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USDE to USDT Converter
1 USDE = 1.0010 USDT · updated 06:21 UTC
Volume Bubbles Chart (1h)
Each 1-hour candle's volume is signed by its direction (up candles count as net buying, down candles as net selling) and drawn as a bubble at the closing price, green for buying and red for selling. Bubble size and colour intensity show how strong that flow is compared with the last 300 candles: the strongest 30% get full bubbles with their USD value, the rest stay as small dots. Unusually large bubbles flag aggressive buying or selling worth a closer look, often near breakouts, reversals or key levels.Seasonal Chart
Plots one line per calendar year showing the % change since the start of that year, with the current year highlighted against up to four previous years. Lining the years up on the same calendar shows whether the price tends to rise or fall in the same months, helping you spot recurring seasonal patterns. Treat it as context rather than a forecast: past seasonality does not guarantee future moves.Ethena USDe Markets
Ethena USDe Historical Data
About Ethena USDe (USDe)
Ethena USDe (USDe) is a dollar-denominated token that aims to stay close to $1. Ethena calls it a synthetic dollar, because it is not backed by cash held in a bank. Instead, it is backed by crypto assets paired with short futures positions, plus liquid stablecoins and short-term real-world assets. FMchart tracks it with a composite price drawn from several large exchanges, where small moves just above or below $1 are normal.
How delta hedging holds the value
When USDe is minted against a volatile asset such as staked ETH, Ethena opens a short futures position of the same size. If ETH rises, the asset gains and the short loses about the same amount, and the reverse happens when ETH falls. The combined position is called delta neutral, because its dollar value barely changes with the market. Stable holdings, such as other stablecoins, need no hedge. Funding payments on the short positions are also one of the protocol's main sources of income.
Who can mint and redeem
Only approved, whitelisted firms can mint and redeem USDe directly with the protocol. Everyone else buys or sells it on exchanges and decentralized trading pools. This setup supports the peg. When USDe trades below $1, approved firms can buy it cheaply and redeem it, and when it trades above $1, they can mint new tokens and sell them. Backing assets are held by off-exchange custody providers rather than on the trading venues themselves.
sUSDe and the reserve fund
Holders in permitted jurisdictions can stake USDe and receive sUSDe, whose value in USDe rises as protocol rewards are added. Rewards come mainly from staking yield on the backing, funding payments on the short positions and returns on stable holdings, and they change with market conditions. When combined revenue turns negative, a reserve fund is meant to absorb the loss, so sUSDe rewards stay flat rather than going negative.
Ethena and the ENA token
USDe is issued by the Ethena protocol. A separate governance token, ENA, lets holders vote on protocol settings. These include which assets may back USDe and who sits on the Risk Committee that sets exposure limits. ENA is a different asset with its own market price. USDe is designed to stay near $1, while ENA can move a great deal, so the two should not be confused.
Risks of a synthetic dollar
USDe carries different risks from cash-backed stablecoins. Funding rates can turn negative, cutting revenue. An exchange or custody provider holding collateral or positions could fail. Backing assets such as staked ETH can briefly trade away from their own value. During the market crash of 10 October 2025, USDe fell well below $1 on one large exchange for a short time. On-chain markets stayed close to the peg. USDe is not a bank deposit.
Last reviewed: Oct 8, 2026
Ethena USDe (USDE) FAQ
What is Ethena USDe?
Ethena USDe is a synthetic dollar token that aims to hold a value of about $1. Rather than relying on cash in a bank, it is backed by crypto assets hedged with short futures positions, along with stablecoins and short-term real-world assets. It is issued by the Ethena protocol and widely used in decentralized finance.
Is USDe a stablecoin?
USDe is often grouped with stablecoins because it targets $1, but Ethena describes it as a synthetic dollar. Unlike fiat-backed stablecoins, it is not backed mainly by bank deposits and government bills. Its stability depends on hedged positions, approved firms that mint and redeem, and the health of the exchanges and custodians involved.
How does USDe keep its $1 value?
USDe uses delta hedging. For each volatile asset backing the token, Ethena holds a short futures position of the same size, so gains and losses largely cancel out. Approved firms can mint or redeem USDe directly at about $1, which lets them profit by closing any gap between the market price and the peg.
What is USDe's price right now?
USDe currently trades at about $0.9993 on FMchart's composite. Because it targets $1, small moves of a fraction of a cent are normal and reflect trading across different venues. Roughly $228.2K of USDe changed hands in the past day across the exchanges in FMchart's composite. Larger gaps from $1 are unusual.
How much USDe is in circulation?
About 4,600,682,115 USDe are in circulation, giving it a market capitalization of roughly $4.60B and rank 23 among cryptocurrencies. There is no maximum supply. New USDe is minted when approved firms deposit backing assets and burned when they redeem, so supply rises and falls with demand.
What are USDe's all-time high and low?
USDe's recorded all-time high is $1.034, from Dec 9, 2025. For a token aiming at $1, the all-time high and low mostly capture brief moments of stress or thin trading, not growth. The Price Statistics panel lists both records. A more useful question is how closely USDe usually stays to $1.
How stable has USDe been month to month?
In FMchart's composite price history (since July 2026), USDe's strongest month is July 2026 (+0.0%) and its weakest month is August 2026 (-0.0%). For a token tracking $1, figures near zero are expected. The Monthly Returns (USD) table shows each month, and any bigger number marks a period when the price drifted from its target.
What is sUSDe?
sUSDe is the staked form of USDe. When eligible users stake USDe with Ethena, they receive sUSDe, which grows in USDe value as protocol rewards are added. Rewards come from staking yield, funding payments and returns on stable assets, and they vary over time. A reserve fund absorbs periods of negative revenue. Staking is limited to permitted jurisdictions.
Is USDe safe?
No stablecoin or synthetic dollar is free of risk, and FMchart does not give investment advice. USDe's main risks include long periods of negative funding rates, failure of an exchange or custodian, problems with backing assets and loss of confidence in the peg. In October 2025 it briefly traded far below $1 on one exchange during a crash.
What is the difference between USDe and ENA?
USDe is Ethena's synthetic dollar, designed to stay near $1. ENA is Ethena's governance token, used to vote on protocol settings such as backing assets and Risk Committee membership. ENA has no price target and can rise or fall sharply, while USDe's price is meant to remain close to one dollar.