Ethena USDe USDE
stablecoinchain EthereumRank 21 by market cap
This section is informational. Data comes from public sources and is not investment advice. Digital assets are volatile and may lose value.
Key figures
- Market cap
- 4.74 B $supply as of 2026-09-17
- FDV
- 4.74 B $of the total supply: no maximum is declared
- 24h turnover
- 2.24 M $
- Turnover to market cap
- 0.05 %
- Circulating
- 4.74 B USDE
- Market cap rank
- 21
About the coin
The dollar here does not sit in a bank; it is assembled synthetically. The protocol holds a crypto asset and simultaneously opens an equal short position in perpetual futures against it: a rise in the collateral's price is offset by a loss on the short, and vice versa, so the pair's dollar value stays roughly flat.
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.
A reference description of the project, not investment advice.
Price chart
Where it trades
Turnover is what the venue itself reports; we do not verify it, so the order in the table is not a reliability ranking.
| Venue | 24h turnover | Share |
|---|---|---|
| Uniswap V4 (Ethereum) | 30.4 M $ | 33.7 % |
| Ekubo V3 (Ethereum) | 12.8 M $ | 14.2 % |
| Curve (Ethereum) | 10.8 M $ | 12.0 % |
| Bybit | 5.07 M $ | 5.6 % |
| Bybit | 3.62 M $ | 48.5 % |
Return by period
Periods from a week are calendar-based, from midnight UTC. The 24-hour figure is a rolling window from the current price — different bases, not a discrepancy.
| Period | USDE | BTC | ETH |
|---|---|---|---|
| 24 hoursrolling | +0.05 % | +0.53 % | +1.85 % |
| 7 days | +0.03 % | −2.30 % | −1.70 % |
| 30 days | −0.05 % | +18.51 % | +26.78 % |
| 90 days | +0.04 % | +21.47 % | +41.78 % |
| year to date | +0.07 % | −12.74 % | −18.36 % |
| 1 year | −0.04 % | −34.52 % | −46.10 % |
Supply and issuance
We compute market cap from circulating supply, so its date matters as much as the price.
- Circulating
- 4.74 B USDE
- Total issued
- 4.74 B USDE
- Maximum
- —
This asset declares no maximum supply, so it has no circulating share to speak of.
Risk and statistics
Computed by us from our own history. This section shows no buy/sell ratings — these are values, not verdicts.
- 30d volatility
- 0.35 %
- 90d volatility
- 0.39 %
- Maximum drawdown over a year
- −0.30 %
- Maximum drawdown all time
- −0.30 %
- Beta to bitcoin
- -0,00
- Correlation with bitcoin
- -0,24
- From the all-time high
- −0.06 %All-time high: 1.001 $, 2026-08-01
- From the all-time low
- +0.26 %All-time low: 0.9978 $, 2025-10-10
- 52-week range
- 0.9978 — 1.001 $
- History depth
- 373 days
Technical indicators
- RSI (14)
- 61.1
- Distance from MA50
- +0.01 %
- Distance from MA200
- +0.04 %
- 24-hour range
- 1.000 — 1.001 $
- 24h turnover
- 2.24 M $
Network
- Main network
- Ethereum
- Contract address
- 0x4c9edd58…ff1e68b3
Converter
At the price as of 21:01 UTC — a moment's rate, not a live tick.
1 USDE = 1.00 $
Similar coins
Same sector (Stablecoins) and a similar market cap
Coin sectors: Stablecoins
Sources and coverage
- Price: Binance, pair USDEUSDT.
- History: 373 days in our database
- Market cap and supply — Powered by CoinGecko
- Prices — Binance public market data