Ethena’s USDe Stablecoin Yields Over 10%, Tops $15B

Ethena Protocol’s USDe synthetic dollar stablecoin uses a delta-neutral hedging strategy on ETH and BTC deposits, shorts equivalent perpetual futures to lock USD value, and delivers over 10% annual yield via 3–4% staking rewards, 11–12% funding fees and reserve yields. Since its 2023 launch, USDe grew to $15 billion in circulation—and despite a sell-off reducing it to about $8 billion on October 10—has generated nearly $600 million in revenue, including $450 million in the past year. Integrated as collateral on major exchanges like Binance and Bybit, USDe benefits from booming perp volumes, recursive leverage on Pendle and Aave, and institutional support from Coinbase and Copper. Ethena’s robust risk management maintained mint and redeem operations during the Bybit hack and October 10 crash. A pending fee switch will channel protocol revenues to ENA governance token holders, and planned white-label stablecoin services and third-party perpetual DEXs (HyENA, Ethereal) aim to expand the yield-bearing synthetic dollar ecosystem. This USDe stablecoin’s high yield positions it ahead of USDC and USDT.