SUSDE
Ethena's staked USDe — earning delta-neutral funding yield in an ERC-4626 vault.
sUSDe is the yield-bearing staked form of Ethena's USDe synthetic dollar. Holders deposit USDe into Ethena's staking vault and receive sUSDe (an ERC-4626 token) whose redemption rate against USDe rises over time as the protocol accumulates yield from: (1) perpetual futures funding payments on the short ETH/BTC leg; (2) Ethereum staking yield from spot LST collateral; and (3) yield on stablecoin reserve assets. As of June 2026, sUSDe 7-day trailing APY was 7.1% per Ethena's dashboard, with sUSDe supply approximately $3.1B and USDe supply approximately $4.4B (~70% stake ratio). Unlike USDC or USDT, sUSDe yield is variable and tied directly to derivatives market conditions.
- sUSDe supply approximately $3.1B as of June 2026 (Ethena transparency dashboard), with 7-day trailing APY of 7.1% and 90-day average ~11.8%.
- Insurance fund: approximately $73M (~1.7% of USDe supply) as of June 2026, designed to absorb periods of negative funding without affecting sUSDe yield.
- Listed as a borrowable and collateral asset on Aave V3, Spark, Morpho, and Pendle across Ethereum and Arbitrum.
- sUSDe yield was above 20% annually during high-leverage bull markets (early 2025) and above 9% in April 2026; it compresses in sideways or bear markets when perpetual demand falls.
- Staking into sUSDe is not the same as staking AAVE or other governance tokens; no slashing is applied to sUSDe holders, but yield can go to zero during sustained negative funding.
Frequently asked questions
Can sUSDe lose value (go below $1)?
sUSDe is denominated in USDe, not directly in USD. If USDe depegs, sUSDe's value falls proportionally. USDe can theoretically depeg if the protocol's hedge collateral is liquidated faster than it can rebalance or if funding remains severely negative for an extended period beyond the insurance fund's capacity. Under normal conditions sUSDe should appreciate against USDe as yield accrues, but the underlying USDe peg risk is the primary concern.
How long does it take to unstake sUSDe?
Ethena's sUSDe redemption process involves a cooldown period (typically 7 days at time of research, but verifiable on Ethena's official documentation). Instant liquidity is available via secondary markets like Curve's sUSDe pools, though large exits can cause slippage if the pool is unbalanced.
Why is sUSDe APY so much higher than a Sky Savings Rate?
sUSDe earns a levered form of the basis trade — the spread between spot ETH staking yield and perpetual futures funding rates. When markets are bullish and leveraged longs pay funding, this spread can be 10–20%+ annualized. The Sky Savings Rate (3.75% as of Q2 2026) is funded by Treasury-bill yield and Spark borrow interest, which are structurally lower and more stable. The higher sUSDe rate reflects higher and more variable risk.