sUSDe/USD price feed
sUSDe is staked USDe: Ethena's dollar with the ecosystem's return folded into it. The token's price does not hover near one; it climbs, because the yield accumulates inside. Its own pools are the record of that climb.
Aggregate on-chain rate: hourly view of the last 4 weeks. The API itself updates block by block. Request API access
Book composition · auto-observed
The largest pool holds the majority of the weight right now; the remainder sits across venues on more than one chain.
Why this dollar does not read one dollar
The banner above shows a dollar asset trading well above one dollar, on purpose. sUSDe is what USDe becomes when it is staked: the same dollar, now carrying the ecosystem's return, which accrues into the token rather than being paid out. The price is the running total.
That design makes this page a different instrument from its sibling. USDe's page watches a peg; this page watches an accumulation. The number should grind upward through time, which means flatness here is news in a way it is not for an ordinary stablecoin.
How fast it grinds is the ecosystem's business plus the market's verdict, not something this page forecasts. What the feed contributes is the verified level: what pools will pay for accumulated time, right now, at a stated block.
A useful habit for reading it: compare the number against its own history rather than against one dollar. The distance above one is accumulated return. The day-to-day wiggle around the climb is market microstructure, spreads plus flows. The reading that would deserve attention is a sustained move against the trend, which is exactly the kind of thing a continuous market rate exists to surface early.
A market with few languages
Where its sibling is priced by a crowd of different dollars, the staked layer's market has kept to a far narrower set of quote assets, a narrowness that has held through the book's life so far. How many languages it speaks this week, plus where the weight sits, is stated beneath the specs, refreshed as the market moves.
A narrow quote set gets read differently. With fewer quote families to cross-check against, the structure leans on venue plus chain spread instead, each pool an independent reading of the same accumulating level.
The book's shape is also distinctive: depth sits far heavier on one side of the mid than the other. That is a structural signature rather than an alarm; a token whose supply arrives through staking rather than through sellers tends to grow a lopsided book. The feed reports the shape as it finds it.
The staked layer's job
sUSDe is held for time: collateral in the credit markets that accept yield-bearing dollars, treasury positions parked to accumulate, structured strategies built around the spread between the staked and unstaked layer. Across all of them the same pattern holds: the position is long patience, but the exit, when needed, is a market trade.
For all of those, the market price matters next to the protocol's own accounting, because leaving through the protocol takes time, measured in days, while leaving through the market takes one trade. Whoever needs out today pays the pool's price, which is the number this page computes.
The sibling page already draws the dividing line: one is the dollar, this one is the dollar with time inside it. What this page prices is the time.
Who runs on this rate
Credit markets
sUSDe collateralizes loans across major venues; liquidation marks run on what pools pay for accumulated yield, not on the accrual curve.
Yield desks
Strategies around the staked rate need the market level next to the protocol level; this page is the market half.
Treasuries
Positions parked to accumulate still get reported; a block-pinned rate makes the mark reproducible.
Where the sUSDe market lives
Active sUSDe/USD pools per chain, as observed by the feed on 2026-10-27.
sUSDe in the catalog
4 pairs, each computed from its own pools with the same methodology:
Category overview: yield-bearing & RWA prices → · Full catalog: coverage →