USDe
USDe is a synthetic dollar built on Ethereum
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- Ethereum
- Market Cap: $5.9B
- Fully Diluted Valluation: $5.9B
- FDV / MC: 1
- Ranking inside Exponential (among stables): #3
- Circulating Supply: 5,925,748,445
- Total Supply: 5,925,748,445
- Volume (24H): $68.7M
- ATH: $1.03 (12/20/2023)
- ATL: $0.93 (10/04/2024)
USDe is a mid-cap, fully collateralized asset. This asset depends on multiple centralized entities for custody services and for hedging its collateral exposure. This asset is exposed to the underlying risks of Ethena, a protocol rated as Average.
USDe is a stablecoin that trades within 50bps of its peg to USD, which makes it a less volatile store of value.
USDe does not have a supply schedule. USDe is potentially exposed to negative feedback loops; however, there are mechanisms in place to prevent reflexivity. USDe on Ethereum utilizes BTC, ETH, and stETH as collateral, held by custodians to back its value. To maintain peg stability, Ethena employs a delta-neutral strategy by opening equivalent short positions on centralized exchanges (CEXs), mitigating price fluctuations in the underlying collateral.
