Stablecoin profileLIVE
Ethena USDe stablecoin
In short: USDe is a USD-pegged stablecoin issued by Ethena. No token-level authorisation identified in the official registers checked. Below: live peg deviation, peg history, issuer, licences and FAQ.
Deviation: -5.2 bps (-0.05%) · Market cap: $4.93B
Sources: CoinGecko, DefiLlama · CoinGecko ↗ · Median of the available sources, refreshed in your browser. A deviation here is not a confirmed depeg.
Token legal status
Issuer & legal entity
Transparency Score (issuer)
Our opinion based on public data as of 12 Nov 2026. Not a regulatory decision or a credit rating.
Issuer licences, registrations & token status
Issuer-level records from the Ethena profile; each row links to the official register or source.
| Jurisdiction | Record | Status | Source |
|---|---|---|---|
| EU-DE | No MiCA authorisation — BaFin ordered wind-down of Ethena GmbH USDe business · BaFin | Confirmed Non-Compliance 15 Apr 2025 | Reported |
USDe peg history
Max deviation from the peg, time spent outside ±50 / ±100 bps and derived events per window. 24h: CoinGecko 5-minute prices; 7d, 30d, 90d: hourly; 1y: daily. Cached at build time.
| Favourites | Coin | Peg | Trend | Max |dev| | Low | >±50 bps | >±100 bps | Events | Details |
|---|---|---|---|---|---|---|---|---|---|
| USDe | USD | −30.2 bps | 0.9970 | 0 | 0 | 0 |
Source: CoinGecko ↗, DefiLlama ↗ · market data cached . Aggregated prices can move on thin markets; a deviation here is not a confirmed depeg.
USDe supply by chain
Current circulating supply per chain from the DefiLlama stablecoins API (cached at build time). Per-chain or DEX prices are not shown: no free source covers them reliably.
| Chain | Supply | Share of supply |
|---|---|---|
| Ethereum | $2.86B | 58.3% |
| Plasma | $507.2M | 10.4% |
| Robinhood Chain | $365.3M | 7.5% |
| Base | $362.5M | 7.4% |
| Solana | $279.8M | 5.7% |
| Monad | $112.7M | 2.3% |
| Avalanche | $105.5M | 2.2% |
| TON | $85.7M | 1.7% |
| BSC | $78.4M | 1.6% |
| Mantle | $67.0M | 1.4% |
| X Layer | $57.4M | 1.2% |
| Berachain | $11.3M | 0.2% |
| Hyperliquid L1 | $6.5M | 0.1% |
| Arbitrum | $1.8M | 0.0% |
| Stellar | $590,096 | 0.0% |
Source: DefiLlama ↗
FAQ about USDe
What is Ethena USDe?
USDe is a stablecoin pegged to the US dollar. Issuer: Ethena. Backing (as described in our data): Synthetic dollar (delta-hedged).
Who issues USDe?
USDe is issued by Ethena (BVI) Ltd.; Ethena GmbH (Germany, wound down by BaFin order). USDtb is issued by Anchorage Digital Bank N.A. (OCC), sole issuer since 14 Oct 2025 — not by Ethena (BVI) (per Anchorage). The issuer profile on StableRadar lists its licences with links to official registers.
Is USDe authorised under MiCA or another stablecoin regime?
No authorisation to issue USDe was identified in the official registers StableRadar checked (NYDFS Greenlist, ESMA EMT register, JFSA, HKMA, CNAD, OCC; last checked 27 Oct 2026). This does not mean the coin or issuer is unlawful, unlicensed or unsafe.
Is USDe safe?
StableRadar does not say whether a coin is safe and does not give investment advice. In our opinion, based on public data as of 12 Nov 2026, the issuer Ethena has a Transparency Score of 43/100. This is not a regulatory decision or a credit rating. The live peg deviation and the official register links are on this page.
How is USDe backed?
Model: Synthetic dollar (delta-hedged). Reserve mix: Crypto collateral hedged with perps, stablecoins. Attestation: Custodian attestations + on-chain proof (per Ethena).
Related pages
- Issuer profile → Ethena
- USDe × country checker: DE
- USDe × country checker: FR
- Stablecoin laws by country
- News & depeg incidents
- Live peg monitor
- All stablecoins
- Issuer ranking
Informational only: not legal, investment or compliance advice. Company statements are marked “per company”.