USDe supply
USDeUSDe outstanding across Ethereum and its bridged deployments on the latest day, each unit counted once.
Dashboard · VantagePlanned
Ethena USDe Supply and sUSDe Yield
How much USDe is outstanding, and what has sUSDe actually paid recently?
How much USDe exists across chains, how much is staked as sUSDe, what sUSDe has actually paid and the daily mint and redeem flows.
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Blueprint
What the dashboard will show.
The dashboard as it will open in Vantage. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
Supply
USDe outstanding, the staked share and the daily flows.
Staked as sUSDe
%USDe held by the sUSDe contract as a share of USDe supply on the same day.
Supply change, 30 days
%USDe supply against its level thirty days earlier.
Reserve fund
USDUSDe and USDtb held by the reserve fund address at the latest day's last block.
USDe supply and staked USDe
USDeDaily USDe supply with the part staked in sUSDe shaded, over the selected period.
Mints and redemptions by day
USDeUSDe minted and redeemed each day through the minting contract, redemptions below the line, with the collateral used.
Yield
What sUSDe has paid and the rewards behind it.
sUSDe yield, 7 days
%Annualized growth of one sUSDe share's USDe value over the last seven days.
sUSDe yield, 30 days
%The same measure over the last thirty days, steadier against short swings in funding.
Rewards sent to sUSDe
USDeUSDe rewards transferred into the sUSDe contract each day, from its reward events.
Realized yield over time
%Rolling seven-day and thirty-day realized sUSDe yield over the selected period.
- Period
- Last 30 days, 90 days or one year
About
What it answers, and for whom.
USDe is Ethena's synthetic dollar: it is backed by crypto collateral hedged with short perpetual futures rather than by cash, and sUSDe is the staked version that collects the yield. This dashboard reads USDe supply on every covered chain, the share staked as sUSDe and what sUSDe has actually paid, from its exchange rate at pinned blocks.
Supply moves with minting and redemption, which only approved participants can do directly with the protocol; everyone else buys and sells USDe on exchanges and in pools. Daily mints and redemptions show those flows with the collateral each used. The yield sUSDe pays depends mostly on funding rates in perpetual markets, so it changes with them. The figures here are measured after the fact rather than quoted.
Read supply and the staked share first, then the realized yield over seven and thirty days. The composition of the backing is published by the protocol and its custodians off-chain, so it appears as a cited note, apart from the on-chain figures.
Method
How it will be measured.
Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.
How receipts work →- USDe supply is totalSupply() of the USDe contract on Ethereum and of each bridged deployment at the last block of each UTC day; copies on other chains are backed by USDe locked on Ethereum and counted once.
- The staked share is the USDe held by the sUSDe contract divided by USDe supply on the same day.
- Realized sUSDe yield compares convertToAssets for one share at two pinned blocks, annualized from the block timestamps, so it reports what holders earned rather than a quoted rate.
- Mints and redemptions are the EthenaMinting contract's Mint and Redeem events with their collateral asset and amounts; the reserve fund is the USDe and USDtb balance of its published address.
- Backing composition comes from the protocol's published reports and custodian attestations, recorded with their source and date and never mixed with the on-chain figures.
The data it needs
Read from chain state and history
- stablecoin_supply_dailyPublishedStablecoin supply by token and chainNative supply of each USD and EUR stablecoin on each covered chain at the chain's last block of each day, from totalSupply() reads, with bridged copies kept apart.
- yield_rates_dailyTo buildYields and ratesSupply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- stablecoin_flows_dailyTo buildStablecoin mints, burns and transfersStablecoin mints, burns, transfer volume and active addresses per stablecoin and chain per day.
- treasury_balances_dailyTo buildDAO and protocol treasuriesBalances of DAO, protocol and multisig treasuries per asset at day end, and their inflows and outflows.
- USDe totalSupply() on Ethereum and on each bridged deployment at day-end blocks
- EthenaMinting Mint and Redeem events: collateral asset, collateral amount and USDe amount
- sUSDe convertToAssets for one share and totalAssets() at daily blocks
- Reward transfers into the sUSDe contract, from its RewardsReceived events
- USDe and USDtb balances of the reserve fund address
- Published backing reports and custodian attestations, recorded with source and date (off-chain)
Questions
Questions people ask.
What is USDe?
USDe is a dollar-pegged token issued by Ethena. Each unit is backed by collateral such as ETH, BTC and stablecoins, paired with short perpetual futures positions that offset the collateral's price moves, so the combined position holds a steady dollar value.
Where does the sUSDe yield come from?
Mainly from funding payments earned by the short perpetual positions, plus staking rewards on staked ETH collateral and interest on stablecoin reserves. The protocol sends part of that income to the sUSDe contract, which raises the USDe value of each share.
How is the sUSDe APY measured here?
From the contract itself: the USDe value of one sUSDe share at two blocks, annualized over the time between them. That is the yield holders actually received over the window, which can differ from rates quoted for the future.
What is the Ethena reserve fund?
A pool of assets the protocol keeps to absorb periods when funding rates turn negative and the hedge costs money instead of earning it. Its on-chain balance is read from its published address.
How long does it take to unstake sUSDe?
Unstaking can require a cooldown period, set by the protocol, before USDe can be withdrawn; holders can also sell sUSDe in pools without waiting. The current setting is read from the sUSDe contract.
Can USDe lose its peg?
Yes. Its value depends on the hedge, on the custodians and exchanges that hold collateral and positions and on redemptions working. USDe's on-chain pool prices are tracked in the peg tracker beside other coins.
- Synthetic dollar
- A dollar-pegged token backed by crypto collateral and offsetting short futures positions, not by bank deposits or government debt.
- Funding rate
- Periodic payments between holders of long and short perpetual futures that keep the contract's price near the spot price.
- sUSDe
- Ethena's staked USDe, a vault token whose USDe value rises as the protocol distributes rewards to it.
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