Ethena USDe (USDE)

The yield on that structure comes from futures funding rates and from staking rewards on the collateral; it accrues not to the token itself but to its savings version, received by depositing into a contract, so an ordinary holder sees no return. The collateral is kept with external custodians and shows on the exchange only as margin for the position, which reduces the risk of losing it along with the venue. A reserve fund exists to absorb the stretches when funding turns negative.

Formally this is not a reserve-backed stablecoin but a trading position wrapped as a token. The mechanics are familiar from derivatives desks: a basis trade packaged into a token and opened to any holder.

The design leans on the exchanges where the shorts are held: a venue failure or a prolonged spell of negative funding hits the backing directly.