USDE vaults
About USDE vaults
Ethena USDe is used in 37 stablecoin vaults with $1.2B TVLacross 9 protocols. The largest vaults are Staked USDe, Concrete USDe MultiSig Strategy, USDeVaultand the most popular vault protocols are Ethena, Liquid Royalty and Accountable. The last 30 days' average yield is 4.9%.
21 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 4.72% Stablecoin-only Updated
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The vaults on the listing are limited to the current category. See all vaults.
| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Ethena USD+ Avalanche Upshift | 10.4% | --- | 0.9% | 9.9 | 0.5% | 0.0% | USDe | $395.37K $395.37K | 0.2 | 0.0%/ 0.0% | 1d | Severe |  | ||
Fluid USDe Fluid | 9.9% | 5.3% | 2.7% | 5.6 | 0.9% | 0.0% | USDe | $124.85K $42.91M | 1.1 | 0.0%/ --- | Instant | Low |  | ||
Liquid RWA Vault Unknown vault protocol | 8.3%* | --- | 0.8%* | 15.3 | 0.5% | 0.0% | USDe | $17.54K $18.67K | 0.1 | --- | Unknown | Unknown |  | ||
TESS USDe sUSDe Loop Vault IPOR Fusion | 7.1% | 7.1% | 1.9% | 8.8 | 0.8% | -0.1% | USDe | $955.80K $3.67M | 0.3 | 0.0%/ 0.0% | Private | Low |  | ||
Felix USDe Morpho | 6.6% | 7.0% | 10.7% | 7.6 | 0.9% | -0.1% | USDe | $255.21K $25.60M | 1.5 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Felix USDe V2 Morpho | 6.6% | --- | 1.0% | 34.4 | 0.2% | 0.0% | USDe | $96.40K $129.74K | 0.2 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Strata Junior USDe Unknown vault protocol | 6.3%* | 7.7%* | 8.4%* | 24.5 | 0.3% | -0.4% | USDe | $4.18M $54.28M | 1.1 | --- | Unknown | Unknown |  | ||
Apostro Ethena USDe Morpho | 5.8% | 1.8% | 8.7% | 3.0 | 0.6% | 0.0% | USDe | $58.36K $8.67M | 1.6 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Staked USDe Ethena | 4.9% | 4.6% | 25.5% | 95.7 | 0.0% | 0.0% | USDe | $1.19B $6.16B | 2.9 | 0.0%/ 0.0% | 7d | Negligible |  | ||
Strata Senior USDe Unknown vault protocol | 4.4%* | 3.9%* | 3.7%* | 47.8 | 0.1% | 0.0% | USDe | $4.88M $226.08M | 1.1 | --- | Unknown | Unknown |  | ||
AavEthena Loop Mainnet IPOR Fusion | 3.8% | 3.1% | 2.2% | 3.8 | 0.9% | -1.5% | USDe | $131.20K $2.93M | 0.6 | 0.6%/ 10.0% | Instant | Low |  | ||
Junior Vault Master Unknown vault protocol | 3.1%* | 12.5%* | 3.7%* | 8.9 | 1.3% | -6.5% | USDe | $198.73K $246.26K | 0.6 | --- | Unknown | Unknown |  | ||
Dolomite: USDe Unknown vault protocol | 2.5%* | 2.4%* | 6.4%* | 4.2 | 0.6% | 0.0% | USDe | $12.24K $30.69M | 1.7 | --- | Unknown | Unknown |  | ||
Hyperdrive Primary USDe Market Unknown vault protocol | 1.8%* | 1.7%* | 6.7%* | 15.0 | 0.1% | -0.1% | USDe | $51.34K $2.53M | 1.5 | --- | Unknown | Unknown |  | ||
Wrapped Aave Ethereum USDe Unknown vault protocol | 0.3%* | 1.0%* | 4.1%* | 20.5 | 0.0% | 0.0% | USDe | $50.81K $149.77K | 1.8 | --- | Unknown | Unknown |  | ||
Wrapped Aave Ethereum USDe Unknown vault protocol | 0.2%* | --- | 0.0%* | 11.6 | 0.0% | 0.0% | USDe | $70.27K $170.27K | 0.1 | --- | Unknown | Unknown |  | ||
Wrapped aUSDe Unknown vault protocol | 0.2%* | 1.0%* | 1.3%* | 6.6 | 0.2% | 0.0% | USDe | $101.83K $594.66K | 0.8 | --- | Unknown | Unknown |  | ||
Ethereal Pre-deposit Vault Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $1.23M $1.33B | 1.7 | --- | Unknown | Unknown |  | ||
Terminal USDe Midas | 0.0% | 0.0% | 0.0% | --- | 0.0% | 0.0% | USDe | $399.30K $250.01M | 1.3 | --- | Unknown | Low |  | ||
Strata Pre-deposit Receipt Token Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $123.86K $326.35M | 1.2 | --- | Unknown | Unknown |  | ||
Karak - USDe Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $127.12K $81.37M | 2.5 | --- | Unknown | Unknown |  | ||
yPT-USDe (auto-rolling Pendle PT) Yearn | 0.0% | 0.0% | 1.7% | --- | 0.0% | 0.0% | USDe | $64.18K $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 | $661.80K $6.38M | 1.5 | --- | Unknown | Unknown |  | ||
Concrete USDe MultiSig Strategy Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $13.44M $72.11M | 1.5 | --- | Unknown | Unknown |  | ||
USDeVault Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $6.99M $59.28M | 1.0 | --- | Unknown | Unknown |  | ||
Concrete-BeraUSDe-Vault Unknown vault protocol | 0.0%* | 0.0%* | 1.4%* | --- | 0.0% | -1.7% | USDe | $661.80K $6.38M | 1.5 | --- | Unknown | Unknown |  | ||
Alar Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDe | $851.27K $851.28K | 0.8 | --- | Unknown | Unknown |  | ||
Senior Vault Master Liquid Royalty | -0.0% | 0.0% | 0.0% | 1.7 | 0.0% | -0.0% | USDe | $212.56K $400.27K | 0.7 | --- | 7d | Severe |  | ||
HLPe Upshift | -0.0% | -0.0% | 0.0% | -0.01 | 0.0% | -0.9% | USDe | $144.18K $40.02M | 1.0 | 0.0%/ 20.0% | 1d | Severe |  | ||
Strata-Money PTs looping Ethereum IPOR Fusion | -0.5% | -0.5% | 3.9% | -6.1 | 0.1% | -2.8% | USDe | $14.37K $6.46M | 1.2 | 0.5%/ 10.0% | Instant | Low |  | ||
Junior Vault Unknown vault protocol | -0.5%* | --- | -1.4%* | -3.0 | 4.0% | -1.4% | USDe | $2.48M $2.52M | 0.1 | --- | Unknown | Unknown |  | ||
Meridian Liquidity Provider Accountable | -4.7% | --- | 0.5% | 1.2 | 1.7% | -0.8% | USDe | $1.76M $2.51M | 0.2 | 1.0%/ 0.0% | Unknown | Severe |  | ||
Junior Vault Unknown vault protocol | -4.9%* | -1.9%* | -0.7%* | -1.6 | 1.2% | -6.2% | USDe | $2.70M $2.84M | 0.6 | --- | Unknown | Unknown |  | ||
Senior Vault Unknown vault protocol | -6.4%* | --- | -0.3%* | -0.8 | 3.5% | -1.0% | USDe | $2.39M $2.46M | 0.1 | --- | Unknown | Unknown |  | ||
ALAR SailOut Royalty Liquid Royalty | -10.6% | -0.9% | 24.7% | -0.3 | 2.6% | -12.8% | USDe | $1.58M $1.88M | 0.7 | --- | 7d | Severe |  | ||
Senior Vault Unknown vault protocol | -15.4%* | --- | -1.4%* | -1.8 | 6.2% | -2.3% | USDe | $2.30M $2.36M | 0.1 | --- | Unknown | Unknown |  |
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