Ethena Staked USDe (sUSDe) is a yield‑bearing token within the Ethena DeFi ecosystem — essentially representing staked USDe, Ethena’s synthetic dollar. When users stake their USDe stablecoin into the protocol’s staking vault, they receive sUSDe in return, which accrues rewards over time as Ethena generates yield through its delta‑hedged synthetic dollar mechanism.