Ethena USDe
USDE#21 by market capNot covered. The criterion it missed: documentation found but no public code repository listed.
Ethena USDe is for a stable digital dollar. We have not written its record yet, so its promises are not checked. It trades at $0.9996, #21 of all coins by size, 3% below its highest ever price.
This week Nothing changed on its record.
No stated job or named backing. No dated promises on its pages. Nothing dated ahead. Biggest of 5 synthetic dollars. Nothing to be careful of on the record.
Is it real?
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0 of 4
- –A real-world jobDoes it say what problem it solves, in a category that is not a joke?
- –Real backingA named investor, an index, a major exchange, or a billion-dollar size.
- –Something aheadA dated step, deliveries on record, or demand showing up in the news.
- –Room to growWorth at least four times less than the biggest coin doing the same job, so the gap is real, not a guess.
Listed on 5 big exchanges
- Origin3 October 2024about about 23 monthsapp.ethena.fi, Whitepaper
- DevelopersNot namedNeither Wikidata nor its listing names the foundersNo public code repository listed
- BackingNo named investorListed on Kraken, Binance, Bybit, KuCoin
- Standing on the recordNo recordNo dated promise to judge yet32 headlines last month25,605 people keep it on a CoinGecko watchlistNo corrections needed so far
Four tests, printed. Passing all four means a real job, real backing, something ahead, and a price far below the leader of its group. A filter on facts, never a verdict.
Every line has a source: the coin's own listing, CoinGecko's tags, the record, or the news feed. Reputation here is a count, never an opinion.
Does it deliver?
No dated promise has been found on the pages this project publishes. Its pages are saved every night, so anything it commits to from now on appears here.
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Every line is quoted from the project's own pages, with the copy we stored and, where one exists, the article that reported it
What is next, and when?
Nothing dated has been found on its pages, so there is no date to wait for yet.
How big is it next to its rivals?
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Only coins within a hundred times its worth; a coin a thousand times bigger is another world
A stable digital dollar
194 coins tagged Stablecoins, worth $309.33B together. #4 of 194 by worth.
Synthetic Dollar: this coin against its direct competitors
- CoinWorth, as a barWorthAgainst this coinToday, and the gapSupplyPromises
Ethena USDe$4.68Bthis coin+0.0%no maxno record
Falcon USD$1.34B3.5× smaller, −$3.34B−0.0%, gap −0.0no maxno record
USDai$312.37M15.0× smaller, −$4.36B+0.0%, gap +0.0no max0 of 2 delivered
Unity USD$100.32M46.6× smaller, −$4.58B+0.6%, gap +0.6no maxno record
Tori trUSD$67.82M69.0× smaller, −$4.61B−0.0%, gap −0.0no maxno record
Synthetic Dollar: this coin next to Falcon USD, the biggest rival within reach. People go to the bigger coin unless the smaller one does something it does not.
- Ethena USDe says
- Ethena is a delta-hedged synthetic dollar with native crypto yield derived from staking and perpetual funding rate.
- Falcon USD says
- Falcon, the next-generation platform transforming synthetic dollars into sustainable yield opportunities.
Two claims, side by side, in their own words. Whether the difference is real is for the record to show over time, and for you to judge.
Ethena is a delta-hedged synthetic dollar with native crypto yield derived from staking and perpetual funding rate
Problem it says it solves: a stable digital dollar. 194 coins are working on it and together they are worth $309,327,253,815. This coin is 2% of that.
Each bar is a coin's worth today (price × coins out), longest first. The lit bar is this coin; grey bars are the others doing the same job.
Bars are market cap. Order is size, nothing else. Differences are measured from the coin you are looking at.
What should make me careful?
Nothing printed today
None of the six tests fails. A missed promise counts only on a record a person has checked.
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The tests: nothing to hold it for, more missed than delivered, priced ahead of its record, half the supply still to come, rivals ship while it does not, a big release of coins soon.
The homework: the coin itself, the news, the record
The coin itself
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The last 7 days
Where today sits against its highest ever price
Highest ever: $1.03 on 9 December 2025. Today is 97% of that.
100%
of all USDE that will ever exist is already out in public hands: 4.68B coins.
0% (1.19M coins) is not yet created or held by the project. That is a small share. Those coins can be sold later, which can push the price down.
out held back. Each dot is 1%.
Meant to stay at one dollar
Holding it is holding a copy of a dollar. It is not built to rise.
- Nothing the project's own pages spell out.
That is all a market cap is: today's price times the coins in public hands. It moves every time the price does. It says what buyers are paying, not what the coin is worth.
- 4.68Bin circulation of 4.68B total. No hard maximum is set, so more can be created.
- of its all-time high of $1.03 on 9 December 2025. That is −3.3% from the top.
- #21by market cap, $4,676,033,978.
- Not checkedwho holds the most coins, and how much has been burned. Those need on-chain data this site does not read yet.
Supply and value figures from CoinGecko, refreshed hourly. Not part of the record.
What the news says
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Headlines per day, last 30 days
32 headlines named this coin in the last month.
What they were about
- Banks7
- Stablecoin3
- Upgrade3
- Partnership2
- Price2
- Tokenization1
- Unlock1
- Ethena's USDe Holds Its Peg Without a Bank, Here's How
- Ethena Brings USDe and sUSDe to TRON, Expanding Digital Dollar Access Across Its Stablecoin Ecosystem
- Ethena Integrates USDe into TRON to Boost Stablecoin Reach
- USDe Explained: How Ethena Turned Hedging Into A Synthetic Dollar Empire
- Ethena Brings USDe and sUSDe to TRON, Expanding Digital Dollar Access Across Its Stablecoin Ecosystem
- Rising Aave borrow rates threaten to flip Ethena’s USDe yield loops into negative carry
- Ethena's USDe Holds Its Peg Without a Bank, Here's How
- What DeFi Power Users Know About Synthetic Dollars And USDe
- Ethena's USDe Holds Its Peg Without a Bank, Here's How
- StablecoinX New CEO Christopher Jensen Leads Major Ethena Stake
- Ethena USDe Price (USDE/USD) Today | Live Price, Market Cap & Chart
- Ethena's Synthetic Dollar To Land on BlackRock's Risk Platform
- Ethena Pay Explained: Can USDe Become a Crypto Bank Account?
- Ethena Pay Explained: Can USDe Become a Crypto Bank Account?
- Ethena launches USDe payments app, offers 6% rewards|CointelegraphUpcoming
- Ethena launches USDe payments app, offers 6% rewardsUpcoming
- Ethena Enters Crypto Neobanking With New App, Takes USDe Beyond DeFi
- Ethena Enters Crypto Neobanking With New App, Takes USDe Beyond DeFi
- Ethena Fee Switch: When the ENA Buyback Actually Starts
- How far can USDe’s yield scale as Ethena targets RWA perps? Examining…
- Delta-neutral stability: How Ethena’s USDe works and what Arthur Hayes has to do with it
- Ethena surges as buyback vote, VC unlock overhaul boost token outlookUpcoming
- Ethena USDe Yield: Where It Comes From and What the BaFin Wind-Down Means for You
- USDe Yield Explained: Funding Rate and the BaFin Order
- Ethena Surges 65%: FalconX Facility and Hayes Endorsement
- Ethena price jumps 65% as Arthur Hayes backs breakout
- Crypto News: Ethena and FalconX Launch $1B Facility to Boost USDe Returns
- Ethena Will Fund $1B Of Institutional Loans With USDe Backing AssetsUpcoming
- FalconX Partners with Ethena on $1 Billion Warehouse Financing Facility to Expand Institutional Lending Capacity
- FalconX, Ethena unveil $1B credit facility as USDe moves beyond crypto basis trades
- Ethena Will Fund $1B Of Institutional Loans With USDe Backing AssetsUpcoming
- Ethena Will Fund $1B Of Institutional Loans With USDe Backing AssetsUpcoming
32 headlines in the last month.
Headlines are the publishers' own. News is never placed next to price.
The record itself
Not covered. The criterion it missed: documentation found but no public code repository listed.
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Six facts, the project's own replies, its peers, contract facts, references and every stored copy