Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesUSDe (Ethena)
Ethena USDe (USDe) is a stablecoin tracking the US dollar issued by Ethena BVI Limited. It is not on ESMA’s list of e-money tokens authorized under MiCA.
- Ticker
- USDe
- Issuer
- Ethena BVI Limited
- Pegged to
- US dollar
- Type
- Synthetic (hedged derivatives)
- E-money token under MiCA
- No
- Accounting firm or verifier
- Custodian attestations; weekly proof of reserves by Harris & Trotter, Chaos Labs, LlamaRisk and Chainlink
- Latest reserve report
- August 2026 (published September 3, 2026)
- Transparency page
- ethena.fi
- Checked on
A synthetic dollar backed by assets held with custodians and hedged with short derivative positions. In Ethena’s June 2026 governance update, DeFi lending made up about 46% of backing, liquid stablecoins about 35%, tokenized real-world assets 11.2%, institutional lending 6.9% and crypto basis trades 1.0%. Reserve reporting: monthly custodian attestations and weekly proof of reserves. Accounting firm or verifier: Custodian attestations; weekly proof of reserves by Harris & Trotter, Chaos Labs, LlamaRisk and Chainlink. The latest report covers August 2026 (published September 3, 2026).
Only whitelisted mint users who pass KYC or KYB can mint and redeem directly with Ethena BVI, and US users are not eligible. Redemptions are paid in supported digital assets. The issuer lists 7 networks where the token is issued natively: Ethereum, Solana, TON, Aptos, ZKsync, Zircuit and Tempo.
- Token name
- Ethena USDe
- Brand
- Ethena
- Reserves
- A synthetic dollar backed by assets held with custodians and hedged with short derivative positions. In Ethena's June 2026 governance update, DeFi lending made up about 46% of backing, liquid stablecoins about 35%, tokenized real-world assets 11.2%, institutional lending 6.9% and crypto basis trades 1.0%.
- Reserve reporting
- Monthly custodian attestations and weekly proof of reserves
- Latest report
- ethena.fi
- Redemption
- Only whitelisted mint users who pass KYC or KYB can mint and redeem directly with Ethena BVI, and US users are not eligible. Redemptions are paid in supported digital assets.
- Networks (native issuance)
- Ethereum, Solana, TON, Aptos, ZKsync, Zircuit, Tempo
- Number of networks
- 7
- Website
- ethena.fi
- Sources
Page URL Ethena docs - USDe Overview https://docs.ethena.fi/solution-overview/usde-overview Ethena docs - USDe Terms and Conditions https://docs.ethena.fi/resources/usde-terms-and-conditions Ethena docs - USDe Mint User Agreement https://docs.ethena.fi/resources/usde-mint-user-agreement Ethena docs - Custodian Attestations https://docs.ethena.fi/resources/custodian-attestations Ethena blog - Custodian Attestations: August (2026-09-03) https://ethena.fi/blog/custodian-attestations-of-assets-backing-usde-august-3 Ethena blog - Custodian Attestations: June (2026-07-01) https://ethena.fi/blog/custodian-attestations-of-assets-backing-usde-june-3 Ethena Labs - USDe Proof of Reserves launch https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/t-wg34L4ZHuSdEmIuIDRk62PGqfgjXGyB5BLmM5QsuE Ethena Governance - June 2026 Governance Update https://gov.ethenafoundation.com/t/ethena-s-june-2026-governance-update/808 Ethena docs - Key Addresses https://docs.ethena.fi/technical-design/key-addresses Ethena homepage https://ethena.fi/ ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
