USDe, issued by Ethena BVI Limited, is a synthetic dollar token that targets a 1:1 peg to the U.S. dollar (USD) through a delta-neutral portfolio of spot crypto backing assets offset by short perpetual futures positions [S1][S2][S3].

USDe references the U.S. dollar (USD) and maintains 1:1 collateralization using spot assets such as BTC, ETH, SOL, liquid staking tokens, and stablecoins including USDC and USDT, paired with offsetting short perpetual futures [S1][S3]. Holders may stake USDe to receive sUSDe, an ERC-4626 value-accruing token whose yield derives from derivatives funding and basis spread, staked-ETH rewards, and stable-asset returns [S1][S4]. Mint and redeem pricing includes slippage and execution costs, and Ethena earns no profit from minting or redeeming USDe [S1].

Ethena BVI Limited is incorporated in the British Virgin Islands, whose laws govern the USDe terms and whose courts hold exclusive jurisdiction [S5]. Ethena Labs disclaims being a bank, trust company, or other regulated depository institution [S5][S2]. USDe is characterized as stored value or prepaid access and does not represent a claim, participation interest, economic right, or voting right [S5]. Direct mint and redeem is restricted to whitelisted Mint Users passing KYC/KYB screening; U.S. persons are ineligible [S5][S1]. Mint Users may redeem 1 USDe for its pro rata portion of reserves up to 1 USD notional [S5]. Backing assets remain onchain via off-exchange settlement custodians including Copper and Ceffu [S1][S6].

USDe is an ERC-20 token, and the staking vault implements the ERC-4626 standard with ERC-2612 permit support [S4]. Minting and redemption are RFQ-based: users sign an EIP-712 order, with EIP-1271 smart-contract-wallet signatures supported, and settlement executes atomically alongside collateral transfer within signed slippage bounds [S1]. Quotes must execute within 15 minutes [S1].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.ethena.fi/" },
    { id: "S2", url: "https://ethena.fi/" },
    { id: "S3", url: "https://docs.ethena.fi/solution-overview/usde-overview" },
    { id: "S4", url: "https://docs.ethena.fi/solution-design/staking-usde" },
    { id: "S5", url: "https://docs.ethena.fi/resources/usde-terms-and-conditions" },
    { id: "S6", url: "https://docs.ethena.fi/solution-design/backing-asset-custody" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Stablecoins

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.

github

twitter

website

etherscan

Stablecoin issuers

Ethena

Ethena USDe (USDe) is a U.S. dollar stablecoin issued by Ethena through Ethena BVI Limited.

Each token is redeemable one-for-one for U.S. dollars and is a direct claim on the issuer.

Custody of the reserves rests with Copper, CEFFU, Anchorage Digital, and Kraken.

Institutions can mint and redeem directly with Ethena in USDC and USDT after completing KYC, and holders have a contractual right to redeem at par.

Ethena BVI Limited is the issuing entity.

Holder terms are governed by the law of the British Virgin Islands.

USDe has been issued on Ethereum as an ERC-20 and SPL Token token since November 2023, with bridged versions on 22 more.

Ethena USDeUSDe