USDe (Ethena)
Synthetic dollar stablecoin from Ethena Labs: backed by a delta-neutral position (ETH collateral + short perp). Bridged to TON via LayerZero. sUSDe is the yield-bearing version.
Aliases: usde, ethena, susde, synthetic dollar
USDe is a synthetic dollar stablecoin issued by Ethena Labs. By market cap, it’s the third-to-fourth largest crypto dollar as of May 2026, behind only USDT and USDC. It arrives on TON as a jetton via the LayerZero bridge.
Mechanism
USDe is not fiat-backed. Instead, Ethena runs a delta-neutral structure:
- Takes staked-ETH (stETH) collateral.
- Opens a short ETH-perp position of equal size on a CEX.
- Net P&L vs ETH price ≈ 0 (delta-neutral).
- Yield comes from the short’s funding rate plus ETH staking yield.
sUSDe
sUSDe is the wrapped, yield-bearing version: staking USDe in Ethena returns sUSDe, whose price relative to USDe grows from the funding yield.
Risks
- Negative funding regime: if the ETH-perp market sits in backwardation for too long, the short bleeds — yield disappears or turns negative.
- CEX counterparty: shorts sit on Binance, Bybit, OKX. An exchange outage = depeg risk.
- Regulatory: synthetic stablecoins are a distinct category in the eyes of EU/US regulators.
USDe on TON
The LayerZero OFT bridge delivers USDe as a jetton. Use cases: yield-bearing collateral in EVAA, trading on STON.fi, diversification of stablecoin holdings.
Deeper dive — USDe and sUSDe on TON: Ethena in the ecosystem.