USDe

Partially verifiedSave

USDe · not an EMT · Ethena Labs · Checked 24 JUL 2026

At a glance

Issuer: Ethena Labs
Issuer country: BVI (Ethena GmbH withdrew)
Peg: USD
Regulator: None (BaFin application withdrawn)
Website: ethena.fi

Last checked 24 JUL 2026

Verification profile · v0.2

The score.

Four dimensions, weighted 30 / 30 / 25 / 15. Without D1 (Regulatory) the composite is capped at 24. Footprint is context only — weight 0.

score pending verification

Footprint · context only · weight 0

Reserves

Delta-neutral synthetic dollar backed by staked ETH hedged with short perpetual futures.

BaFin forced Ethena GmbH to wind down USDe issuance in Germany in 2025; the entity withdrew its MiCA application. Not offerable to EU retail via CASPs.

Sources · checked 2026-07-24

scorechain.com/blog/eu-stablecoin-regulation-mica