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Record sog_st_usde

USDeEthena USDe

Also recorded as USDe, Ethena USDe, Ethena synthetic dollar

Active

Lifecycle: Active
Issuance: Restricted
Reference target: US dollar
Primary organization: Ethena LabsNo additional recorded relationship
Launch: 2024-02-19
Redemption: Protocol Redemption
Backing: Synthetic or hedged
Stabilization: Delta-neutral
Last review: 2026-06-02
Evidence: 5 source records

Reviewed assessment

Identity and current state

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

A synthetic dollar from Ethena that uses hedged crypto positions and related reserve assets rather than a simple fiat reserve model.

Name	Ethena USDe
Symbol	USDe
Aliases	USDe, Ethena USDe, Ethena synthetic dollar
Asset class	Stable Value Asset
Lifecycle status	Active
Issuance status	Restricted
Canonical record ID	`sog_st_usde`
Route slug	`usde`
Record confidence	Medium
Last reviewed	2026-06-02

Name: Ethena USDe
Symbol: USDe
Aliases: USDe, Ethena USDe, Ethena synthetic dollar
Asset class: Stable Value Asset
Lifecycle status: Active
Issuance status: Restricted
Canonical record ID: sog_st_usde
Route slug: usde
Record confidence: Medium
Last reviewed: 2026-06-02

Record coverage

Section	Entries
Organizations	1
Sources	5
Reserve reports	2
Reserve components	1
Model-history events	0
Regulatory notes	0
Deployments	1
Issuer-control actions	0
Open questions	1
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: Hybrid
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: 1
Reference methodology: Targets a US dollar reference value unless the record documents a different target value.
Public backing model: Synthetic or hedged
Canonical backing types: Mixed
Reserve component categories: Unknown
Primary stabilization mechanism: Delta-neutral
Recorded model description: Synthetic Delta Neutral
Redemption / exit model: Protocol Redemption
Valuation source: Ethena mint and redeem reference
Yield / rebase profile: No recorded change · Accrual: No recorded change
Classification notes: Synthetic dollar backed by crypto assets and corresponding derivatives hedges rather than a simple fiat reserve model.

Reserve and redemption

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

Reserve components

Mixed backing; component breakdown unresolvedUnknown after review

Reserve profile

Disclosure status	Partial / protocol-transparent
Backing types	Mixed
Summary	Backing and hedging positions are tracked through protocol disclosures rather than a simple fiat reserve account.
As of	Not yet recorded
Profile confidence	Medium

Disclosure status: Partial / protocol-transparent
Backing types: Mixed
Summary: Backing and hedging positions are tracked through protocol disclosures rather than a simple fiat reserve account.
As of: Not yet recorded
Profile confidence: Medium

Redemption profile

Current status	Restricted
Settlement asset	Supported Collateral or Market Exit
Eligible parties	Eligible protocol users subject to Ethena terms and available mechanisms.
Retail access	Protocol or Market Based
Institutional access	Subject to Protocol Terms
Minimum amount	Source review needed.
Fee	Protocol- and market-dependent.
Settlement time	Protocol- and market-dependent.
Regional limits	Access may depend on Ethena terms, mint user agreements, custodial availability, and jurisdictional restrictions.

Current status: Restricted
Settlement asset: Supported Collateral or Market Exit
Eligible parties: Eligible protocol users subject to Ethena terms and available mechanisms.
Retail access: Protocol or Market Based
Institutional access: Subject to Protocol Terms
Minimum amount: Source review needed.
Fee: Protocol- and market-dependent.
Settlement time: Protocol- and market-dependent.
Regional limits: Access may depend on Ethena terms, mint user agreements, custodial availability, and jurisdictional restrictions.

Reserve and attestation history

Date	Publisher	Type	Assets covered	Record confidence
2026-06-02	Ethena Labs	Protocol Disclosure	Synthetic Delta Neutral, Custody Context, Reserve Fund, Not yet recorded	Medium
2026-06-08	Ethena	Protocol Documentation Reference	Synthetic Dollar, Hedged Collateral Context, Not yet recorded	Medium

Ethena Labs

2026-06-02

Type: Protocol Disclosure
Assets covered: Synthetic Delta Neutral, Custody Context, Reserve Fund, Public information incomplete
Record confidence: Medium

Ethena

2026-06-08

Type: Protocol Documentation Reference
Assets covered: Synthetic Dollar, Hedged Collateral Context, Public information incomplete
Record confidence: Medium

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	Not yet recorded	Protocol-native or protocol-supported deployment	Protocol Token	Active	Active	No separate change state recorded	Native deployment	Canonicality recorded	Verified	Identifier recorded	0x4c9EDD5852cd905f086C759E8383e09bff1E68B3	Not yet recorded	Not yet recorded	0	Ethereum USDe token contract confirmed from Ethena's official key-address documentation.

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.

4 source identities · 5 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
Ethena Shard Campaign: Epoch 1 Published 2024-02-19	Ethena Labs	Official statement or announcement Canonical: Official Statement	Subject-controlled source	Primary source	Official Public Launch Date	No archive recorded	High
USDe Overview Published Not yet recorded	Ethena	Official documentation or product page Canonical: Protocol Docs	Subject-controlled source	Primary source	Usde Backing Mint Redeem and Synthetic Dollar Classification	No archive recorded	High
USDe Terms and Conditions Published Not yet recorded	Ethena	Legal terms or disclosure Canonical: Legal Terms	Subject-controlled source	Primary source	Usde Redemption Eligibility and Non Yielding Asset Context	Direct archived snapshot	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
Backing Redemption Risk	USDe backing dashboard, custodial setup, delta-hedging venues, reserve fund, mint/redeem eligibility, and jurisdictional restrictions need deeper documented review.	Unknown after review	High	2026-06-02

Backing Redemption Risk

USDe backing dashboard, custodial setup, delta-hedging venues, reserve fund, mint/redeem eligibility, and jurisdictional restrictions need deeper documented review.

Value state: Unknown after review
Priority: High
Last checked: 2026-06-02

Lifecycle

History

Current classification remains separate from dated changes and incidents.

Model and lifecycle changes

No separate model-change event is currently recorded.

Event timeline

Date	Event	Category	Subtype	Status effect	Recovery
2024-02-19	Ethena launches USDe	Launch and introduction	Launch	Remained active	Not applicable

Related records and corrections

Corrections and further reading

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