Information, not investment advice. Facts are copied from cited issuer and regulator documents with retrieval dates; anything we could not verify is marked unknown. Nothing here is a recommendation, ranking, or eligibility determination about you.
USD stablecoin. Issuer: Ethena (BVI) Limited. Official page. 12 fields verified, 4 unknown, 0 disputed.
As of 2026-10-25, who can invest for USDe: Whitelisted Mint Users (approved market-making counterparties) for direct mint/redeem, per Ethena.
As of 2026-10-25, we could not confirm this for USDe in an issuer or regulator document.
As of 2026-10-25, redemption settlement for USDe: On demand for whitelisted users (atomic), per Ethena.
As of 2026-10-25, subscription / mint fee for USDe: Slippage/execution costs priced in; Ethena earns no profit on mint/redeem, per Ethena.
As of 2026-10-25, latest reserve / holdings report for USDe: https://ethena.fi/blog/custodian-attestations-of-assets-backing-usde-september-3, per Ethena.
| Field | Value | Status | Source | Note |
|---|---|---|---|---|
| Issuer | Ethena (BVI) Limited | verified | Ethena, retrieved 2026-10-25 | USDe Terms and Conditions |
| Product type | Synthetic dollar backed by crypto spot + short perpetual hedges, stablecoins and RWAs; stored value, no claim on issuer equity | verified | Ethena, retrieved 2026-10-25 | |
| Regulator | Unknown | unknown | No US regulator; Ethena BVI not a GENIUS permitted issuer as reviewed | |
| Blockchains | Unknown | unknown | Not yet confirmed in an issuer or regulator document (checked 2026-10-25) | |
| Open to US persons (per issuer) | Unknown | unknown | Ethena terms limit minting to supported jurisdictions; the list is not stated in the terms page checked 2026-10-25 | |
| Who can invest | Whitelisted Mint Users (approved market-making counterparties) for direct mint/redeem | verified | Ethena, retrieved 2026-10-25 | |
| KYC required | Yes | verified | Ethena, retrieved 2026-10-25 | KYC/KYB for direct mint/redeem |
| Minimum initial investment | Unknown | unknown | Not found in public issuer documents reviewed | |
| Subscription / mint fee | Slippage/execution costs priced in; Ethena earns no profit on mint/redeem | verified | Ethena, retrieved 2026-10-25 | |
| Redemption fee | Slippage/execution costs priced in | verified | Ethena, retrieved 2026-10-25 | |
| Redemption settlement | On demand for whitelisted users (atomic) | verified | Ethena, retrieved 2026-10-25 | |
| Redemption limits or gates | Holding Users cannot redeem unless they become whitelisted Mint Users | verified | Ethena, retrieved 2026-10-25 | |
| Circulating supply (issuer report or issuer contract) | USD 4,584,247,594 as of 2026-10-25 | verified | Ethena, retrieved 2026-10-25 | totalSupply() of the USDe contract 0x4c9EDD5852cd905f086C759E8383e09bff1E68B3 (address from Ethena docs), read on-chain at Ethereum block 26273872 (2026-10-25 22:27 ET). Ethereum mainnet contract only; we did not add amounts on other chains because the docs we read do not state how USDe on other chains relates to this supply. |
| Reserve / holdings report type | Monthly custodian attestations (Copper, Ceffu, Kraken, Anchorage) | verified | Ethena, retrieved 2026-10-25 | |
| Latest reserve / holdings report | https://ethena.fi/blog/custodian-attestations-of-assets-backing-usde-september-3 | verified | Ethena, retrieved 2026-10-25 | |
| Report as-of date | 2026-09 | verified | Ethena, retrieved 2026-10-25 | September 2026 attestation is latest listed |