Ethena USDe

Today's peg status: Ethena USDe is trading at $0.9997 — within $0.001 of its $1.00 reference. The intraday range has stayed within ±0.10% of par, which is typical of healthy stablecoin behavior during normal market conditions.

Supply and circulation: Total circulating supply remains the more relevant metric here. The market capitalization of $4.0 billion reflects how much on-chain dollar liquidity USDE currently provides to the broader crypto market. This figure tends to grow during risk-on periods (when traders want USD-denominated dry powder ready) and contract during risk-off periods (when traders rotate to physical fiat or shorter-duration RWAs).

What to watch: Peg deviation events. Even fundamentally sound stablecoins can deviate from $1.00 during banking stress, exchange-specific liquidity shocks, or regulatory headlines. The window between a deviation starting and price returning to par is typically measured in hours, not days — but during that window real losses can accumulate for users transacting at off-peg prices.

For a stablecoin, peg stability is the only metric that fundamentally matters. Ethena USDe is currently trading at -0.0297% from $1.00 — tightly pegged within the normal ±0.05%% intraday window. The maximum 7-day deviation has been -0.048%, and over the trailing 90-day window the largest single-day deviation was -0.208% on 2026-06-30.

Stablecoins typically maintain a daily range of ±0.05% to ±0.10% during normal market conditions. Deviations beyond that range generally indicate one of three conditions: (1) thin DEX liquidity on a particular chain where arbitrage is temporarily slow; (2) issuer-specific stress (delayed redemption, banking issues, attestation gap); or (3) broader market stress where the entire stablecoin complex deviates together. Determining which of these is in play matters more than the magnitude of the deviation itself.

Holders should treat any sustained deviation beyond ±0.5% as a signal to investigate rather than as an opportunity. Over the historical record, deviations that resolved within hours produced minimal P&L for arbitrageurs; deviations that persisted longer than 24 hours frequently coincided with structural problems at the issuer level that became visible only after the fact.

To place USDE in the wider market, its 90-day return correlations against the two other largest layer-1s show whether it trades as crypto-market beta or on its own drivers. The Pearson figures across daily log returns:

• Bitcoin reference: +0.11 — a minimal positive relationship.
• Ethereum reference: +0.10 — a minimal positive relationship.
• Solana reference: +0.11 — a minimal positive relationship.

Strong correlation to multiple references typically indicates that the asset trades primarily as crypto-market beta — moves in BTC/ETH/SOL drive most of the price action, and stand-alone alpha is harder to capture. Weak or negative correlations indicate idiosyncratic drivers (project-specific news, sector rotation within crypto, or narrative shifts) that can produce returns uncorrelated with the broader market.

Ethena USDe (USDE) is a cryptocurrency, traded on global digital-asset markets. It trades at $0.9997 as of the latest update, with a 24-hour move up 0.00%, placing it at rank #24 by market capitalisation among all listed digital assets. Ethena USDe's current market cap stands at $3.96B, a figure used by traders, analysts and institutional desks to gauge relative liquidity and risk exposure across the crypto market.

On this page you'll find a live, daily-refreshed dashboard tracking Ethena USDe across multiple data sources — price history going back several years, on-chain activity where available, fundamentals like circulating supply and dilution, top exchanges by volume, technical analysis using moving averages and RSI, and an algorithmic short, mid and long-term forecast. All figures are pulled from public APIs and cached locally; nothing here is investment advice.

Ethena USDe is a US-dollar-pegged stablecoin issued by Ethena Labs and used primarily as on-chain dollar liquidity. Stablecoins are the largest single category of crypto activity by transaction volume — the rails on which most exchange trading, DeFi lending, and cross-border payments actually settle.

Unlike volatile crypto assets, USDE does not derive its value from speculation. Its value tracks the US dollar, and what differentiates it from competitors is the reserve composition, regulatory standing, transparency, and breadth of integrations across exchanges and DeFi protocols.

USDE circulates across multiple blockchains — primarily Ethereum, but increasingly Solana, Tron, Arbitrum, Base, and Polygon. The supply on each chain reflects where on-chain dollar activity is most economically attractive.

Ethena USDe (USDE) is a top-25 asset, ranked #25 among all tracked tokens by capitalisation. It currently trades about 92% below its all-time high of $12.71 set in January 2024.

Ethena USDe (USDE) is a stablecoin — a token whose value is pegged to the US dollar, not discovered through open-market price action. Each token is intended to be redeemable for one US dollar by the issuer, and the peg holds because of the issuer's commitment to honor redemptions at par.

USDE is issued by Ethena Labs and backed by a delta-neutral basket of staked ETH long + perp short positions. The issuer publishes periodic attestations of reserves, which is the primary check on whether the peg is structurally sound. On-chain, every USDE token in circulation should correspond to a dollar of reserve held off-chain (or, in the case of decentralized stablecoins, a basket of crypto collateral provably exceeding 100% of circulating value).

The metric that matters for USDE is not "price" but peg stability. Day-to-day moves above or below $1.00 are typically within ±0.1% and reflect liquidity conditions, exchange premiums, or temporary demand-supply imbalances — not a fundamental change in value.

Ethena USDe (USDE) is a top-25 asset, ranked #25 among all tracked tokens by capitalisation. It currently trades about 92% below its all-time high of $12.71 set in January 2024.

USDE is used wherever on-chain US-dollar liquidity is needed:

• Trading. Most centralized exchange volume is quoted in stablecoins, not BTC or USD. Stablecoins are the standard quote currency for crypto trading pairs.
• DeFi collateral and lending. Stablecoins are the dominant collateral type in lending protocols (Aave, Compound) and the asset most commonly borrowed against volatile crypto positions.
• Cross-border payments and remittances. Sending stablecoins across borders is faster and cheaper than wire transfers, especially in regions with restricted banking access.
• Yield generation. Holders can earn yield by lending stablecoins on DeFi protocols, by depositing them into yield-bearing vaults, or by holding interest-bearing variants where available.
• Treasury management. Crypto-native businesses and DAOs hold operational reserves in stablecoins to avoid mark-to-market volatility.
• Inflation hedging in emerging markets. In countries with high local-currency inflation, stablecoins are increasingly held as a dollar-denominated savings vehicle.

Daily turnover is light — roughly 0.64% of market cap ($25.35M over 24 hours) — so larger orders are best worked into the market gradually to limit slippage.

Ethena USDe's "tokenomics" differ from other crypto assets — there is no scarcity story, no halving, no programmatic emission to model. The supply expands or contracts with redemption-driven mint/burn flows: as demand for on-chain dollar liquidity grows, the issuer mints; as it falls or as users redeem, the issuer burns. The current circulating supply of approximately 3,963,581,829 reflects current net demand.

The relevant transparency question for a stablecoin is therefore: is every token in circulation backed 1:1 by attested reserves? Reputable stablecoin issuers publish periodic attestations — the cadence (monthly is best practice), auditor identity, and reserve composition transparency together form the trust foundation that allows the peg to hold even during stress.

The macro context for a stablecoin like Ethena USDe differs fundamentally from volatile crypto assets. The relevant macro variables are: Federal Reserve policy rate (which affects the yield on the reserves backing the stablecoin and therefore the issuer's economics), banking-sector stability in the jurisdictions where reserves are held, and the regulatory trajectory for stablecoin issuance globally (GENIUS Act in the US, MiCA in the EU).

The two scenarios that materially affect stablecoin holders: (1) a banking event that puts reserve-holding banks under stress, which can produce temporary peg deviation as redemption demand spikes; (2) regulatory changes that alter the rules under which the stablecoin operates, potentially affecting availability, redemption mechanics, or even legitimacy in specific jurisdictions.

Risks specific to stablecoins differ fundamentally from risks of volatile crypto assets:

• Issuer risk. The peg depends on the issuer's solvency and willingness to honor redemptions. An issuer collapse can be catastrophic — historical depegs (USDC in March 2023 around the Silicon Valley Bank failure, UST in May 2022) illustrate the speed at which trust can evaporate.
• Banking risk. Reserves held at traditional banks are exposed to the banks' solvency. The USDC depeg in 2023 was the direct consequence of SVB exposure.
• Regulatory risk. Stablecoin regulation is actively evolving (GENIUS Act in the US, MiCA in the EU). Changes in regulatory treatment can affect availability, redemption terms, or even legitimacy.
• Smart contract risk. On-chain, the token contract itself could be exploited. The freeze functions some stablecoins include can also be used against individual holders if requested by authorities.
• Peg deviation risk. Even fundamentally sound stablecoins can deviate from $1.00 during liquidity shocks. The deviation is usually short-lived but can cause real losses for users who transact during the window.
• Centralization. Most major stablecoins are issued by centralized entities and can comply with sanctions, freeze addresses, or be subject to regulatory orders.