sUSDe vaults
About sUSDe vaults
Ethena Staked USDe sUSDe is used in 9 stablecoin vaults with $2.9M TVLacross 3 protocols. The largest vaults are StakeKit Ethena USDe Vault, Concrete sUSDe MultiSig Strategy, Concrete-BerasUSDe-Vaultand the most popular vault protocols are Euler, Symbiotic and Enzyme. The last 30 days' average yield is -0.6%.
5 vaults are excluded from this ranking due to minimum TVL requirements or risk issues.
About Ethena Staked USDe
sUSDe is the yield-bearing staking token for Ethena's USDe synthetic dollar. Users stake USDe to receive sUSDe, which accrues yield from delta-neutral basis trading (short perpetual futures against spot collateral). sUSDe had a $3.6B+ market cap in 2026.
sUSDe is issued by Ethena as the staking layer for USDe, a synthetic dollar backed by crypto assets with hedged perpetual futures positions. The delta-neutral strategy generates yield primarily from funding rates paid by long traders.
The StakedUSDe contract implements ERC-4626. When staking, users transfer USDe into the contract and receive sUSDe tokens that accumulate protocol revenue without any manual reinvestment. sUSDe has a 7-day unstaking period.
Since launch in early 2024, sUSDe has averaged approximately 17.5% APY, peaking at 55.9% in March 2024. USDe surpassed DAI to become the third-largest stablecoin by market cap. sUSDe is listed on CoinGecko and USDe is tracked on DefiLlama.
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The vaults on the listing are limited to the current category. See all vaults.
| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
K3 Capital RLUSD Euler | 0.0% | 0.0% | 0.0% | --- | 0.0% | 0.0% | sUSDe | $571.16K $41.76M | 0.8 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Ethena LRT Vault sUSDe Symbiotic | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | sUSDe | $79.87K $22.26M | 1.7 | --- | Unknown | Low |  | ||
K3 Capital PYUSD Euler | 0.0% | 0.0% | 0.0% | --- | 0.0% | 0.0% | sUSDe | $245.40K $25.04M | 0.9 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Karak - Staked USDe Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | sUSDe | $106.97K $51.46M | 2.3 | --- | Unknown | Unknown |  | ||
Concrete sUSDe MultiSig Strategy Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | -0.3% | sUSDe | $793.84K $6.68M | 1.4 | --- | Unknown | Unknown |  | ||
Dolomite: sUSDe Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | sUSDe | $25.69K $62.50M | 1.7 | --- | Unknown | Unknown |  | ||
Concrete-BerasUSDe-Vault Unknown vault protocol | 0.0%* | 0.0%* | -0.8%* | --- | 0.0% | -0.8% | sUSDe | $793.84K $6.68M | 1.4 | --- | Unknown | Unknown |  | ||
StakeKit Ethena USDe Vault Unknown vault protocol | -0.5%* | -0.4%* | -0.6%* | -8.9 | 0.0% | -0.6% | sUSDe | $898.88K $1.05M | 1.2 | --- | Unknown | Unknown |  | ||
seed USDN Enzyme | -12.0% | -10.7% | -5.2% | -3.0 | 2.5% | -4.3% | sUSDe | $48.06K $2.62M | 1.7 | 0.5%/ 0.0% | Private | Low |  |
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