Ethena USDe Supply and sUSDe Yield
How much USDe exists across chains, how much is staked as sUSDe, what sUSDe has actually paid and the daily mint and redeem flows.
Multi-chainEthereumTable · StrataPlanned
Yield-Bearing Stablecoins Compared: APY and Supply
What have yield-bearing stablecoins like sUSDe, sUSDS and syrupUSDC actually paid?
sUSDe, sUSDS, sDAI, syrupUSDC, scrvUSD and other yield-bearing dollars side by side: realized yield, supply and the source of each yield.
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Blueprint
What the table will hold.
The table as it will open in Strata. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
One row One row per yield-bearing stablecoin on its home chain, on the latest complete daySorted by Supply, highest first
| Token | Protocol | Base coin | Chain | Exchange rate | Realized APY, 7 days | Realized APY, 30 days | Realized APY, 90 days | Set rate | SupplyUSD | Yield source | Receipt |
|---|---|---|---|---|---|---|---|---|---|---|---|
- Token token Token
- The yield-bearing token's name and symbol, linked to its contract.
- Protocol protocol Text
- The protocol or issuer that runs the vault or wrapper.
- Base coin base_coin Token
- The stablecoin each share redeems for.
- Chain chain Chain
- The chain whose contract is measured; copies on other chains are noted in the row.
- Exchange rate exchange_rate Number
- Base coin per share at the day's last block, from convertToAssets or the protocol's rate getter.
- Realized APY, 7 days realized_apy_7d Percent
- Annualized growth of the exchange rate over the last seven days.
- Realized APY, 30 days realized_apy_30d Percent
- Annualized growth of the exchange rate over the last thirty days.
- Realized APY, 90 days realized_apy_90d Percent
- Annualized growth of the exchange rate over the last ninety days.
- Set rate set_rate Percent
- The rate governance has set, where the protocol has one, read from its contract.
- Supply supply Exact amount
- Wrapper supply converted to its base coin at the same exchange rate.
- Yield source yield_source Text
- Where the income comes from: a protocol savings rate, funding on hedged positions, lending interest or reserve yield.
- Receipt receipt Link
- The two blocks and reads behind each realized figure.
Filter by Yield source, Protocol, Chain.
About
What it answers, and for whom.
A yield-bearing stablecoin is a token whose value in dollars grows as it earns, whether it is a savings token such as sUSDS, a staked synthetic dollar such as sUSDe or a lending pool token such as syrupUSDC. This table compares them on what they actually paid, measured from each token's exchange rate at pinned blocks, with their supply and the source of their yield.
Quoted rates and realized yield are not the same. A savings rate set by governance, a yield driven by funding payments and a lending pool's interest can all change, so the table measures growth that already happened over seven, thirty and ninety days. The yield source column says where each one's income comes from, because the same number can carry very different risks.
Sort by supply or by any realized window and filter by yield source or protocol. Open a row to see the two reads each figure was computed from, with their blocks and timestamps.
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 →- Each token's exchange rate is convertToAssets for one share at the last block of each UTC day, as ERC-4626 vaults report it, or the protocol's own rate getter where it has one.
- Realized APY compares the exchange rate at two pinned blocks and annualizes the growth from their timestamps, over seven, thirty and ninety days.
- Supply is the wrapper's totalSupply() converted to its base stablecoin at the same exchange rate.
- Governance-set rates, such as the Sky Savings Rate in sUSDS and the DAI Savings Rate in the Pot contract, are read beside the realized figures and labelled as set rates.
- Yield sources come from each issuer's documents and are described in words, without figures.
The data it needs
Read from chain state and history
- yield_rates_dailyTo buildYields and ratesSupply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- token_supply_dailyTo buildToken supply by dayTotal supply of each registry token on each chain at day end: wrapped BTC, liquid staking tokens, tokenized assets and other tracked tokens.
- 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.
- ERC-4626 convertToAssets for one share of sUSDe, sUSDS, sDAI, syrupUSDC, scrvUSD and sfrxUSD at day-end blocks
- totalSupply() of each wrapper and of its base stablecoin at the same blocks
- Sky ssr() in the sUSDS contract and dsr() in the DAI Pot contract
- Block timestamps of each pinned block, for annualizing
- Issuer documents describing each yield source, recorded with the registry entry (off-chain, no figures)
Questions
Questions people ask.
What is a yield-bearing stablecoin?
A token that holds a stablecoin and grows in value as that stablecoin earns interest, funding payments or lending income. Holding it earns the yield without claiming rewards: one share redeems for more of the base coin over time.
What is the difference between sUSDS and sUSDe?
sUSDS is Sky's savings token: it earns the Sky Savings Rate, set by Sky governance and funded by the protocol's lending and reserves. sUSDe is Ethena's staked USDe: it earns mostly from funding payments on hedged futures positions, so it moves with perpetual markets.
Is sDAI the same as sUSDS?
Both are savings wrappers in the Sky ecosystem. sDAI holds DAI in the DAI Savings Rate and sUSDS holds USDS in the Sky Savings Rate; the two rates are set separately and can differ.
Why measure realized yield instead of the quoted APY?
A quoted rate describes the present setting or an estimate of what comes next. Realized yield is what the exchange rate actually did between two blocks: anyone can check it, and it reflects any changes during the window.
Are yield-bearing stablecoins still stablecoins?
They track a stablecoin plus its earnings, so their price in dollars rises over time instead of staying at one dollar. Their risks include those of the base coin and of whatever produces the yield, such as lending, hedges or reserves.
- Exchange rate
- How much of the base stablecoin one share of the yield-bearing token redeems for; it rises as the token earns.
- ERC-4626
- The standard interface for tokenized vaults, including convertToAssets, which reports how many underlying tokens a number of shares is worth.
- Savings rate
- A rate set by a protocol's governance and paid to holders of its savings token, such as the Sky Savings Rate.
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