Ethena’s USDe stablecoin

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USDe, due to the usage of futures as a hedge for it’s reserves, if market conditions are favorable, is able to generate substantial yields, which traditional stablecoins do not provide

USDe stablecoin, in contrast to traditional stablecoins, which are backed by fiat currencies, is backed by digital assets, including other stablecoins

USDe's market cap has reached around $6 billion in February 2025, becoming the third largest stablecoin behind Tether's USDT and Circle's USDC, which are worth $142 billion and $57 billion

USDe, as of April 15, 2025 is the fourth biggest stablecoin with a market cap of 4.9bln USD

USDe maintains its peg to fiat currency by hedging against the price drop of it’s crypt assets reserves by selling corresponding futures

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