Bubble
Ethena USDe USDE
Ethena USDe (USDE) was trading at $0.9999, ranked #22 by market cap at $4.05B, with 24h volume of $120.00M.
Data snapshot: 2026-07-22 18:00 UTC.
USDe is a synthetic dollar from Ethena that holds its $1 value without sitting on cash reserves. Instead, it pairs long crypto collateral (like staked ETH) with an equal short position in perpetual futures, a delta-neutral setup where gains and losses on each side offset each other. Yield for holders comes from funding-rate payments and staking rewards. USDe is not backed by dollars in a bank. It holds crypto collateral and simultaneously shorts an equivalent amount on derivatives markets, so the two positions offset and the combined value stays near a dollar — a delta-neutral position packaged as a token. Its yield comes from funding rates paid to short positions. The risks are specific and worth naming: funding can turn negative for extended periods, and the design depends on centralised exchanges remaining solvent and accessible. It is closer to a tokenised trading strategy than to a cash-backed stablecoin, and should be read that way.
What backs USDe?
Crypto collateral paired with an offsetting short position on derivatives markets. The two legs cancel out, which is what holds the value near a dollar. There are no bank deposits behind it.
Where does the yield come from?
Mainly from funding rates paid to short positions when markets are bullish, plus staking rewards on the collateral.
What is the main risk with Ethena USDe?
Funding rates can turn negative for extended periods, and the hedge relies on centralised exchanges remaining solvent and accessible. Both are different risks from a cash-backed stablecoin's.
Is it the same kind of asset as USDC?
No. USDC holds cash reserves; USDe holds a hedged trading position. They can both hold a dollar and still fail in completely different ways.
Market cap decides how big a bubble is drawn, so rank is what places USDE on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #18 | Dai (DAI) | $4.63B |
| #21 | World Liberty Financial USD (USD1) | $4.18B |
| #22 | Ethena USDe (USDE) | $4.05B |
| #24 | Global Dollar (USDG) | $3.25B |
| #27 | sUSDS (SUSDS) | $4.64B |