What Ethena Staked USDe is designed to do
Ethena Staked USDe (SUSDE) is a fiat-backed stablecoin, currently ranked 24th by market capitalization among the assets we track. Ethena Staked USDe is a fiat-backed stablecoin: each token is meant to be redeemable for a reference currency held in reserve, so its job is to stay flat, not to appreciate. It is plumbing for the crypto economy rather than a bet on price.
Ethena Staked USDe (SUSDE) is a stablecoin designed to provide a decentralized and secure means of transacting value while earning yield through staking. It aims to maintain a stable value pegged to the US Dollar, offering users a reliable and efficient digital currency solution.
How the peg is meant to hold
The mechanism is straightforward in theory — one token, one unit of reserve — but it depends entirely on the issuer actually holding and honoring those reserves. Attestation quality is therefore the core risk.
Background & fundamentals
The project publishes a whitepaper documenting its original design, which is worth reading before sizing any position in SUSDE. In sector terms it is most often filed under Ethereum (ETH) Token (ERC-20).
Where Ethena Staked USDe sits in the market
With SUSDE near $1.23, Ethena Staked USDe carries a market capitalization of $5.01B. Around $5.74M changes hands across exchanges in a typical 24-hour window. That is a turnover of about 0.11% of the float — on the quieter side, which can mean thinner liquidity for large orders.
Ethena Staked USDe carries no fixed maximum supply; issuance follows a programmatic schedule rather than a hard cap. At the current $1.23, SUSDE sits essentially at its record high — the riskier end of the range for fresh entries.
What the price history shows
The tape currently reads 7-day -0.04%.
Volatility profile
Recent action puts Ethena Staked USDe in the Low-volatility band — it has been relatively stable, with moves typical of large-cap, mature assets.
How to evaluate a stablecoin like Ethena Staked USDe
A grounded read on SUSDE comes down to three questions:
- Reserve quality — what backs SUSDE — cash and short Treasuries are safer than commercial paper or crypto collateral — and who attests to it.
- Redemption access — whether holders can actually redeem at par, and how quickly, under stress.
- Regulatory standing — the issuer's jurisdiction and licensing, which increasingly determines which stablecoins survive at scale.
This page pulls live market data, on-chain stats where available, exchange-by-exchange volume, and our forecast model into one view so you can work through those questions in a single place. None of it is investment advice — it is a structured starting point for your own research.
