Ethena USDe

Ethena’s USDe is a synthetic dollar that maintains its peg through a delta-neutral position rather than fiat reserves. Users deposit ETH or staked-ETH; the protocol then opens an equal-and-opposite short on perpetual futures venues so that the long collateral plus the short futures position together hold a stable USD value.

The staking yield from the underlying collateral and the funding-rate income from the short position together produce sUSDe, the yield-bearing form of USDe. The model is a clean expression of the basis trade as a stablecoin, and ENA holders govern collateral admission, venue selection, and risk parameters.