# Ethena USDe: Live Peg, Issuer & Licences

> Ethena USDe stablecoin: live USD peg deviation in bps, depeg history, issuer Ethena, licences linked to official registers, reserves and FAQ.

Canonical: https://stableradar.com/coin/usde
Generated: 2026-11-13T12:43:46.363Z (live figures are a snapshot at build time; see the canonical page for current values)

Stablecoin profile LIVE

# 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.

[Issuer profile → Ethena](https://stableradar.com/issuer/ethena)

$0.9995

Peg target: $1.0000 (USD)

On peg

Deviation: **-5.2 bps** (-0.05%) · Market cap: $4.93B

Sources: CoinGecko, DefiLlama · [CoinGecko ↗](https://www.coingecko.com/en/coins/ethena-usde) · Median of the available sources, refreshed in your browser. A deviation here is not a confirmed depeg.

### Token legal status
USDe

Other stablecoins

(1) Entity licence / registration

No entity licence record captured by StableRadar.

(2) Authorisation to issue this token

No authorisation to issue this stablecoin identified in official registers as of 27 Oct 2026. Registers checked: NYDFS Greenlist, ESMA EMT register, JFSA, HKMA, CNAD, OCC

(3) Applicable law

Token legal status last checked: 27 Oct 2026

### Issuer & legal entity
- Issuer **Ethena**

- Legal entity 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)

- Headquarters BVI

- Backing mechanism Synthetic dollar (delta-hedged)

- Reserve mix Crypto collateral hedged with perps, stablecoins

- Reserves & attestation Custodian attestations + on-chain proof (per Ethena) [docs.ethena.fi ↗](https://docs.ethena.fi/resources/custodian-attestations)

- Custody Off-exchange settlement providers (per Ethena)

- Redemption Whitelisted minters/redeemers only

Transparency Score (issuer)

Transparency Score

Weighted from public, sourced inputs · 94% of inputs available

Not legal advice; algorithmic assessment from public sources.

Our opinion based on public data as of 12 Nov 2026. Not a regulatory decision or a credit rating.

[Issuer profile → Ethena](https://stableradar.com/issuer/ethena)

### 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-Compliance15 Apr 2025 | [Reported](https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Verbrauchermitteilung/weitere/2025/meldung_2025_04_15_Ethena_GmbH_en.html) |

### 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 ↗](https://www.coingecko.com/), [DefiLlama ↗](https://defillama.com/stablecoins) · market data cached 13 Nov 2026, 11:28 UTC. 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 ↗](https://defillama.com/stablecoins)

### 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”.

Live prices: 13 Nov 2026, 12:43 UTC · Issuer reference data reviewed: 26 Oct 2026 (later changes are dated on each row) · Sources: [Issuer transparency / reserves (Ethena)](https://docs.ethena.fi/resources/custodian-attestations), [DefiLlama · USDe](https://defillama.com/stablecoin/ethena-usde), [CoinGecko · USDe](https://www.coingecko.com/en/coins/ethena-usde), [DefiLlama · Ethereum stablecoins](https://defillama.com/stablecoins/Ethereum)

Data: [DefiLlama](https://defillama.com/) · Powered by [CoinGecko](https://www.coingecko.com/)