Ethena USDe · interactive mechanism simulation

Whitelisted market makers mint USDe 1:1 against spot collateral held off-exchange, while an equal-notional short perpetual is opened on a CEX — the position nets to delta-neutral. Staking yield plus perp funding flow only to sUSDe stakers; a reserve fund absorbs negative-funding stretches. Edit the parameters, or trigger the Oct-2025 style single-venue depeg to see the redemption arbitrage that actually defends the peg.
Market makers whitelisted, KYC'd atomic $1 mint / redeem EthenaMinting contract 1 USDe = $1 collateral 0 mints · 0 redemptions splits: spot + short perp Secondary market USDe price: $1.0000 supply: $5.80B Off-exchange custody stETH / BTC / stables staking yield: 4.0%/yr CEX short perp equal notional, delta-neutral funding: +8.0%/yr sUSDe vault APY: 20.0% 60% of supply staked Reserve fund backstop, not a guarantee $60.0M ⚠ Binance-only depeg — on-chain mint/redeem still holds ~$1.00 (illustrative)
USDe supply
$5.80B
sUSDe staked APY
20.0%
Reserve fund
$60.0M
Secondary price
$1.0000
Mint / redeem events
0 / 0
Parameters — edit me
+8%/yr
4.0%/yr
60%
1.2/s
55%
Controls

Illustrative simulation. Starting values (~$5.8B USDe supply, sUSDe APY near 20%, a modest reserve fund) mirror the researched scale and mechanics of Ethena — delta-neutral mint/redeem, funding + staking yield concentrated to sUSDe stakers, an off-exchange custody split, and the fact that the Oct 2025 "depeg" printed only on one CEX's thin order book while on-chain redemption held near $1 — but flow sizes, timing, and the depeg trajectory are simplified and randomized for visualization, not live onchain data. Part of The Onchain Experiment Atlas.