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USDe is a synthetic dollar asset issued by Ethena (ENA) that mains peg to the US dollar without relying on traditional fiat reserves or overcollateralized crypto systems. Instead, it uses automated delta hedging via short perpetual futures to ensure price stability. This novel architecture makes USDe a capital-efficient alternative to traditional stablecoins like Tether (USDT) and USDC, as well as decentralized stablecoins like Dai (DAI).
While users who wish to directly mint & redeem USDe with Ethena must pass their KYC and whitelisting process; KYC’d Bybit users are able to mint & redeem USDe without leaving the exchange, a first for the space. This guide explains all the ways to obtain USDe and outlines the benefits of each approach.
Key Takeaways:
USDe is a synthetic dollar asset issued by Ethena (ENA) that maintains a peg to the US dollar without relying on traditional fiat reserves or overcollateralized crypto systems.
There are two ways you can obtain USDe — buying it on exchanges, or minting it via Bybit On-Chain Earn.