USDe USDe

1 · Ethereum Ecosystem · Hyperliquid Ecosystem · Stablecoins · USD Stablecoin

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USDe is a synthetic dollar stablecoin issued by Ethena Protocol. It is used as collateral in DeFi applications and for earning yield through staking. The protocol maintains the dollar peg by holding spot crypto assets as collateral while taking offsetting short positions in derivatives markets, creating a market-neutral position that allows USDe to capture funding rate yields without directional price exposure.