USDe is a crypto-native synthetic dollar utilizing spot assets as backing, onchain custody, and centralized liquidity venues.

A delta-neutral synthetic dollar that is backed by assets outside the banking system and that can access centralized liquidity addresses the challenges of existing stablecoin designs.

USDe is enabled via hedging the delta of spot assets backing the token during minting.

Staking USDe enables holders to receive Ethena protocol's generated yield.