sUSDe

Overview

sUSDe is the staked form of USDe. A holder deposits USDe into the StakedUSDe contract and receives sUSDe, an ERC20 token built on the ERC4626 vault standard. Ethena's documentation states that "USDe is a synthetic dollar that does not earn rewards". Rewards reach holders only through the staking contract, and Ethena calls them "fully discretionary incentive rewards".

Ethena Labs issues both tokens. sUSDe lives at a single Ethereum contract, 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497. DIA's registry records about 1.11 billion sUSDe outstanding and roughly 11,800 holders. Blockscout records a unit price of $1.23. The dollar reference runs through USDe, the token designed to hold a stable value against the US dollar.

Sources: Ethena docs: Staking USDe, StakedUSDe contract and ERC4626 mechanics, Ethena docs: sUSDe Rewards Mechanism, Blockscout API token record for the sUSDe contract on Ethereum

Backing and reserves

What sits behind sUSDe

sUSDe is a claim on USDe held in the staking contract. Ethena states the protocol "does not rehypothecate, lend out, or otherwise utilize deposited USDe for any purpose". USDe itself is backed by spot crypto paired with short derivatives positions to hold the combined exposure delta-neutral, alongside liquid stablecoins and short-duration real-world assets held directly.

What the attestations cover

Ethena publishes monthly custodian attestations of the assets backing USDe. The November 2025 report recorded USDe supply of $7.286bn. Ethena's transparency dashboard names HT Digital, LlamaRisk and Chainlink as independent verifiers under a proof of reserves programme.

Sources: Ethena docs: Backing Assets overview, delta-neutral and directly held categories, Ethena blog: Custodian Attestations of Assets Backing USDe, November 2025, Ethena transparency dashboard: named proof-of-reserves parties and custodians, Ethena docs: sUSDe Rewards Mechanism, no rehypothecation of staked USDe

Peg behaviour

sUSDe does not target one dollar. Ethena states the USDe value of sUSDe "can only increase or stay flat over time". Rewards are transferred into the staking contract every 8 hours and vest linearly over the following 8 hours, which Ethena says prevents a staker from entering just before a payment and leaving straight after it.

The sUSDe unit price is an accrued exchange rate against USDe, not a premium over a peg. When protocol revenue is negative, no discretionary rewards are provided and the exchange rate stays flat.

Sources: Ethena docs: Staking USDe, reward vesting and flat-or-rising value, Ethena docs: sUSDe Rewards Mechanism and weekly APY calculation

Regulation

Ethena's staking documentation carries a jurisdictional restriction: "The acquisition of sUSDe is not offered to persons with their habitual residence or registered office in the European Union or the European Economic Area." The staking, rewards and Reserve Fund pages name no regulator, licence or registration for the token.

Sources: Ethena docs: Staking USDe, EU and EEA acquisition restriction, Ethena docs: Reserve Fund, Ethena docs: sUSDe Rewards Mechanism

Risks

Reward risk

Rewards depend on funding and basis spread income from the hedging positions. Ethena writes that no rewards may be paid to stakers in periods when the funding and basis spread yield is negative by at least the income generated from staked Ethereum. It says "negative funding periods tend not to persist and revert to a positive mean".

Exit risk

Unstaking is not immediate. A request moves the position into the USDeSilo contract, and USDe becomes withdrawable once the cooldown elapses. Selling sUSDe before then depends on a secondary market, and Ethena states that "neither the Ethena Foundation nor Ethena Labs is planning to actively procure or facilitate creation of any such markets".

Counterparty risk

Ethena documents seven risk categories for USDe: funding, liquidation, custodial, exchange failure, backing assets, stablecoin-related and margin collateral. On custody it writes that the protocol is "reliant upon cooperation and reasonable legal behaviour to facilitate the expedient transfer of any unrealized PnL at risk with an exchange".

Sources: Ethena docs: Risks index listing seven disclosed categories, Ethena docs: Funding Risk, Ethena docs: Custodial Risk, Ethena docs: Staking USDe, cooldown, USDeSilo and secondary market wording

What this map tracks

What the map reads

The Global Stablecoin Map tracks sUSDe on Ethereum only, at the single StakedUSDe contract. Ethena issues the token on that one network, so chain coverage is complete. DIA reads about 1.11 billion sUSDe outstanding, roughly 11,800 holders, and a unit price that moves with the exchange rate rather than with a peg. Other yield-bearing dollar tokens sit alongside it in the stablecoin explorer.

What it does not read

The exchange rate is observable on chain. The assets producing it are not. The short derivatives positions sit on centralised venues, and the backing sits with the custodians listed on Ethena's transparency dashboard. USDe supply and backing are covered on the USDe page.

Sources: Blockscout API token record for the sUSDe contract on Ethereum, Ethena transparency dashboard: custodian list and attestation archive

Common questions