Ethena USDeUSDE

A 'synthetic dollar' from Ethena Labs, backed by crypto collateral hedged with short futures rather than bank deposits.

Rank #23Since February 2024

Price on 31 Oct 2026

C$1.40 -0.6% since 31 Jul 2026 · 5.7% below its all-time high

The short version

USDe is a synthetic dollar created by Ethena Labs (founder Guy Young) in Feb 2024: approved market makers deposit collateral such as staked ETH, and Ethena opens matching short futures so the position stays near US$1 in value. Backing was 101.2% (US$5.63B against 5.56B USDe) in an Apr 2026 proof-of-reserves check, and supply stood at US$4.52B on 2 Nov 2026. Stakers in sUSDe earned about 5.1% a year. On 31 Oct 2026 one USDE cost C$1.40. From 31 Jul 2026 to 31 Oct 2026 its price changed -0.6% in Canadian dollars, and it was 5.7% below its all-time high of C$1.48 set on 2 Feb 2025.^[1]

Facts checked 2 Nov 2026 · 14 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$1.43 (12 Oct 2026) · low C$1.34 (10 Feb 2026) · -0.8%^[1]

Month-end prices (table)

Date	C$	US$
31 Oct 2026	C$1.39	US$0.9987
30 Sep 2026	C$1.42	US$0.9997
31 Aug 2026	C$1.39	US$0.9999
31 Jul 2026	C$1.40	US$0.9998
30 Jun 2026	C$1.42	US$0.9984
31 May 2026	C$1.38	US$0.9993
30 Apr 2026	C$1.36	US$0.9991
31 Mar 2026	C$1.39	US$0.9992
28 Feb 2026	C$1.36	US$0.9992
31 Jan 2026	C$1.35	US$0.9987
31 Dec 2025	C$1.37	US$0.9981
30 Nov 2025	C$1.40	US$0.9993

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026: C$1.40^[1]
3-month change: -0.6% in C$ (31 Jul 2026 to 31 Oct 2026)^[1]
From its high: 5.7% below its high of C$1.48 (2 Feb 2025)^[1]
Market rank: #23, market value about C$6.3B^[1]
Kind: Stablecoin · Ethereum (ERC-20); bridged to about 30 other networks via LayerZero
Started: February 2024

Checks: the same 9 questions for every coin

Facts, not a rating

Can an admin key create new coins?YesEthena mints USDe when approved market makers deposit collateral and burns it on redemption^{[2, 3]}

Can anyone freeze or take coins from holders?NoUSDe has no blacklist, pause or balance-change function^{[3, 4]}

Can the token's contract code be changed?NoFixed contract code on Ethereum, not a proxy^[4]

Is the supply capped?NoNo maximum; supply follows mints and redemptions^[5]

Any scheduled unlocks in the next 12 months?NoNo vesting or locked allocations^[2]

Does a team or foundation hold over 10% of supply?NoNo team or investor allocation; USDe is issued only against collateral^[2]

Do network fees reach coin holders?YessUSDe stakers earned about 5.1% a year from funding, staking and lending revenue^[6]

Main network hacked or halted in the past 2 years?NoNo exploit of Ethena contracts found; the Apr 2026 bridge pause was precautionary^{[7, 8]}

Is a regulator or court case targeting the coin itself?NoBaFin's 2025 order against Ethena GmbH ended with a redemption plan that closed on 6 Aug 2025^[9]

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Run by: Ethena Labs, founder and CEO Guy Young; EU/EEA redemptions moved to Ethena (BVI) Ltd after Aug 2025^{[10, 9]}
Admin powers: Minting only through the EthenaMinting contract; the token owner is a timelock; no blacklist or pause on USDe^{[3, 4]}
Who can mint: Approved market makers after KYC/KYB checks; others acquire USDe on open pools^[2]

Supply

In circulation: 4.52B USDE of 4.57B in total (98.9%)^[1]
Maximum supply: None set^[1]
Outstanding: US$4.52B on 2 Nov 2026, down from US$4.89B a month earlier; Ethereum holds US$2.49B^[5]
Backing: 101.2% on 20 Apr 2026: over US$5.63B behind 5.56B USDe, verified by Chainlink, Chaos Labs, LlamaRisk and Harris & Trotter^[7]
Reserve fund: Over US$62M in Apr 2026 and over US$60M on 30 Oct 2026, to cover periods of negative funding^{[7, 11]}

Use and fees

Yield: sUSDe paid about 5.1% a year on 2 Nov 2026 from futures funding, staking, lending and stablecoin rewards^{[6, 2]}
Protocol fees: US$238M over the past year (DefiLlama)^[12]
Buyback plan: 95% of net revenue to ENA buybacks once USDe supply holds US$7.5B; supply was US$4.53B on 1 Nov 2026^[11]

Trading

Daily trading: About C$66.7M a day on average, 31 Jul 2026 to 31 Oct 2026^[1]
Daily turnover: Typically 0.93% of its market value changes hands each day^[1]
20-week average: 0.1% below its 20-week average price^[1]
1-year change: -0.1% in C$^[1]^[13]
Thin trading: Typically under 1% of its market value trades in a day^[1]

History

Not a forecast

Coins ranked 11-50 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 1,080 cases, 157 coins

46% were higher a year later^[14]

Typical result: Median -6% after a year; 61% higher after two years
Lost half or more: 25% within a year
Against Bitcoin: 12% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

No red flags found

Ethena paused its LayerZero bridge on 18 Apr 2026 as a precaution after a third-party rsETH exploit; it said it had no exposure to that asset.^[7]
On 30 Oct 2026 Ethena disclosed about US$8.8M of unrealized exposure to positions at a platform hit by the 29 Oct hack; its collateral sits with custodians.^[11]
BaFin barred Ethena GmbH from offering USDe in Germany in Mar 2025; a 42-day redemption plan ended on 6 Aug 2025 and the German unit was wound up.^[9]
sUSDe staking is not offered to residents of the EU or EEA.^[2]

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.