USD-pegged · crypto-backed · #6 by USD value
Ethena USDe (USDe) is a USD-pegged crypto-backed stablecoin, backed by delta-neutral (eth/btc perpetual futures). It currently ranks #6 among tracked stablecoins by circulating supply, and is deployed across 31 blockchains. Data is updated daily at 00:00 UTC from DefiLlama.
| Chain | Share | Supply |
|---|---|---|
| Ethereum | 61.1% | $2.41B |
| Solana | 13.6% | $537.2M |
| Base | 6.7% | $263.9M |
| Robinhood Chain | 4.7% | $184.2M |
| BSC | 4.3% | $168.5M |
| Plasma | 3.7% | $145.2M |
| TON | 3.1% | $120.3M |
| Mantle | 1.6% | $63.7M |
| Hyperliquid L1 | 0.4% | $17.6M |
| Berachain | 0.4% | $16.2M |
| Monad | 0.3% | $13.1M |
| Arbitrum | 0.0% | $1.8M |
Ethena USDe (USDe) is a USD-pegged stablecoin backed by delta-neutral (eth/btc perpetual futures). Its peg mechanism is crypto-backed, and it currently ranks #6 among tracked stablecoins by circulating supply.
USDe has a circulating supply of $3.94B (USD equivalent). Data updates daily at 00:00 UTC from DefiLlama.
USDe is backed by Delta-neutral (ETH/BTC perpetual futures). This means holders' claims are collateralized in that form, with reserves reported by the issuer.
USDe is deployed across 31 blockchains, with Ethereum holding the largest share of supply. See the Chain Distribution section on this page for the full breakdown.
USDe shares a USD peg with USDT and USDC — the market's two largest stablecoins — but differs in issuer, backing composition, and typical use cases. USDT and USDC together account for the majority of USD stablecoin supply; USDe ranks #6.
| Full Name | Ethena USDe |
| Symbol | USDe |
| Peg | USD |
| Peg Mechanism | crypto-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) |
| Chains Deployed | 31 |
| CoinGecko | View on CoinGecko → |
| Data Source | DefiLlama → |
| Last Updated | 2026-07-27 · refreshes daily 00:00 UTC |