USDE vaults
About USDE vaults
Ethena USDe is used in 37 stablecoin vaults with $1.3B TVLacross 10 protocols. The largest vaults are Staked USDe, Strata Senior USDe, Concrete USDe MultiSig Strategyand the most popular vault protocols are Ethena, Liquid Royalty and Accountable. The last 30 days' average yield is 4.9%.
20 vaults are excluded from this ranking due to minimum TVL requirements or risk issues.
About Ethena USDe
USDe is a synthetic dollar protocol by Ethena Labs that uses delta-hedging staked ETH positions. It generates yield through staking rewards and futures funding rates. USDe is one of the fastest-growing stablecoins by market capitalisation.
Stablecoin price 1 USDE = $1.00
Ethena is a synthetic dollar protocol on Ethereum. USDe achieves its dollar peg through a delta-neutral strategy rather than fiat reserves or overcollateralisation.
Mechanism
Users or whitelisted minting partners deposit collateral (ETH, stETH, BTC, USDT, or USDC). Ethena simultaneously opens an equivalent-sized short perpetual futures position on centralised derivatives exchanges. Because the short exactly offsets the long collateral exposure, the combined position is delta-neutral — its USD value is stable regardless of asset price movements.
Yield is generated from two sources:
- Staking rewards — stETH (and other liquid staking tokens) earn Ethereum consensus and execution layer rewards
- Funding rates — perpetual futures traders who are long typically pay a positive funding rate to short-holders; Ethena captures this as revenue
The yield-bearing version, sUSDe, auto-compounds these returns for stakers. Ethena describes sUSDe as the "Internet Bond".
Key properties
- No fiat bank accounts — fully on-chain and crypto-native collateral
- Custodied off-exchange via institutional OES (off-exchange settlement) providers
- Negative funding rate risk: if perpetual funding turns persistently negative, the protocol draws from an insurance fund to maintain the peg
- One of the fastest-growing stablecoins by market cap, reaching $6B+ in 2024
Sources
37
vaults TVL $1B Avg. return 4.80% Stablecoin-only Updated
Filters
Display
Columns
Hide vaults
Performance and risk
Technical risk
Min TVL
Age
Max drawdown
Monthly returns
Volatility
The vaults on the listing are limited to the current category. See all vaults.
| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Junior Vault Master Unknown vault protocol | 18.4%* | 11.1%* | 3.7%* | 6.7 | 1.6% | -6.5% | USDe | $198.65K $246.16K | 0.5 | --- | Unknown | Unknown |  | ||
ALAR SailOut Royalty Liquid Royalty | 8.7% | -6.3% | 26.1% | -2.3 | 2.8% | -12.8% | USDe | $1.61M $1.88M | 0.7 | --- | 7d | Severe |  | ||
Felix USDe Morpho | 6.7% | 7.4% | 10.3% | 7.0 | 1.0% | -0.1% | USDe | $264.77K $25.59M | 1.4 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Strata Junior USDe Unknown vault protocol | 6.4%* | 8.1%* | 8.0%* | 25.2 | 0.3% | -0.4% | USDe | $7.20M $54.25M | 1.0 | --- | Unknown | Unknown |  | ||
Felix USDe V2 Morpho | 6.3% | --- | 0.6% | 29.9 | 0.2% | 0.0% | USDe | $102.02K $129.69K | 0.1 | 0.0%/ 10.0% | Instant | Negligible |  | ||
TESS USDe sUSDe Loop Vault IPOR Fusion | 5.8% | --- | 1.4% | 8.1 | 0.8% | -0.1% | USDe | $856.36K $3.67M | 0.2 | 0.0%/ 0.0% | Private | Low |  | ||
K3 Capital Yield Market Euler | 5.5% | 2.2% | 8.4% | 3.8 | 0.6% | 0.0% | USDe | $31.63K $19.40M | 1.7 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Staked USDe Ethena | 4.9% | 4.4% | 25.2% | 90.6 | 0.0% | 0.0% | USDe | $1.23B $6.16B | 2.9 | 0.0%/ 0.0% | 7d | Negligible |  | ||
Strata Senior USDe Unknown vault protocol | 4.2%* | 3.7%* | 3.4%* | 50.2 | 0.1% | 0.0% | USDe | $17.62M $225.99M | 1.0 | --- | Unknown | Unknown |  | ||
Fluid USDe Fluid | 4.0% | 4.2% | 2.1% | 5.1 | 0.8% | 0.0% | USDe | $11.21K $42.90M | 1.0 | 0.0%/ --- | Instant | Low |  | ||
Ethena USD+ Avalanche Upshift | 3.9% | --- | 0.3% | 4.9 | 0.6% | 0.0% | USDe | $12.52K $12.52K | 0.1 | 0.0%/ 0.0% | 1d | Severe |  | ||
Dolomite: USDe Unknown vault protocol | 2.9%* | 2.5%* | 6.2%* | 4.1 | 0.6% | 0.0% | USDe | $12.54K $30.68M | 1.7 | --- | Unknown | Unknown |  | ||
AavEthena Loop Mainnet IPOR Fusion | 2.8% | 3.3% | 1.8% | 2.9 | 1.2% | -1.5% | USDe | $140.42K $2.93M | 0.6 | 0.6%/ 10.0% | Instant | Low |  | ||
Junior Vault Unknown vault protocol | 2.3%* | -4.9%* | -0.2%* | -3.7 | 1.4% | -6.0% | USDe | $2.71M $2.83M | 0.5 | --- | Unknown | Unknown |  | ||
Hyperdrive Primary USDe Market Unknown vault protocol | 2.0%* | 1.6%* | 6.6%* | 14.4 | 0.1% | -0.1% | USDe | $51.75K $2.53M | 1.4 | --- | Unknown | Unknown |  | ||
Wrapped Aave Ethereum USDe Unknown vault protocol | 0.6%* | 1.2%* | 4.1%* | 27.2 | 0.0% | 0.0% | USDe | $50.78K $149.71K | 1.7 | --- | Unknown | Unknown |  | ||
Meridian Liquidity Provider Accountable | 0.6% | --- | 0.8% | 2.9 | 1.4% | -0.4% | USDe | $2.19M $2.51M | 0.2 | 1.0%/ 0.0% | Unknown | Severe |  | ||
Apostro Ethena USDe Morpho | 0.3% | 0.1% | 8.2% | 3.6 | 0.0% | 0.0% | USDe | $57.84K $8.66M | 1.5 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Ethereal Pre-deposit Vault Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $1.63M $1.33B | 1.6 | --- | Unknown | Unknown |  | ||
Terminal USDe Midas | 0.0% | 0.0% | 0.0% | --- | 0.0% | 0.0% | USDe | $411.73K $249.91M | 1.3 | --- | Unknown | Low |  | ||
Strata Pre-deposit Receipt Token Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $146.05K $326.23M | 1.2 | --- | Unknown | Unknown |  | ||
Karak - USDe Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $149.71K $81.33M | 2.4 | --- | Unknown | Unknown |  | ||
yPT-USDe (auto-rolling Pendle PT) Yearn | 0.0% | 0.0% | 1.7% | --- | 0.0% | 0.0% | USDe | $64.27K $2.36M | 2.3 | 0.0%/ 0.0% | Instant | Low |  | ||
Junior Tranche Liquid Royalty | 0.0% | 0.0% | 5.0% | 2.0 | 0.0% | -2.3% | USDe | $2.10M $2.14M | 0.9 | --- | 7d | Severe |  | ||
Concrete USDe MultiSig Strategy Unknown vault protocol | 0.0%* | 0.0%* | 2.3%* | --- | 0.0% | -1.6% | USDe | $665.12K $6.37M | 1.4 | --- | Unknown | Unknown |  | ||
Concrete USDe MultiSig Strategy Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $13.44M $72.09M | 1.4 | --- | Unknown | Unknown |  | ||
USDeVault Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $8.10M $59.26M | 1.0 | --- | Unknown | Unknown |  | ||
Concrete-BeraUSDe-Vault Unknown vault protocol | 0.0%* | 0.0%* | 1.4%* | --- | 0.0% | -1.7% | USDe | $665.12K $6.37M | 1.4 | --- | Unknown | Unknown |  | ||
Alar Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $850.93K $850.94K | 0.8 | --- | Unknown | Unknown |  | ||
Senior Vault Master Liquid Royalty | -0.0% | 0.0% | 0.0% | 1.7 | 0.0% | -0.0% | USDe | $213.21K $400.11K | 0.6 | --- | 7d | Severe |  | ||
HLPe Upshift | -0.0% | -0.0% | 0.0% | -0.007 | 0.0% | -0.9% | USDe | $268.59K $40.00M | 0.9 | 0.0%/ 20.0% | 1d | Severe |  | ||
Strata-Money PTs looping Ethereum IPOR Fusion | -0.5% | -0.5% | 4.0% | -6.2 | 0.1% | -2.8% | USDe | $14.37K $6.46M | 1.1 | 0.5%/ 10.0% | Instant | Low |  | ||
Wrapped Aave Ethereum USDe Unknown vault protocol | --- | --- | 0.0%* | 8.5 | 0.0% | 0.0% | USDe | $170.20K $170.20K | 0.04 | --- | Unknown | Unknown |  | ||
Junior Vault Unknown vault protocol | --- | --- | -1.3%* | -3.9 | 5.5% | -1.4% | USDe | $2.49M $2.52M | 0.06 | --- | Unknown | Unknown |  | ||
Senior Vault Unknown vault protocol | --- | --- | -0.7%* | -1.5 | 6.9% | -2.0% | USDe | $2.32M $2.36M | 0.06 | --- | Unknown | Unknown |  | ||
Senior Vault Unknown vault protocol | --- | --- | -0.4%* | -1.6 | 4.7% | -1.0% | USDe | $2.42M $2.45M | 0.05 | --- | Unknown | Unknown |  | ||
Liquid RWA Vault Unknown vault protocol | --- | --- | 0.4%* | 10.2 | 0.8% | 0.0% | USDe | $18.66K $18.66K | 0.05 | --- | Unknown | Unknown |  |
Stay ahead with the best new vaults and essential DeFi updates.
Subscribe to Trading Strategy newsletter