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Ethena USDe (USDE) price
Data as of November 11, 2026, 02:11 UTC+3, the price refreshes on the page
Ethena USDe (USDE) is Ethena’s synthetic dollar backed by crypto hedged with short futures.
- Market cap
- $4.93B
- 24h volume
- $38.3M
- Volume / market cap
- 0.78%
- Fully diluted value
- $4.95B
- Circulating supply
- 4.93 B USDE
- Total supply
- 4.95 B USDE
- Max supply
- no cap
- 24h range
- $0.9986 … $0.9996
- All-time high
- $1.03December 9, 2025
Analytics
What the numbers say about how the coin behaves. Based on hourly prices over 7 days and data as of November 11, 2026, 02:11 UTC+3.
Volatility
1%near zeroThe price barely moves, as a stablecoin should.
Dollar peg
$0.9994holdingNow 0.06% away from $1, at most 0.14% over 7 days.
Liquidity
0.8%thinA day’s trading equals 0.8% of market cap: a stablecoin is used for settlement, so heavy turnover is normal.
Market share
0.20%smallShare of the top-100 market cap.
What is Ethena USDe
USDe is a synthetic dollar issued by Ethena Labs that aims to hold a value of one US dollar. The project was founded by Guy Young and launched publicly on Ethereum in February 2024. Unlike USDT or USDC, it is not backed by dollars in bank accounts, and Ethena itself stresses that its risks are different.
Stability comes from a delta-neutral position. The protocol holds crypto assets such as BTC and ETH and opens short perpetual futures of the same size: if the asset falls, the short gains, so the combined value stays close to a dollar. Part of the reserves sits in liquid stablecoins and tokenized government debt. Assets are kept with third-party custodians rather than on the exchanges themselves. Only approved counterparties that pass KYC can mint and redeem USDe directly; everyone else buys and sells it on exchanges and in liquidity pools. The main contract lives on Ethereum, with versions on many other networks.
USDe serves as a dollar asset in DeFi, on exchanges and as collateral. Staking USDe gives sUSDe, which accrues yield mainly from futures funding rates and income on reserves. Funding rates move and can turn negative, so the yield is not guaranteed. Unlike fiat-backed stablecoins, USDe itself has no address-freezing function according to Ethena’s documentation, although the company can restrict addresses in sUSDe staking to meet sanctions requirements.
What it’s used for
- a dollar asset for DeFi and exchange trading
- staking into sUSDe for variable yield
- collateral in lending protocols and on derivatives exchanges
Risks
- Both stability and yield depend on funding rates: if they stay negative for long, the hedge starts costing the protocol money.
- Part of the backing relies on centralized derivatives exchanges and custodians, so the failure of one of them would hit the reserves.
- The price can drift on a single venue: during the October 10, 2025 crash USDe briefly traded well below a dollar on Binance, and only approved counterparties can redeem directly.
Contract addresses
Check the contract address before you buy or send: fake tokens copy the name and ticker, but their address is different.
| Network | Contract | Open |
|---|---|---|
| Ethereum (ERC-20) | 0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | Open |
| BNB Smart Chain (BEP-20) | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | Open |
| Solana (SPL) | DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT | Open |
| TON | EQAIb6KmdfdDR7CN1GBqVJuP25iCnLKCvBlJ07Evuu2dzP5f | Open |
More networks: 26
| Network | Contract | Open |
|---|---|---|
| Base | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | Open |
| Arbitrum One | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | Open |
| OP Mainnet | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | Open |
| Avalanche C-Chain | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | Open |
| Aptos | 0xf37a8864fe737eb8ec2c2931047047cbaed1beed3fb0e5b7c5526dafd3b9c2e9 | |
| Berachain | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Blast | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Fraxtal | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| HyperEVM | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Hyperliquid | 0x2e6d84f2d7ca82e6581e03523e4389f7 | |
| Kava | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Linea | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | Open |
| Manta Pacific | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Mantle | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Megaeth | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Metis Andromeda | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Mode | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Monad | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Morph L2 | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Plasma | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Robinhood | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Scroll | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Swellchain | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| X Layer | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| Zircuit | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | |
| zkSync Era | 0x39fe7a0dacce31bd90418e3e659fb0b5f0b3db0d |
Check a USDE address before the deal
mexm AML shows where the coins came from: scams, darknet, mixers, sanctions. Networks: Ethereum (ERC-20). First check free.
Questions
How much is Ethena USDe worth today?
As of November 11, 2026, Ethena USDe trades at $0.9994. Over 24 hours the price moved +0.04%, over 7 days +0.02%. The price on this page refreshes automatically.
How many USDE are in circulation?
4.93 B USDE are in circulation. There is no maximum supply. The fully diluted value of all coins is $4.95B.
How is USDe different from USDT and USDC?
USDT and USDC are issued by companies that hold reserves mostly in dollars and short-term government debt. USDe is backed by crypto hedged with short futures, so its main risks come from derivatives markets, exchanges and custodians rather than banks.
Where does sUSDe yield come from?
Mostly from perpetual futures funding rates, which the short side collects when leveraged buyers dominate the market, plus income on reserves such as tokenized government debt. The rate changes and can turn negative, and unstaking sUSDe involves a waiting period.
How do I check a USDE address for AML risk?
Open @AMLmexmBot, pick the network (Ethereum (ERC-20)) and send a wallet address or a transaction hash. The bot shows the risk score in percent and where the funds came from. Your first check is free.
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Prices and analytics are for information only and are not investment advice. Market data source: CoinGecko.