Ethena USDe is a synthetic dollar stablecoin issued by Ethena Labs, designed to maintain a value close to $1.00 without relying on traditional fiat-bank reserves as its primary backing mechanism. Instead, USDe employs a delta-neutral hedging framework that combines onchain collateral with offsetting derivatives positions to achieve dollar stability. This represents a fundamentally different approach to stablecoin design compared to reserve-backed alternatives like USDC or USDT.