Best USDe Interest Rates

Understanding USDe Yields

USDe is not a traditional stablecoin. It is a "synthetic dollar" issued by Ethena Labs. Its yield comes from the "basis trade"—shorting Ethereum futures while holding staked ETH. This historically generates significantly higher yields than standard lending markets, especially during crypto bull runs.

Lending vs. Staking (sUSDe):
The table above shows lending APY (e.g., supplying USDe to Aave). This is distinct from holding "sUSDe" (staked USDe) which receives yield directly from Ethena. Lending rates on Aave can sometimes exceed sUSDe rates if leverage demand is high.

Risk Note: USDe relies on funding rates remaining positive and the stability of exchange counterparties. It has a different risk profile than USDC or DAI.