Ethena WalletUSDe — Synthetic dollar
A synthetic dollar with a risk profile that differs from fiat-backed stablecoins.
What USDe represents
USDe is a synthetic dollar. It is not a bank account, and its risk profile differs from a traditional fiat-backed stablecoin. A dollar reference is not a guarantee of redemption or market value.
How the model works
The protocol combines backing assets with hedging arrangements intended to offset market exposure. Smart contracts and infrastructure outside the blockchain each play a role. Custody, settlement and hedging dependencies remain part of the model.
Access and eligibility
Direct minting and redemption have eligibility conditions. Buying an asset on a secondary market is a different process and does not establish access to direct minting or redemption.
Risks to understand
Consider smart-contract risk, funding and hedging conditions, counterparties, custody and market liquidity. Changes in these conditions may affect the protocol or the market value of USDe.
Glossary
Backing: assets and arrangements supporting the model. Hedging: positions intended to offset exposure. Secondary market: trading between market participants rather than direct issuance.