Ethena USDe (USDE)

Asset ID: 35

Ethena is a synthetic dollar system built on Ethereum that aims to create a crypto-native form of money that does not depend on traditional banking infrastructure, along with a globally accessible dollar-based savings product called the “Internet Bond”. Its synthetic dollar, USDe, is designed to be a censorship-resistant, scalable, and stable crypto money solution. It achieves stability by using delta-hedged positions on staked Ethereum collateral. USDe is fully backed on-chain with transparent reserves and can be freely used across DeFi applications. The stability of the USDe peg is maintained through a combination of hedging derivative positions against the protocol’s collateral and a mint-and-redeem arbitrage mechanism. The “Internet Bond” combines returns from staked Ethereum with funding and basis spreads from futures and perpetual markets. This creates a crypto-native, dollar-denominated yield product intended to serve as a global savings instrument in eligible jurisdictions.

Network: ethereum

Category: Other

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