Ethena USDe is a claim pegged to USD. It is a representation of a currency, not a cryptocurrency, so it is listed here rather than counted among assets.
| Type | Stablecoin |
|---|---|
| Class | Debt-based Stablecoin |
| Backing | CDP |
| Pegged to | USD |
| Custody | Custodial — an issuer holds the backing |
| Market capitalisation | $4.9B |
| Price | $0.9999 |
| Circulating supply | 4,900,222,110 USDE |
| Issued on | 30 chains |
Figures as of 25 September 2026, from the six-hourly snapshot.
It is issued on 30 chains, which means 30 separate issuances of the same claim. Linked names are chains that are themselves cryptocurrencies with a page here.
CoinSpectrum counts an asset once. Its value is another asset, and that asset is already in the ranking. Counting both counts the same thing twice, which is how other rankings arrive at totals in the thousands. The methodology states the rule, and the argument for it is set out in full.
Listed, not hidden. The point is that it is measured as what it is.