What Ethena USDe is designed to do
Ethena USDe (USDE) is a fiat-backed stablecoin, currently ranked 10th by market capitalization among the assets we track. Ethena USDe is a tokenized claim on reserves held by its issuer. The design goal is a stable peg, which makes the relevant questions about Ethena USDe reserve quality and redemption, not upside.
Ethena USDe (USDE) is a stablecoin designed to maintain a 1:1 peg with the US dollar, offering a secure digital asset for transactions and value storage. It aims to combine the stability of traditional currency with the benefits of blockchain technology.
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
In sector terms it is most often filed under Ethereum (ETH) Token (ERC-20), Stablecoin, and Mantle Ecosystem.
Where Ethena USDe sits in the market
Trading around $0.9992, Ethena USDe carries a market capitalization of $14.06B. Around $18.65M changes hands across exchanges in a typical 24-hour window. That is a turnover of about 0.13% of the float — on the quieter side, which can mean thinner liquidity for large orders.
Ethena USDe carries no fixed maximum supply; issuance follows a programmatic schedule rather than a hard cap. USDE remains -92% beneath its all-time high of $12.71, the kind of gap that historically takes a full cycle or a fresh catalyst to close. Measured from its all-time low of $0.8203, USDE is up +22%.
What the price history shows
Across timeframes, USDE shows 24-hour -0.03%, 7-day -0.03%, 30-day -0.05%, 1-year -0.22%. Within its 266-day range, USDE sits around the middle (the 70th percentile of recent daily closes).
Volatility profile
Recent action puts Ethena USDe in the Low-volatility band — it has been relatively stable, with moves typical of large-cap, mature assets. Over the last 30 days the move totals -0.05%, a useful input for stop placement and position sizing.
How to evaluate a stablecoin like Ethena USDe
For an asset of this type, three lenses matter most:
- Reserve quality — what backs USDE — 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.
