STABLE OR GONE Stablecoin history, events, and sources
Stablecoin record

Staked USDe

Ethena's transferable reward-accruing token vault receipt obtained by staking USDe; its USDe-denominated conversion value increases as protocol rewards accrue.

LifecycleActive
Events1
Sources3
Overview
SymbolsUSDe
Asset classYield Bearing Stable Receipt
Reference targetFiat
Redemption / exit modelProtocol Based
Valuation sourcePublic information is incomplete
Yield / rebase profileNone recorded
Classification notesActive reward-accruing vault receipt over USDe; first-class only to preserve its distinct lifecycle, risks, and conversion mechanics.
Lifecycle statusActive
Issuance statusProtocol Based
Peg referenceFiat · USD
Backing typesStablecoin Collateral
StabilizationProtocol Arbitrage
GovernanceProtocol Governed
Primary organizationEthena Labs
Primary roleProtocol Operator
Last reviewed2026-06-15
Organizations and roles
OrganizationRoleFromUntilRelationship status
Ethena LabsProtocol Operator——Active

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Ethena Labs

Protocol Company · Unknown

Event history

1 event connected to this stablecoin.

Reserve profile
Disclosure statusUnderlying Usde Protocol Transparency
Backing typesStablecoin Collateral
SummarysUSDe vault shares are backed by USDe deposited into Ethena's staking contract. The deposited USDe is not separately rehypothecated by the vault; its broader economic backing remains the USDe system.
As of2026-06-15
Profile confidenceHigh
Redemption profile
Current statusProtocol Based
Settlement assetUSDe
Eligible partiessUSDe holders using supported contracts or interfaces, subject to protocol and access conditions.
Retail accessProtocol Based Subject to Restrictions
Institutional accessProtocol Based Subject to Restrictions
Minimum amountProtocol and transaction dependent.
FeeProtocol cooldown, reward, and network conditions may apply; no fixed fiat redemption is provided by sUSDe itself.
Settlement timeProtocol cooldown and onchain settlement dependent.
Regional limitsEthena front-end and terms restrictions may apply., Sanctions and regional access controls may apply.
Record coverage
SectionEntries
Organizations1
Sources3
Reserve reports1
Regulatory notes0
Deployments1
Issuer-control actions0
Open questions2
Events1
Event timeline
DateEventTypeDetail kindRecovered
—sUSDe operates as Ethena's reward-accruing USDe vault receiptProtocol Model UpdateOther—
Reserve and attestation history
DatePublisherTypeAssets coveredRecord confidence
—EthenaUnderlying Protocol TransparencyStablecoin CollateralHigh
Regulatory and official notices
DateTitleAuthority / publisherTypeSummary
No regulatory notes have been added yet.
Blockchain deployments
ChainStandardDeploymentStatusFreezeBlacklistControl eventsContractNotes
EthereumERC-20 token vault shareProtocol Native Vault ShareActiveUnknownUnknown0Not yet verifiedPrimary Ethereum sUSDe vault-share deployment; exact address normalization is deferred to a contract-map pass.
Sources
SourcePublisherTypeEvidence scopeReliability
Ethena overviewEthenaOfficial DocumentationEntity Identity, Active Product, Relationship to Usde, Entity and Current StatusHigh
sUSDe rewards mechanismEthenaOfficial DocumentationToken Vault, Exchange Rate Accrual, Underlying Usde, Income and Wrapper MechanicsHigh
Staking USDeEthenaOfficial DocumentationStake Usde, Unstake, Variable Rewards, Subscription Redemption and RewardsHigh
Open questions
TopicWhat remains unclearPriorityLast checked
Exact Launch DateCurrent official materials establish sUSDe's active design but the canonical day-level launch date is not normalized in this batch.Low2026-06-15
Current Reward Rate and CooldownsUSDe rewards and unstaking conditions are variable and are not snapshotted as a permanent record value.Medium2026-06-15