USDe stablecoin data
Data card for USDe: on-chain issuance in the 30 days to 31 October 2026, issuer freeze and seize acts, and the freeze function of each contract, measured by the Stablecoin Scanner (ACHIVX).
Issuer and rules
What issuer documents and public registers say about USDe, each row with its source. Register rows give the register's own date or the date we checked it.
| Fact | Value | Source |
|---|---|---|
| Issuer | Ethena. Legal entity: Ethena BVI Limited. Ethena’s USDe terms say that for Mint Users, Ethena BVI makes available services to (i) create USDe in exchange for accepted tokens from Ethena BVI and (ii) redeem USDe for supported assets from Ethena BVI. Quote: "The following only applies to Mint Users: As you have agreed to, and are subject to, the USDe Mint User Agreement, Ethena BVI makes available the following USDe-related Services (as defined in the USDe Mint User Agreement: (i) create USDe in exchange for accepted tokens from Ethena BVI, and (ii) redeem USDe for supported assets from Ethena BVI (collectively, the “USDe Services”)." | docs.ethena.fi |
| Type | Category: synthetic. Ethena says USDe is not a fiat stablecoin like USDC or USDT; it is a synthetic dollar backed with crypto assets and corresponding short futures positions. | docs.ethena.fi |
| Redemption | Only Mint Users (who passed KYC/AML and are whitelisted with Ethena BVI) can redeem USDe with Ethena BVI; users in the United States are not eligible to become Mint Users. Ethena BVI commits to redeem 1 USDe for its pro rata portion of the USDe Reserves in supported digital assets, up to 1 USD in notional value. | docs.ethena.fi |
| Reserves | As of September 2026 (latest monthly custodian attestation listed). Attester: Custodians (monthly custodian attestations listed on Ethena’s docs). Ethena’s custodian-attestation page lists monthly attestations up to September 2026 and says they show none of the backing assets of USDe reside directly on any of its exchange partners. | docs.ethena.fi |
| Regulation: United Arab Emirates (ADGM) | Not found in the ADGM FSRA list of Accepted Fiat-Referenced Tokens dated September 1, 2026 (checked 2026-11-01; searched for "USDe", "Ethena"). | assets.adgm.com |
| Regulation: European Union | Not found in the ESMA interim MiCA register of e-money token issuers (checked 2026-11-01; searched for "USDe", "Ethena"). | esma.europa.eu |
| Regulation: Hong Kong | Not found in the HKMA register of licensed stablecoin issuers (checked 2026-11-01; the register lists 2 licensees; searched for "USDe", "Ethena"). | hkma.gov.hk |
| Regulation: Japan | Not found among the electronic payment instruments handled by the registered providers in the FSA register as of 27 August 2026 (checked 2026-11-01; searched for "USDe", "Ethena"). | fsa.go.jp |
Checked against the sources on 1 November 2026. Not legal advice.
- revain.org: revain.org/coins/usde
- Glossary: Synthetic dollar (delta-neutral), Issuer, Redemption, Reserve / reserve assets, Reserve attestation, Proof of reserves, Freeze (address freeze), Mint, Burn, Net issuance, Peg / depeg
Issuance, 30 days
| Network | Minted | Burned | Net issuance | Window | Scanner build | Source |
|---|---|---|---|---|---|---|
| All covered networks | US$481 m | US$908 m | -US$427 m | 30 days to 31 October 2026 | 1 November 2026 | stablescan.achivx.com/usde-explorer |
| Ethereum | US$443 m | US$839 m | -US$397 m | 30 days to 31 October 2026 | 1 November 2026 | stablescan.achivx.com/ethereum/stablecoin/usde |
| Base | US$38.2 m | US$68.8 m | -US$30.5 m | 30 days to 31 October 2026 | 1 November 2026 | stablescan.achivx.com/base/stablecoin/usde |
| Optimism | US$0 | US$236.34 | -US$236.34 | 30 days to 31 October 2026 | 1 November 2026 | stablescan.achivx.com/optimism/stablecoin/usde |
| Arbitrum | US$121,124 | US$342,582 | -US$221,458 | 30 days to 31 October 2026 | 1 November 2026 | stablescan.achivx.com/arbitrum/stablecoin/usde |
The scanner gives no issuance figure for USDe on Solana.
Mints and burns the scanner decodes on the networks it covers, not the issuer's total issuance.
Issuer acts
The scanner indexes no issuer acts for USDe.
Freeze function in the contract
What the USDe contract on each network lets the issuer do, from the scanner's token registry (read at build time, no build date).
| Network | Contract | Deployment | Freeze function | Source |
|---|---|---|---|---|
| Arbitrum | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | bridged | no freeze function | stablescan.achivx.com/arbitrum/stablecoin/usde |
| Base | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | bridged | no freeze function | stablescan.achivx.com/base/stablecoin/usde |
| Ethereum | 0x4c9edd5852cd905f086c759e8383e09bff1e68b3 | native | no freeze function | stablescan.achivx.com/ethereum/stablecoin/usde |
| Optimism | 0x5d3a1ff2b6bab83b63cd9ad0787074081a52ef34 | bridged | no freeze function | stablescan.achivx.com/optimism/stablecoin/usde |
| Solana | DEkqHyPN7GMRJ5cArtQFAWefqbZb33Hyf6s5iCwjEonT | bridged | no freeze function | stablescan.achivx.com/solana/stablecoin/usde |
Settlement volume
The scanner publishes no organic settlement figure for USDe alone; its per-coin volume is raw, and this site does not print raw volume. Organic figures exist only for all stablecoins on a network together: see organic settlement by network.
Links
- Stablecoin Scanner (ACHIVX): stablescan.achivx.com/usde-explorer
- ACHIVX Academy issuer page: achivx.com/academy/issuers/ethena.html
How these figures are made
- Organic, not raw. Settlement figures are the scanner's organic figures, with round trips and bot churn removed. Raw settlement volume is not printed, and no field the scanner marks as overflowed is used.
- Coverage: 7 networks (Arbitrum, BNB Chain, Base, Ethereum, Optimism, Solana, Tron). Networks, coins and wallets the scanner does not cover have no figures here.
- Read at build time. Figures are read from the Stablecoin Scanner (ACHIVX) when this site is built, not live in your browser. Each row gives its window, the scanner's build date and the scanner page it comes from.
- Not a reserve or solvency claim. Exchange and bridge balances are on-chain reads of the wallets the scanner can attribute: a floor of their on-chain stablecoins, not their reserves or liabilities.
- Scanner methodology version:
stablscan-methodology-v0.6.0.
revain.org
Sources
- https://achivx.com/academy/issuers/ethena.html
- https://assets.adgm.com/download/assets/AFRT+List+Feb+2026.pdf/c1b34426b88e11f0912ade26907f67ec
- https://docs.ethena.fi/
- https://docs.ethena.fi/resources/custodian-attestations
- https://docs.ethena.fi/resources/usde-terms-and-conditions
- https://stablescan.achivx.com/arbitrum/stablecoin/usde
- https://stablescan.achivx.com/base/stablecoin/usde
- https://stablescan.achivx.com/ethereum/stablecoin/usde
- https://stablescan.achivx.com/optimism/stablecoin/usde
- https://stablescan.achivx.com/solana/stablecoin/usde
- https://stablescan.achivx.com/usde-explorer
- https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
- https://www.fsa.go.jp/menkyo/menkyoj/denshikessaisyudan.pdf
- https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/