01 / USDe
A synthetic dollar.
USDe is designed around a dollar reference. Its model combines backing assets and hedging positions.
Its market price can move above or below one dollar.
Understand the backing modelUnderstand the assets.
USDe, sUSDe and ENA have distinct roles. Understand what each represents, how they relate and what to review.
START WITH THE ROLE
Three assets.
Three different purposes.
A token name tells only part of the story. Start with what it represents.
02 / sUSDe
A share of staked USDe.
sUSDe represents shares in the USDe staking vault. Distributions to that vault can change how much USDe each share represents.
Distributions are discretionary. Returns are not fixed.
Understand the share value03 / ENA
A role in governance.
ENA is the protocol’s governance token. Its purpose is different from holding a synthetic dollar or staking-vault shares.
Its market price can fluctuate; it is not dollar-pegged.
Understand governanceAT A GLANCE
Compare the essentials.
AssetRoleKey distinctionLearn
USDe
A synthetic dollar with a risk profile that differs from fiat-backed stablecoins.
sUSDe
Represents staked USDe and may accrue discretionary rewards. Rewards are variable.
Asset information does not establish which assets or networks a desktop release supports.
USDe & sUSDe / THE CONNECTION
One is the asset.
One represents a share.
For eligible users, staking USDe produces sUSDe vault shares. The share quantity depends on the vault’s conversion rate.
Rewards distributed to the vault can increase the USDe represented by each share. Your number of shares and the underlying amount are separate figures.
Explore how sUSDe worksUSDeUnderlying asset
Staking vaultConversion rate determines shares
sUSDeVault shares
Conceptual relationship. Eligibility and withdrawal conditions apply.
READ YOUR BALANCE
One holding.
Three different measures.
Follow an example of 100 sUSDe.
Each number answers a different question.
Illustrative example · assumed rates, not live prices
01 / QUANTITY
100 sUSDe
How many shares?
The quantity held in this example. It is a count of vault shares, not a dollar value.
YOUR HOLDING100 shares
02 / UNDERLYING
110 USDe
What do they represent?
At an assumed rate of 1.10 USDe per share, 100 sUSDe represents 110 USDe.
SHARES × CONVERSION RATE100 × 1.10 = 110 USDe
03 / MARKET VALUE
$108 USD
What is the quoted value?
At an assumed market price of $1.08 per sUSDe, the same holding is valued at $108.
QUANTITY × MARKET PRICE100 × $1.08 = $108
Quantity, underlying amount and price are separate. Conversion rates and market prices can change. A displayed valuation does not guarantee trading proceeds or redemption availability.
THE PRE-ACTION CHECKPause for the details.
Pause for the details.
Then choose your next step.
Four questions to take from the asset page to the actual request.
ASSET REVIEW01—04Start with
what you hold.
USDe, sUSDe and ENA have different roles. The same four questions help you review each one.
TokenDestinationPermissionConditions
- 01
Is it the right token?
Compare the token name, contract and selected network. A familiar name alone is not enough.
- 02
Can the destination receive it?
Confirm the receiving service accepts this asset on the same network.
- 03
What does this action allow?
Separate a transfer from staking or a spending allowance. Review the amount, fee and permission.
- 04
Which conditions apply?
Check eligibility and withdrawal rules for minting, redemption or staking.
COMMON QUESTIONS
Clear up
the differences.
Are USDe and sUSDe interchangeable?
They are different tokens. USDe is the underlying asset; sUSDe represents staking-vault shares. Do not assume that one unit of each represents the same amount.
Does holding USDe automatically give me staking rewards?
Holding USDe alone is different from holding sUSDe vault shares. Review the staking mechanism and any separate service terms instead of assuming rewards apply to every balance.
Is ENA used to pay every transaction fee?
Governance and network execution fees are different functions. The fee asset depends on the network used for the transaction.
Can everyone stake USDe?
No. Access depends on the applicable terms and jurisdiction. Ethena’s documentation states that acquisition of sUSDe is not offered to people habitually resident, or entities with a registered office, in the EU or EEA.
What should I read about risk?
For USDe, understand backing, hedging, custody, counterparties and liquidity. For sUSDe, also review vault mechanics, distributions and withdrawal conditions. For ENA, consider governance, market-price changes and liquidity.
Continue with the protocol documentation.
Read the current mechanics and terms before using an asset.
BRING IT INTO FOCUS