sUSDe, issued by Ethena BVI Limited, is a yield-bearing tokenized savings instrument that represents a proportionate share of a staking vault holding USDe, the protocol's delta-neutral synthetic dollar, and accrues yield through an increasing exchange rate [S1][S2].

Each sUSDe represents USDe staked in Ethena's reward contract [S3][S1]. Yield derives from three sources: funding and basis spread on short perpetual derivatives positions hedging the USDe backing, rewards on liquid and stable backing assets, and consensus and execution-layer rewards from staked ETH assets [S2]. The vault uses value accrual rather than rebasing; rewards transfer in as additional USDe approximately every 8 hours, vesting linearly and increasing USDe value per sUSDe [S1]. No explicit staking or unstaking fee applies [S1].

Ethena BVI Limited is incorporated in the British Virgin Islands, whose laws govern the terms and whose courts hold exclusive jurisdiction [S4]. No prudential regulator is named; Ethena commits to AML and counter-terrorist financing compliance [S4]. The issuer states sUSDe "is not a bank deposit, savings account, or banking product of any kind; it is not issued, offered, or guaranteed by Ethena Labs (which is not a bank, trust company, or other regulated depository institution)" [S3]. USDe represents stored value or prepaid access, not a claim or economic right [S4]. Direct mint and redeem are restricted to whitelisted Mint Users passing KYC and KYB; U.S. persons are ineligible [S4][S2].

sUSDe is an ERC-20 token whose StakedUSDe vault implements the ERC-4626 standard with ERC-2612 permit support [S1]. Underlying USDe mint and redeem orders are RFQ-based, using EIP-712 signatures and executing atomically against collateral transfer [S2]. Unstaking sUSDe carries a 7-day cooldown, during which tokens are held in a silo contract before USDe withdrawal [S1].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.ethena.fi/solution-design/staking-usde" },
    { id: "S2", url: "https://docs.ethena.fi/" },
    { id: "S3", url: "https://ethena.fi/" },
    { id: "S4", url: "https://docs.ethena.fi/resources/usde-terms-and-conditions" },
  ]}
/>


Tokenized funds

Users deposit ETH or LSTs on Ethena and can mint a USDe synthetic stablecoin in return. USDe generates yield from the staked Ethereum as well as the funding & basis spread from perpetual and futures' markets. A portion of this yield is then distributed to USDe stakers (expense).

Ethena is a stablecoin issuer and asset management protocol built on Ethereum. Ethena was founded by Guy Young and launched in 2024.

ENA tokenholders own and govern the protocol. They currently take a cut of the total yield generated (revenue). Ethena's investors include Dragonfly, Franklin Templeton, Brevan Howard Digital, etc.

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Stablecoin issuers

Ethena

Ethena Staked USDe (sUSDe) is a tokenized fund share issued by Ethena through Ethena OpCo Ltd.

Each token is a direct claim on the issuer.

The fund is open-ended and invests in crypto assets.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can subscribe and redeem in USDe and instant subscription settlement, and holders have a right to redeem at net asset value with two-to-five-business-day settlement.

Ethena OpCo Ltd is incorporated in the British Virgin Islands.

sUSDe has been issued on Ethereum as an Aptos fungible asset, ERC-20, ERC-4626, and SPL Token token since November 2023, with bridged versions on 19 more.

Ethena Staked USDesUSDe

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