> open stablecoin/usde
Ethena USDe
Synthetic dollar from Ethena Labs. SOG records onchain mint/redeem, offchain delta-hedging, custody, reserve-fund, and risk-disclosure context separately from simple fiat-backed stablecoins.
Statusactive
Evidence1
| Symbol | USDe |
|---|---|
| Status | active |
| Peg asset | USD |
| Collateral model | synthetic_delta_neutral |
| Issuer | Ethena Labs |
| Reserve disclosure | partial |
| Redemption status | limited_protocol_mint_redeem |
| Launch date | — |
| Discontinued date | — |
| Confidence | medium |
| Last verified | 2026-06-02 |
Issuer dossier
Ethena Labs · protocol_or_company · unknown
Reserve reports
1 seed reserve disclosure reference(s) linked to this record.
Known unknowns
1 visible uncertainty item(s) kept for later review.
| Status | limited_protocol_mint_redeem |
|---|---|
| Who can redeem | Ethena documentation describes onchain contracts for minting and redeeming USDe with offchain services managing delta-hedging positions; eligibility and user agreement limits need source-backed review. |
| Retail redemption | source_review_needed |
| Institutional redemption | source_review_needed |
| Minimum redemption | source_review_needed |
| Region / access notes | Access may depend on Ethena terms, mint user agreements, custodial availability, and jurisdictional restrictions. |
| Registry note | SOG treats USDe as a synthetic dollar design, not a fiat-backed issuer redemption stablecoin. |
| Date | Title | Source | Type | Summary |
|---|---|---|---|---|
| No regulatory notes recorded yet. | ||||
| Chain | Deployment type | Status | Contract | Notes |
|---|---|---|---|---|
| Ethereum | protocol_token | active | source_review_needed | Seed deployment placeholder. |
| Coverage type | Count | Meaning |
|---|---|---|
| Issuer source | 1 | Source-backed reference present in this record. |
| Reserve reference | 1 | Source-backed reference present in this record. |
| Market data | 0 | No source of this type is linked yet. |
| Regulatory source | 0 | No source of this type is linked yet. |
| Deployment / contract | 1 | Source-backed reference present in this record. |
| Exchange notice | 0 | No source of this type is linked yet. |
| News / analysis | 0 | No source of this type is linked yet. |
| Archive capture | 0 | No source of this type is linked yet. |
| Other source | 0 | No source of this type is linked yet. |
| Date | Stage | Record | Detail |
|---|---|---|---|
| 2026-06-02 | current_status | Current registry status: active | This is the current SOG registry label, not a safety score. |
| Date | Event | Type | Impact | Recovered | Mechanism |
|---|---|---|---|---|---|
| No event records yet. | |||||
| Date | Publisher | Type | Asset categories | Confidence |
|---|---|---|---|---|
| 2026-06-02 | Ethena Labs | protocol_disclosure | synthetic_delta_neutral, custody_context, reserve_fund, source_review_needed | medium |
| Source | Publisher | Type | Claim scope | Reliability |
|---|---|---|---|---|
| Ethena documentation for USDe | Ethena Labs | issuer_statement | entity_collateral_redemption | medium |
| Topic | Description | Severity | Last checked |
|---|---|---|---|
| backing_redemption_risk | USDe backing dashboard, custodial setup, delta-hedging venues, reserve fund, mint/redeem eligibility, and jurisdictional restrictions need deeper source-backed review. | high | 2026-06-02 |
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