USDe Overview | Ethena Labs

Ethena Labs manages the issuance and redemption of a delta-neutral synthetic dollar, USDe, crypto's first fully-backed, onchain, scalable, and censorship-resistant form of money. The mechanism backing USDe will enable the first "Internet Bond" that will sit alongside the synthetic dollar, offering a crypto-native, yield-bearing, dollar-denominated savings instrument, derived from staked Ethereum returns and the funding and basis spread available in perpetual and futures markets. USDe derives its peg stability from executing automated and programmatic delta-neutral hedges with respect to the underlying collateral assets. Hedging the price change risk of the collateral asset in the same size ensures the change in value of the collateral asset is offset by the change in value of the hedging leg. This ensures the synthetic USD value of the collateral remains relatively stable in all market conditions. Ethena Labs does not use any material leverage to margin the delta hedging derivatives po

Ethena Labs manages the issuance and redemption of a delta-neutral synthetic dollar, USDe, crypto's first fully-backed, onchain, scalable, and censorship-resistant form of money. The mechanism backing USDe will enable the first "Internet Bond" that will sit alongside the synthetic dollar, offering a crypto-native, yield-bearing, dollar-denominated savings instrument, derived from staked Ethereum returns and the funding and basis spread available in perpetual and futures markets. USDe derives its peg stability from executing automated and programmatic delta-neutral hedges with respect to the un