Ethena USDe Synthetic Dollar API
Live data for Ethena's USDe, the largest synthetic dollar in crypto, read keyless from Ethena's public yield feed and directly from the Ethereum blockchain. USDe is not backed by fiat in a bank like USDC — it is a delta-neutral synthetic dollar: Ethena holds staked ETH/BTC and shorts the matching perpetual futures, so the position is hedged to roughly one dollar while the funding and staking it earns become the yield. Stake USDe into sUSDe and you receive that yield; sUSDe is the yield-bearing version and its value in USDe grows every day. The yield endpoint returns Ethena's yields — the current protocol yield and sUSDe staking yield plus the 30-day, 90-day and since-inception average sUSDe APY — the carry the synthetic dollar throws off, which rises and falls with the perpetual-futures funding market. The supply endpoint reads the Ethereum contracts directly: the circulating USDe supply, the amount of USDe staked in sUSDe, the sUSDe share count, the sUSDe-to-USDe exchange rate (how much USDe one sUSDe is now worth — above 1.0 because yield has accrued) and the staking ratio (what share of USDe is staked and earning). The overview endpoint is the at-a-glance snapshot combining the supply and the live yield. This is the Ethena / USDe synthetic-dollar cut — distinct from the generic multi-stablecoin supply feeds, the DeFi lending-rate and yield-aggregator feeds, and the generic ERC-20 token-info feed: the single-protocol view of how the synthetic dollar is sized, staked and yielding. Yields are annualised percentages; supplies are in USDe; the exchange rate is USDe per sUSDe. No key, nothing stored beyond a short cache.
api.oanor.com/ethena-api
