USDe Ethena USDe USD
USD-pegged · crypto-backed · #6 by USD value
Supply Over 90 Days
About Ethena USDe
Ethena USDe is a crypto-backed stablecoin issued by Ethena Labs. The issuer has not published a reserve breakdown we track. Supply spans 30 chains, with Ethereum holding 58% of it. Figures on this page come from DefiLlama and refresh daily at 00:00 UTC.
Chain Distribution supply by blockchain
| Chain | Share | Supply |
|---|---|---|
| Ethereum | 58.3% | $2.28B |
| Solana | 13.8% | $539.0M |
| Base | 8.6% | $338.0M |
| Robinhood Chain | 6.5% | $253.3M |
| BSC | 4.3% | $168.6M |
| TON | 3.2% | $124.7M |
| Plasma | 2.0% | $79.9M |
| Mantle | 1.6% | $64.1M |
| Monad | 0.8% | $33.1M |
| Hyperliquid L1 | 0.4% | $16.2M |
| Berachain | 0.3% | $12.6M |
| Arbitrum | 0.0% | $1.8M |
Supply Changes
Frequently Asked Questions
What backs USDe?
USDe is a crypto-backed stablecoin. The issuer is Ethena Labs. We do not track a published reserve breakdown for it, so no backing composition is shown on this page.
How is USDe different from USDT and USDC?
USDT and USDC are the two largest USD stablecoins by circulation. USDe shares the USD peg but differs in issuer, chain mix, and where it is accepted. Use the comparison pages below for a field-by-field breakdown.
Where does the data on this page come from?
Circulating supply and chain distribution come from DefiLlama's stablecoin API; price and 24h volume come from CoinGecko. The page rebuilds daily at 00:00 UTC. Non-USD coins are converted to USD-equivalent using approximate reference rates, so those figures are indicative rather than exact.
Details
| Full Name | Ethena USDe |
| Symbol | USDe |
| Peg | USD |
| Peg Mechanism | crypto-backed |
| Backing | Delta-neutral (ETH/BTC perpetual futures) |
| Issuer | Ethena Labs |
| Chains Deployed | 31 |
| CoinGecko | View on CoinGecko → |
| Data Source | DefiLlama → |
| Last Updated | 2026-08-09 · refreshes daily 00:00 UTC |
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