Yield-bearing stablecoin
USDe
Ethena USDeHigh wrapper complexitySource attached
A synthetic dollar product whose claim depends on collateral and hedging mechanics.
- Backing claim
- The issuer presents USDe as a synthetic dollar backed by crypto collateral and hedging.
- Issuer
- Ethena
- Custodian or holder
- Requires current Ethena source review.
- Redemption access
- Mint and redeem access can depend on protocol rules, market access, and eligibility.
- Liquidity status
- Insufficient data
- Peg or NAV stress
- Live market price and visible supply are connected through DeFiLlama; collateral and hedge health remain separate.
What Bathymark can verify
- issuer identity
- official documentation source
- current visible supply and market price through DeFiLlama
What it cannot verify
- current collateral
- current hedge health
- current redemption access
- exchange counterparty exposure