Ethena USDe, ticker USDE, is a crypto-native synthetic dollar issued by Ethena Labs. It is designed to trade close to $1, but it is not a conventional fiat-backed stablecoin such as USDT or USDC, and it is not an independent blockchain or cryptocurrency network. USDe uses a delta-neutral strategy: Ethena combines spot collateral, such as staked Ether, Bitcoin-related assets, stablecoins, and selected real-world assets, with approximately equivalent short positions in perpetual futures markets. The objective is to neutralize the price movement of the volatile collateral while retaining revenue from derivatives funding rates and other approved strategies.