About

Ethena USDe is a synthetic dollar stablecoin issued by Ethena Labs, designed as a censorship-resistant, scalable, and stable digital asset. It is collateralized by assets including stETH, WBETH, mETH, WETH, and USDT, and maintains peg stability through delta-neutral derivatives positions that hedge non-stablecoin collateral exposure.

History

Ethena was founded by Guy Young and announced in July 2023, aiming to be a crypto-native “Internet Bond” that is censorship-resistant, scalable, and stable. USDe launched to the public on Feb. 19, 2024. The same day, Epoch 1 of Ethena’s Shard Campaign was launched. The Shard Campaign was set to conclude with an “airdrop” in the earlier of either (1) three months' time or (2) when USDe’s supply reached 1.00 billion.

One week after the Shard Campaign’s launch, Epoch 2 began, with USDe’s supply reaching 600.00 million shortly after. Additional integrations and shard multiplier changes continued to be made as USDe’s supply reached 800.00 million and 900.00 million. Ultimately, USDe reached a total token supply of 1.00 billion on March 13, 2024, though the project team later announced that the Shard Campaign would end on April 1, 2024.

The ENA governance token was launched one day later, on April 2, 2024.

Upon ENA’s launch, Ethena’s Sats Campaign began. With the launch of the campaign, Ethena also announced that it plans to introduce BTC as a supported USDe collateral asset. The Sats Campaign is set to conclude in the earlier of either (1) five months’ time on Sept. 2nd, 2024, or (2) when USDe’s supply reaches 5.00 billion.

In February 2025, Bloomberg reported that Ethena raised $100M to finance a similar token targeted at traditional financial institutions.

In March 2025, Post-GENIUS Act, USDe and USDtb were positioned for mainstream integration by banks, payment processors, and on-chain treasuries. March also brought the introduction of Converge by Ethena Labs and Securitize.

In June 2025, the Converge team has shared a blog post outlining Converge's technical specifications and roadmap.

In September 2025, Ethena has partnered with Binance to embed USDe across its entire platform of over 280M users.

In October 2025, during a wide crypto sell-off, USDe briefly depegged to $0.65 on Binance before quickly returning to $1.00.