Ethena Staked USDe

Yield-bearing form of USDe, Ethena's synthetic dollar. USDe backing is composed of a mix of staked ETH collateral, stablecoin and RWA reserves, and institutional lending positions. Yield is drawn from ETH staking rewards, funding rates on delta-hedged short perpetual futures, and interest on reserve assets. Deposited USDe converts to sUSDe, which accrues protocol earnings and appreciates in value as yield compounds.