong><\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>Steakhouse<\/strong><\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>Blockworks Research<\/strong><\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>LlamaRisk<\/strong><\/p>\n<\/li>\n<li>\n<p dir=\"ltr\"><strong>Ethena Labs Research<\/strong><\/p>\n<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-161421 aligncenter\" src=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/07\/usde-2.png\" alt=\"\" width=\"950\" height=\"289\" \/><\/p>\n<h2 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Official_Links\"><\/span>Official Links<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li class=\"ai-optimize-86\"><strong><a href=\"https:\/\/ethena.fi\/\">Ethena Website<\/a><\/strong><\/li>\n<li class=\"ai-optimize-87\"><strong><a href=\"https:\/\/x.com\/ethena_labs\">Ethena X (Twitter)<\/a><\/strong><\/li>\n<li class=\"ai-optimize-88\"><strong><a href=\"https:\/\/docs.ethena.fi\/\">Ethena Whitepaper<\/a><\/strong><\/li>\n<\/ul>\n<p><script type=\"text\/javascript\" src=\"https:\/\/files.coinmarketcap.com\/static\/widget\/currency.js\"><\/script><\/p>\n<div class=\"coinmarketcap-currency-widget\" data-currencyid=\"29470\" data-base=\"USD\" data-secondary=\"\" data-ticker=\"true\" data-rank=\"true\" data-marketcap=\"true\" data-volume=\"true\" data-statsticker=\"true\" data-stats=\"USD\"><\/div>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethena is a synthetic dollar protocol built on the Ethereum blockchain, offering a scalable, censorship-resistant cryptocurrency solution called USDe. Additionally, it provides a globally accessible dollar savings asset, sUSDe, which allows users to earn rewards. This article will explore what Ethena\u2019s USDe is, how it works, its advantages, and its role within the ecosystem in<\/p>\n","protected":false},"author":29,"featured_media":45854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,5],"tags":[5164,20344,5165,105,5391,488,943,4833,119,20343],"class_list":["post-45853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-projects","category-project-review","tag-ena","tag-ena-tokenomics","tag-ethena","tag-ethereum","tag-guy-young","tag-stablecoin","tag-usdc","tag-usde","tag-usdt","tag-what-is-usde"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Ethena USDe (USDe)? - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Ethena is a synthetic dollar protocol built on the Ethereum blockchain, offering a scalable, censorship-resistant cryptocurrency solution.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/what-is-ethena-usde-usde\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is Ethena USDe (USDe)? 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