USDe is a synthetic dollar issued by Ethena Labs, designed to maintain a 1:1 peg to the US dollar while generating yield through a delta-neutral collateral strategy. Each token is backed by a basket of USDC and staked ETH (stETH), with the ETH exposure hedged via short positions on ETH perpetual futures. This structure allows USDe to function as a yield-bearing stablecoin, capturing funding rate income without direct exposure to cryptocurrency price volatility.
On Base, USDe is integrated into the local liquidity landscape, currently featured in an Aerodrome pool paired with USDC. While the Base-specific pool maintains modest total value locked and base fees, the token sees substantially larger activity on Ethereum through Pendle markets. These Pendle structures split USDe yield into principal and yield tokens across multiple maturity dates, with TVL ranging from roughly $13 million to over $66 million, reflecting strong demand for its yield-derivative properties across chains.