Ethena USDe (USDE): D-Score 22/100 — Centralized Leaning BlockIndex D-Score: 22/100 (Centralized Leaning). Ethena USDe (USDE) is a Layer 2 cryptocurrency using Other consensus. Ethena USDe: Ethereum-based synthetic dollar token backed by crypto collateral, delta hedging, and broad DeFi integrations. Source: https://blockindex.ai/coin/usde · Data by BlockIndex.AI · Updated 2026-06-19 D-Score breakdown (0-100, higher means more decentralized) Component: Score: Overall D-Score: 22: Node distribution: 0: Initial distribution: 0: Governance: 15: Age and history: 7: Autonomy: 0: Key facts - Layer: Layer 2 - Consensus: Other (N/A) - Launch: Other (2023) - Founder: Guy Young - VC funded: Yes - Max supply: N/A - Circulating: 4,505,161,983 Market data (as of 2026-06-19) - Price: $1 - Market cap: $4.5B - 24h volume: $69.99M - 24h change: +0.02% · 7d change: -0.01% About Ethena USDe is a synthetic dollar token issued by the Ethena protocol and developed by Ethena Labs. It is designed to function as a crypto-native dollar asset rather than as a conventional fiat-backed stablecoin or an independent blockchain. Public market and documentation sources identify USDE as an Ethereum-based token whose value is intended to track the U.S. dollar through a backing and hedging model, with the staked sUSDe product serving as the value-accruing counterpart. The project is associated with founder and CEO Guy Young and with Ethena Labs, which has positioned USDe as part of a broader Internet Bond concept for scalable on-chain dollar exposure. Technically, USDe is not a Layer-1 network and does not have its own validator set, mining process, block production, or consensus mechanism. It is primarily an ERC-20 token on Ethereum, with additional cross-chain availability referenced across many ecosystems. Its core mechanism relies on collateralized positions, derivatives hedges, mint and redeem flows, and arbitrage incentives rather than direct bank-deposit redemption at the token level. This architecture makes USDE closer to a synthetic dollar protocol asset than a fiat-custodied stablecoin, and its risk profile depends on smart contracts, collateral custody, derivatives market liquidity, hedge execution, funding rates, and the operational design of the Ethena protocol. USDe is used as a dollar-denominated crypto asset across centralized exchanges, decentralized exchanges, wallets, and DeFi integrations. The supplied ecosystem data shows broad exchange support including Binance, Bybit, Coinbase, OKX, Kraken, Huobi, MEXC, Uniswap, and Curve, plus wallet compatibility through common Ethereum and multi-chain wallets such as Ledger, MetaMask, Coinbase Wallet, WalletConnect, Phantom, Argent, Electrum, and MyEtherWallet. Infrastructure coverage is also extensive, with Etherscan, CoinGecko, CoinMarketCap, TradingView, multiple L2 explorers, and cross-chain explorer pages providing visibility into token contracts and market activity. USDe's economic model is supply-elastic rather than hard-capped. Tokens are minted and redeemed through the Ethena protocol by approved participants under applicable access restrictions, and supply expands or contracts with demand for the synthetic dollar. Market data in the supplied summary places circulating supply around 4.5 billion USDE, market capitalization around $4.5 billion, and price near $1.00. No premine or public initial percentage allocation was documented in the provided validation data, and the asset should be treated as a collateral-minted stable asset rather than a mined coin with initial block rewards or proof-of-work issuance. Governance and organization are centered on Ethena Labs and the broader Ethena protocol. USDE itself is not described as a governance token; Ethena's governance token is ENA. The project has corporate and venture-backed characteristics, with BusinessWire-referenced strategic funding led by Dragonfly and Arthur Hayes and backing from major crypto derivatives venues. No USDE-specific chain freeze, exploit, or independent node-network incident was confirmed in the supplied summaries. Future development focus is described around peg stability, collateral and hedge management, DeFi composability, cross-chain growth, and expansion of USDe and sUSDe usage. Links - Website: https://ethena.fi/ - Whitepaper: https://ethena-labs.gitbook.io/ - GitHub: N/A --- About the D-Score: BlockIndex.AI rates decentralization from 0 to 100 across node distribution, initial distribution, governance, age and history, and autonomy. Methodology: https://blockindex.ai/dscore