Reviewed assessment

Identity and current state

This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.

Ethena's transferable reward-accruing token vault receipt obtained by staking USDe; its USDe-denominated conversion value increases as protocol rewards accrue.

Name	Staked USDe
Symbol	sUSDe
Aliases	sUSDe, Staked USDe, Ethena sUSDe
Asset class	Yield Bearing Stable Receipt
Lifecycle status	Active
Issuance status	Protocol-based
Canonical record ID	`sog_st_susde`
Route slug	`susde`
Record confidence	High
Last reviewed	2026-06-15

Name: Staked USDe
Symbol: sUSDe
Aliases: sUSDe, Staked USDe, Ethena sUSDe
Asset class: Yield Bearing Stable Receipt
Lifecycle status: Active
Issuance status: Protocol-based
Canonical record ID: sog_st_susde
Route slug: susde
Record confidence: High
Last reviewed: 2026-06-15

Record coverage

Section	Entries
Organizations	1
Sources	3
Reserve reports	1
Reserve components	1
Model-history events	1
Regulatory notes	0
Deployments	1
Issuer-control actions	0
Open questions	2
Events	1

Organizations and control

Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.

Governance: Protocol Governed
Primary display organization: Ethena Labs
Primary display role: Protocol operator
Display selection mode: Deterministic Policy
Current relationships: 1
Ended relationships: 0
Unknown relationship state: 0
Freeze capability: 0 recorded yes · 0 recorded no · 1 not recorded
Blacklist capability: 0 recorded yes · 0 recorded no · 1 not recorded
Deployment control-event references: 0
Observed issuer-control events: 0
Relationship coverage: 1 recorded relationship

All current, ended, and unknown-state organization relationships
Organization	Organization category	Regulatory character	Jurisdiction	Role	Display priority	From	Until	Relationship status
Ethena Labs	Company or corporate group	Not recorded in canonical data	Unknown or not publicly resolved	Protocol operator	Primary display	Not yet recorded	Not yet recorded	Active relationship

Company or corporate group

Ethena Labs

Primary display

Functional role: Protocol operator
Relationship status: Active relationship
Regulatory character: Not recorded in canonical data
Jurisdiction: Unknown or not publicly resolved
From: Not recorded
Until: Not recorded

Mechanism

How the asset works

Reference, backing, stabilization, exit, valuation, and yield remain separate facts.

Reference target: US dollar
Reference kind: Fiat
Comparison category: US dollar
Target value: Not yet recorded
Reference methodology: sUSDe is denominated through its redeemable USDe share value rather than a fixed one-dollar token price.
Public backing model: Wrapper or receipt
Canonical backing types: Stablecoin Collateral
Reserve component categories: Stablecoin Collateral
Primary stabilization mechanism: Protocol arbitrage
Recorded model description: Erc4626 Style Reward Accruing Wrapper Over Usde
Redemption / exit model: Protocol Based
Valuation source: Public information is incomplete
Yield / rebase profile: None recorded
Classification notes: Active reward-accruing vault receipt over USDe; first-class only to preserve its distinct lifecycle, risks, and conversion mechanics.

Reserve and redemption

Recorded components, disclosures, reports, and redemption conditions remain explicit.

Reserve components

USDe deposited in the sUSDe staking vaultStablecoin Collateral · Underlying USDe retains its own backing model; sUSDe does not maintain an independent fiat reserve.

Reserve profile

Disclosure status	Underlying Usde Protocol Transparency
Backing types	Stablecoin Collateral
Summary	sUSDe vault shares are backed by USDe deposited into Ethena's staking contract. The deposited USDe is not separately rehypothecated by the vault; its broader economic backing remains the USDe system.
As of	2026-06-15
Profile confidence	High

Disclosure status: Underlying Usde Protocol Transparency
Backing types: Stablecoin Collateral
Summary: sUSDe vault shares are backed by USDe deposited into Ethena's staking contract. The deposited USDe is not separately rehypothecated by the vault; its broader economic backing remains the USDe system.
As of: 2026-06-15
Profile confidence: High

Redemption profile

Current status	Protocol Based
Settlement asset	USDe
Eligible parties	sUSDe holders using supported contracts or interfaces, subject to protocol and access conditions.
Retail access	Protocol Based Subject to Restrictions
Institutional access	Protocol Based Subject to Restrictions
Minimum amount	Protocol and transaction dependent.
Fee	Protocol cooldown, reward, and network conditions may apply; no fixed fiat redemption is provided by sUSDe itself.
Settlement time	Protocol cooldown and onchain settlement dependent.
Regional limits	Ethena front-end and terms restrictions may apply., Sanctions and regional access controls may apply.

Current status: Protocol Based
Settlement asset: USDe
Eligible parties: sUSDe holders using supported contracts or interfaces, subject to protocol and access conditions.
Retail access: Protocol Based Subject to Restrictions
Institutional access: Protocol Based Subject to Restrictions
Minimum amount: Protocol and transaction dependent.
Fee: Protocol cooldown, reward, and network conditions may apply; no fixed fiat redemption is provided by sUSDe itself.
Settlement time: Protocol cooldown and onchain settlement dependent.
Regional limits: Ethena front-end and terms restrictions may apply., Sanctions and regional access controls may apply.

Reserve and attestation history

Date	Publisher	Type	Assets covered	Record confidence
Not yet recorded	Ethena	Underlying Protocol Transparency	Stablecoin Collateral	High

Ethena

Not yet recorded

Type: Underlying Protocol Transparency
Assets covered: Stablecoin Collateral
Record confidence: High

Deployments and legal context

Network state, contract identity, legal notices, and value states remain separate.

Blockchain deployments

Network	Network record state	Standard	Public deployment category	Canonical deployment type	Operational state	Recorded status	Change or proposal state	Canonicality	Canonicality record state	Verification state	Contract identity state	Contract or identifier	Freeze	Blacklist	Control events	Notes
Ethereum	Specific network recorded	ERC-20 token vault share	Protocol-native or protocol-supported deployment	Protocol Native Vault Share	Active	Active	No separate change state recorded	Native deployment	Canonicality recorded	Source-linked record; identifier not recorded	Identifier not recorded	Identifier not recorded	Not yet recorded	Not yet recorded	0	Primary Ethereum sUSDe vault-share deployment; exact address normalization is deferred to a contract-map pass.

Regulatory and official notices

Date	Title	Authority / publisher	Type	Summary
No regulatory notes have been added yet.

No regulatory notes have been added yet.

Evidence

Publisher, provenance, supported claims, archive state, reliability, and publication date remain separate.

3 source identities · 3 evidence relations
Source	Publisher	Source category	Provenance	Primary or secondary	Supported claims	Archive	Reliability
Ethena documentation for USDe Published Not yet recorded	Ethena Labs	Official statement or announcement Canonical: Issuer Statement	Subject-controlled source	Primary source	Entity Collateral Redemption, Usde Synthetic Dollar Lifecycle Context, Entity Identity, Active Product, Relationship to Usde, Entity and Current Status	Archive index or wildcard	High
sUSDe rewards mechanism Published Not yet recorded	Ethena	Official documentation or product page Canonical: Official Documentation	Subject-controlled source	Primary source	Token Vault, Exchange Rate Accrual, Underlying Usde, Income and Wrapper Mechanics	Archive index or wildcard	High
Staking USDe Published Not yet recorded	Ethena	Official documentation or product page Canonical: Official Documentation	Subject-controlled source	Primary source	Stake Usde, Unstake, Variable Rewards, Subscription Redemption and Rewards	Archive index or wildcard	High

Known unknowns

Known unknowns and coverage

Missing or disputed facts remain visible instead of being converted into certainty.

Open questions

Topic	What remains unclear	Value state	Priority	Last checked
Exact Launch Date	Current official materials establish sUSDe's active design but the canonical day-level launch date is not normalized in this batch.	Unknown after review	Low	2026-06-15
Current Reward Rate and Cooldown	sUSDe rewards and unstaking conditions are variable and are not snapshotted as a permanent record value.	Unknown after review	Medium	2026-06-15

Exact Launch Date

Current official materials establish sUSDe's active design but the canonical day-level launch date is not normalized in this batch.

Value state: Unknown after review
Priority: Low
Last checked: 2026-06-15

Current Reward Rate and Cooldown

sUSDe rewards and unstaking conditions are variable and are not snapshotted as a permanent record value.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-15

Lifecycle

History

Current classification remains separate from dated changes and incidents.

Model and lifecycle changes

Not yet recordedsUSDe operates as Ethena's reward-accruing USDe vault receiptOther

Event timeline

Date	Event	Category	Subtype	Status effect	Recovery
—	sUSDe operates as Ethena's reward-accruing USDe vault receipt	Governance and protocol change	Protocol Model Update	Remained active	Not applicable

Related records and corrections

Corrections and further reading

Open connected records, methodology, machine-readable data, or report a correction.