USDe/USD price feed
USDe is Ethena's synthetic dollar: a token that holds its dollar value through hedged trading positions rather than bank deposits. Its pools have quoted it against other dollars above all, which makes the composition itself part of the story.
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
This book is broadly shared at the moment, with comparable weight on pools across several chains.
A dollar priced only by dollars
Every pool in this composition quotes USDe against another dollar. Not one prices it in Ether, Solana or bitcoin. USDC carries about two fifths of the weight, USDT about a fifth, then a long file of newer dollars: USDG, PYUSD, USDTB, FRAX, crvUSD. It is a market shape all its own in this catalog.
A dollar-only composition measures something specific: relative preference inside the dollar complex. When USDe strengthens or weakens here, it does so against eight other attempts at the same peg, each with different machinery behind it. The legs check one another in the cleanest form available: same target, different mechanisms.
The practical consequence is that this rate does not inherit a crypto selloff through its own legs. It moves when the market re-prices USDe itself, relative to the dollars it lives beside. That separation matters most on volatile days, when much of this catalog is moving for crypto reasons while this page is not.
The synthetic dollar
USDe holds its peg differently from the dollars around it. Ethena calls it a synthetic dollar: value maintained by hedged positions in derivatives markets rather than by reserves parked at a bank. This page is not the place where that design gets debated; it does something more specific.
What a mechanism-backed dollar gets from a market rate is a public, continuous reading of how the mechanism is trusted right now. The band has been tested before: public trackers record USDe trading a few cents either side of one dollar at its extremes, within a market that normally holds it far tighter.
That is the reason to compute this rate from open pools: on the days when people ask how the peg is doing, the answer comes from the market, with the composition open to anyone.
One separation is deliberate enough to state plainly. sUSDe, the staked version that carries the ecosystem's yield, has its own market plus its own page in this catalog. USDe is the dollar; sUSDe is the dollar plus time. Pricing them separately is what keeps this page a clean reading of the peg rather than a blend of two different instruments.
The new-dollar circuit
The geography is as novel as the quote list. Ethereum anchors the deepest venues, yet Solana has grown into a rival home for the weight, most of it in one of the newer dollar corridors, where USDe trades against USDG. Mantle, Plasma plus Base hold the rest.
That spread mirrors what USDe is for. The newest dollar networks, the chains built around stablecoin settlement, the venues where fresh dollar pairs list first: USDe circulates where the dollar complex is expanding, so its composition reads like a map of that expansion.
For the feed it means resilience of an unusual kind: six ecosystems, many issuers' dollars, one computed number. If one corridor thins out, the others keep the reading standing.
Who runs on this rate
Credit markets with USDe collateral
USDe sits as collateral in lending books; liquidation marks need the traded dollar rate, not the design target.
Stablecoin desks
Desks running the dollar complex read USDe against eight siblings here, in one computed number.
Treasuries plus strategies
Positions built around USDe mark to market on this rate; the yield side of the ecosystem lives on the sUSDe page.
Where the USDe market lives
Active USDe/USD pools per chain, as observed by the feed on 2026-10-27.
USDe in the catalog
4 pairs, each computed from its own pools with the same methodology:
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