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USDe — Ethena

Synthetic dollar backed by delta-neutral hedged crypto positions; sUSDe distributes yield.

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Category
Algorithmic / Crypto-backed
Regulatory regime
Decentralized / Unregulated
Issuer
Ethena Labs
Region
Global
Peg
USD (synthetic)

Blockchain protocols

Ethereum

How it works

Long spot ETH/BTC offset by short perp positions; funding rates generate native yield.

Revenue model

Funding-rate arbitrage + staking yield.

Regulation

Largely unregulated; restricted to non-US users.