Stablecoins
Ethena USDe (USDe)
Data as of 3 October 2026 · Official site
Ethena USDe (USDe) is a crypto-backed stablecoin pegged to the US dollar, issued across 30 chains. On 3 October 2026 its circulating supply was $4.9B, up 15.3% over 30 days, which places it 4th of 48 stablecoins tracked here. DefiLlama prices it at $0.9996. Supply is what the issuer has outstanding. It is not a measure of reserves, and a steady supply figure says nothing on its own about whether the peg is holding.
- Circulating supply$4.9B
- 30-day change+15.3%
- PegUS dollar
- Mechanismcrypto-backed
Circulating supply, over time
Among stablecoins
| # | Stablecoin | Circulating supply |
|---|---|---|
| 1 | Tether (USDT) | $184.0B |
| 2 | USD Coin (USDC) | $74.2B |
| 3 | Sky Dollar (USDS) | $6.8B |
| 4 | Ethena USDe (USDe) | $4.9B |
| 5 | Dai (DAI) | $4.8B |
| 6 | World Liberty Financial USD (USD1) | $4.4B |
| 7 | Global Dollar (USDG) | $3.1B |
| 8 | PayPal USD (PYUSD) | $2.9B |
| 9 | Ripple USD (RLUSD) | $2.5B |
| 10 | Circle USYC (USYC) | $2.4B |
| 11 | BlackRock USD (BUIDL) | $2.2B |
| 12 | Ondo US Dollar Yield (USDY) | $2.2B |
| 13 | United Stables (U) | $1.6B |
| 14 | USDD (USDD) | $1.5B |
| 15 | Falcon USD (USDf) | $1.5B |
| 16 | USDGO (USDGO) | $1.2B |
| 17 | GHO (GHO) | $698.5M |
| 18 | Open USD (OUSD) | $666.2M |
| 19 | Usual USD (USD0) | $546.0M |
| 20 | EURC (EURC) | $536.1M |
| 21 | Ethena USDtb (USDTB) | $533.6M |
| 22 | YLDS (YLDS) | $512.2M |
| 23 | Polymarket USD (pUSD) | $489.8M |
| 24 | Multipli rwaUSDi (rwaUSDi) | $487.4M |
| 25 | TrueUSD (TUSD) | $484.2M |
Supply by chain
| Chain | USD |
|---|---|
| Ethereum | $2.7B |
| Plasma | $538.3M |
| Solana | $456.5M |
| Base | $392.5M |
| Robinhood Chain | $350.6M |
| TON | $186.5M |
| Mantle | $79.6M |
| BSC | $78.4M |
| Monad | $69.8M |
| Berachain | $12.8M |
| Hyperliquid L1 | $7.7M |
| Avalanche | $7.3M |
| Arbitrum | $1.9M |
| Blast | $836K |
| MegaETH | $336K |
| Morph | $78K |
| Zircuit | $67K |
| Ink | $65K |
| Fraxtal | $29K |
| OP Mainnet | $25K |
| Movement | $21K |
| Linea | $6K |
| ZKsync Era | $3K |
| Scroll | $2K |
| Manta | $2K |
Issuer disclosures recorded by DefiLlama
Ethena enables users to deposit either USD, Ethereum or liquid staking tokens as collateral to create USDe. Stability is ensured through delta-neutral hedging process across centralized and decentralized exchanges.
Audit and attestation links: ethena-labs.gitbook.io. Cryptonist has not verified them.
Price on the snapshot date: $0.9996. Chains: 30.
Source: DefiLlama, retrieved 3 October 2026, under its open methodology. Figures are a dated snapshot, not a live feed.