Overview
sUSDe is the yield-bearing staked version of USDe, created by depositing USDe into the Ethena staking contract. It is not a separate stablecoin but rather an interest-bearing receipt token that accrues the funding rate and staking yield generated by Ethena's delta-neutral strategy. sUSDe has become one of the most used yield-bearing stablecoins in DeFi, with over $2 billion in TVL and integrations across Aave, Morpho, Pendle, and Curve.
Who Created sUSDe?
sUSDe was created by Ethena Labs and launched in 2024. It is a Synthetic stablecoin designed to maintain a stable value pegged to the US dollar.
Key Features
- +Highest yield among major stablecoins in bull markets — 15–35% APY driven by funding rates
- +Accepted as collateral on Aave v3, Morpho, and Sky Protocol — deeply integrated in DeFi
- +Auto-compounding yield via exchange rate appreciation — no manual claiming required
- +Pendle Finance sUSDe markets among the most liquid yield markets in DeFi
- +7-day cooldown aligns incentives and prevents bank-run dynamics during market stress
- +ERC-4626 vault standard enables seamless composability with yield aggregators
Where to Use sUSDe
sUSDe is available on Ethereum, Arbitrum, Base and 1 other networks. You can use it on centralized exchanges for trading, in DeFi protocols for lending and borrowing, or as a stable store of value to park funds between trades.
Official website: https://ethena.fi