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Stablecoin

Ethena USDe (USDE)

$1.00
+0.01% 1D
TheDistributed reference price, computed from on-chain venues · as of 08:54 UTC Method

Peg

USDE vs $1.00
Peg now $1.0002 · +1.8 bp
Worst deviation since 9 Jul 2026 (first day tracked) +1.8 bp · 10 Jul

On-chain reference price measured against $1.00 — own methodology, no issuer data. As of 08:54 UTC. Method

Supply & valuation

How these are computed
Total supply (on-chain) 4.15B USDE
Tracked DEX liquidity $158.6M

Holders & concentration

Data via Blockscout · as of 10 Jul 2026
Top 10 wallets hold 96.0% of supply
Top 50 wallets hold 99.2% of supply

Concentration is the standard due-diligence read on attention-driven assets: the fewer wallets control the supply, the more one seller can move the price. Exchange wallets pool many customers, so labelled exchange rows are not single holders.

Largest holders

0x5d3a1F…ef34 · Ethena: USDe Bridge 39.9%
0x9D39A5…3497 · sUSDe Token 37.5%
0x4F5923…DECF · Aave: aEthUSDe Token 4.9%
0x3CC936…CF18 · MEXC: Hot Wallet 4.7%
0x63beE4…0936 · Bybit: Deposit Address 2.8%
0x33AE83…c74C · Bybit: Deposit Address 1.8%
0x7FC7c9…3425 · Ethena: USDe Silo 1.6%
0xf89d7b…aA40 · Bybit: Hot Wallet 1.3%
0xcC282E…5ec7 · Kraken: Hot Wallet 3 1.2%
0x3a3C00…1dc8 · Ceffu 2 0.4%

USDE — frequently asked questions

From live data

What is Ethena USDe's supply?

Ethena USDe has a total on-chain supply of 4.15B USDE, read directly from the chain. Its circulating supply can't be independently verified, so we report only the total.

How is the USDE price here computed?

The USDE price on this page is TheDistributed's own reference price, computed from on-chain venue data rather than exchange feeds. The full method, tolerances and labels are documented on our methodology page.

Does Ethena USDe have a market cap?

No market cap is shown for Ethena USDe. It is a stablecoin, and stablecoin supply figures are issuer claims rather than on-chain facts we can verify, so this page reports no market cap at all.

Is Ethena USDe its own blockchain?

No — Ethena USDe (USDE) is a stablecoin issued on a host blockchain rather than a native coin. We track it by its verified canonical contract, and its on-chain figures are read from that contract.

Answers are generated from the live figures on this page — on-chain reads, our own reference price and Reddit crowd data — and update as the data does.