Ethena USDe (USDe) is a synthetic dollar — a crypto‑native stable asset designed to maintain a 1:1 peg to the U.S. dollar using on‑chain collateral and advanced financial strategies, rather than traditional fiat reserves.

Unlike typical stablecoins backed by dollar reserves in banks (like USDC or USDT), USDe is backed by crypto assets such as ETH and liquid‑staking tokens combined with delta‑neutral hedging via derivatives (e.g., short perpetual futures), which helps stabilize its value while remaining fully on‑chain.