Ethena Staked USDe 

SUSDE Price

What is the Ethena Staked USDe (sUSDe) token?

Ethena Staked USDe (sUSDe) is the staking receipt of USDe, the synthetic dollar issued by Ethena. Depositing USDe through Ethena's app mints sUSDe, a reward-bearing ERC-4626 token whose USDe redemption value grows as protocol revenue flows into the staking contract. DropsTab classifies sUSDe under Liquid Staking Tokens. sUSDe is used as collateral in lending markets including Aave, Morpho, and Pendle.

How does sUSDe differ from USDe?

USDe is the synthetic dollar itself, minted against delta-neutral backing — staked ETH, BTC, and stablecoins hedged with short perpetual futures. sUSDe is the staked form of USDe: deposits convert at staking, and sUSDe's redemption value in USDe rises over time as revenue accrues. USDe carries the dollar peg; sUSDe accumulates the yield.

Where does sUSDe yield (APY) come from?

Ethena earns revenue from funding rates and basis income on the hedged positions backing USDe. Per Ethena's documentation, distributions arrive as USDe every 8 hours and vest linearly over 8 hours. The Ethena Foundation calculates sUSDe APY weekly, with weekly compounding. Negative funding periods pay no rewards to stakers rather than producing losses.

How do you stake and unstake USDe?

Staking USDe is instant and carries no minimum staking period — depositing USDe mints sUSDe immediately. Unstaking triggers a 7-day cooldown: sUSDe is burned and the corresponding USDe moves to the USDeSilo contract, claimable once the cooldown elapses. The 7-day cooldown means sUSDe is not redeemable for instantly liquid USDe.

What is sUSDe's total supply?

Per DropsTab data, approximately 1.04 billion sUSDe were in circulation as of September 2026. sUSDe has no maximum supply. Tokens are minted when USDe is staked and burned when unstaked, so supply floats with deposits rather than following an emission schedule. sUSDe is a staking receipt, not a token sold to investors.

Does sUSDe have a vesting schedule or unlock risk?

sUSDe has no vesting schedule, no cliffs, and no unlock allocations. The token exists only through staking, so no insider allocation can unlock into the market. Sell-pressure risk for sUSDe holders sits in USDe's backing and peg stability and in protocol revenue — not in token unlocks.

Where can you trade sUSDe?

sUSDe liquidity is DEX-only on Ethereum; DropsTab records no centralized exchange listings for the token. Most holders acquire sUSDe by staking USDe through Ethena's app rather than buying on the secondary market. Pool depth on decentralized exchanges is thin relative to CEX-listed assets, so the primary exit is protocol redemption, not a market sale.

What are the main risks of holding sUSDe?

Ethena's documentation states sUSDe's redemption value can only increase or stay flat — negative funding periods simply pay no rewards, and the Reserve Fund absorbs trading losses instead of the staking contract. The protocol does not lend out or rehypothecate deposited USDe. Remaining risks are depeg of the underlying USDe synthetic dollar, and regulatory restriction: Ethena does not offer sUSDe to persons resident in the EU or EEA.