---
title: "Ethena USDe (USDe) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usde-ethena/"
description: "Build-time stablecoin profile for Ethena USDe (USDe). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Ethena USDe (USDe)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Ethena's USDe is the tokenized {{term:basis-trade}}basis trade{{/term}}, now 76% backed by liquid stablecoins (mostly USDtb on BUIDL), with the remainder running spot-and-{{term:perpetual}}perp{{/term}}-short {{term:delta-neutral}}delta-neutral{{/term}} positions. Ethena's USDe pioneered the delta-neutral stablecoin and became crypto's third-largest — then quietly restructured its backing so that 76% of collateral now sits in liquid stablecoins, primarily its own USDtb backed by BlackRock's BUIDL. The remaining quarter runs the original playbook: spot BTC and ETH hedged with CEX perpetual shorts, custodied off-exchange through Ceffu and Copper. The safety profile reveals the structural tension: a near-perfect peg score paired with an F in resilience, reflecting exotic collateral quality and CEX-tier {{term:custody}}custody{{/term}} that no amount of {{term:funding-rate}}funding-rate{{/term}} alpha can paper over. The dependency chain runs three layers deep — USDe depends on USDtb, which depends on BUIDL — making Ethena's synthetic dollar ultimately backstopped by BlackRock's tokenized money market fund, which would surprise most of its holders.

## Collateral

Predominantly liquid stablecoins (~77%: USDtb by Ethena backed by BlackRock BUIDL, plus USDC, USDT, pyUSD, and yield-bearing variants deposited in Aave/Morpho) as non-hedged backing; remainder in delta-neutral positions — BTC (~16%) and ETH/stETH (~8%) spot long + equal short perpetual futures on CEXes (Binance, Bybit, OKX)

## Peg Mechanism

Delta-neutral hedging: spot collateral custodied off-exchange (Copper, Ceffu, Coinbase) with equal short perpetual positions on CEXes (Binance, Bybit, OKX)

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| British Virgin Islands | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x4c9edd5852cd905f086c759e8383e09bff1e68b3` | 18 |
| arbitrum | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| base | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| optimism | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| bsc | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| polygon | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| avalanche | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| zksync | `0x39fe7a0dacce31bd90418e3e659fb0b5f0b3db0d` | 18 |
| mantle | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| linea | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| scroll | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| blast | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| mode | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| manta | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| berachain | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| kava | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| hyperevm | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| ton | `EQAIb6KmdfdDR7CN1GBqVJuP25iCnLKCvBlJ07Evuu2dzP5f` | 6 |
| aptos | `0xf37a8864fe737eb8ec2c2931047047cbaed1beed3fb0e5b7c5526dafd3b9c2e9` | 6 |
| solana | `DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT` | 9 |
| plasma | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| zircuit | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| metis | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| morph-l2 | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| swellchain | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| xlayer | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| fraxtal | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| megaeth | `0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34` | 18 |
| hyperliquid | `0x2e6d84f2d7ca82e6581e03523e4389f7` | 8 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/usde-ethena.