A synthetic dollar built from staked crypto collateral hedged with short perpetual futures. It is not a fiat-backed stablecoin: the peg depends on funding rates, exchange solvency and hedge execution.
Supply history
Safety score: 72/100 — Adequate
Acceptable for most use cases, but watch collateral quality and liquidity depth.
Full methodology →- Collateral quality & transparency (30%)58
What actually backs the token and how often it is verified. Treasury-backed with daily or on-chain proof scores highest; unattested reserves score lowest.
- Peg stability (25%)90
Live deviation from $1.00 plus the worst historical depeg on record. A single deep depeg keeps weighing on the score.
- Liquidity depth (20%)97
Tracked on-chain pool liquidity in absolute dollars and as a share of circulating supply — how much can exit before the price moves.
- Issuer & legal structure (15%)54
Regulatory status of the issuer and whether holders have a direct redemption right or only a secondary market exit.
- Track record (10%)51
Years in production, minus documented incidents.
Issuer & structure
- Regulatory regime
- No prudential regimesource
- Issuer
- Ethena Labs
- Jurisdiction
- BVI
- Collateral
- delta-neutral
- Peg mechanism
- crypto-backed
- Attestation
- monthly
- Redemption
- gated
- Issuer can freeze balances
- Yes — issuer can freeze balances
- Attestor
- Harris & Trotter
- Launched
- 2024
- Website
- Official site
Where to get USDE
Every venue that sells Ethena USDe, ranked by what a purchase actually costs once fees, spread and the withdrawal to your chain are counted.
Cheapest route: Bybit — you receive about $998 of USDE from $1,000 (0.20% all-in, delivered on Mantle).
| Venue | Type | Fee | Spread | Withdrawal | All-in cost | You receive | Verified | Go |
|---|---|---|---|---|---|---|---|---|
| Exchange | 0.10% | 0.08% | $0 Mantle | $2 0.20% | $998 | 2026-07-30 stale — verify at checkout Fee accurate? | Buy on Bybit | |
| On-ramp | 0.99% | 0.90% | direct to wallet | $19 1.89% | $981 | 2026-08-11 stale — verify at checkout Fee accurate? | Buy on Transak | |
| On-ramp | 1.00% + $4 | 1.00% | direct to wallet | $24 2.40% | $976 | 2026-08-11 stale — verify at checkout Fee accurate? | Buy on MoonPay | |
| On-ramp | 1.50% | 1.20% | direct to wallet | $27 2.70% | $973 | 2026-07-28 stale — verify at checkout Fee accurate? | Buy on Banxa |
Estimates built from published fee schedules — the final price is shown at venue checkout. Partner links never change this ranking.
Put it to work
Best rate on USDE from a protocol we would defend: over $100M TVL and more than a year live. Currently morpho-blue · Base.
The tradeoff: smart-contract risk on top of issuer risk, and the rate can move any block.
All USDE yieldsAlternatives worth knowing
- Safer siblingUSDG +21 safety score
-5.7pp yield versus USDE, and less depth on some chains.
- Earning siblingUSDC 79.4% APY built in
Safety score 88 vs 72 — the yield is compensation for that gap.
- Cheaper to moveUSDE on Solana cents per transfer
Ethereum transfers of the same token cost dollars. Bridging across costs time, and Solana has thinner venue support.
Spend it
No card in our directory spends USDE directly. Swapping into USDC or USDT first is the usual route — factor the swap cost in.
Compare every cardIncident history
- 2025-10Exchange oracle dislocation−2.9%
USDE in the news
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