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USDe·USDE·Ethereum
USDe (USDE) · Ethereum · on-chain safety read, grade B (80/100)
Data snapshot: 2026-09-16 · source: live token feeds + on-chain flags · refreshed weekly · not financial advice
BB · see the safety checks › Swap USDE safely →USDE price and market data
Official links
ExplorerLive candle chart for the most active tracked pool.
Trade USDE
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USDE to USD converter
Global USDE prices
NexFlow score: higher = safer (0–100)
- contract-level controls not assessed in this snapshot — verify with a live scan
- liquidity depth is healthy liquidity locks
Re-scan USDE live before you trade
On-chain state changes — verify the current read, then swap non-custodially if it clears.
What the data says about USDE
USDe is Ethena's synthetic dollar — a stablecoin that holds its peg not with bank deposits but with a delta-neutral trade: spot crypto collateral (staked ETH, liquid stables) hedged by short perpetual futures, so the portfolio's dollar value stays flat whatever the market does. The contract 0x4c9edd5852cd905f086c759e8383e09bff1e68b3 is the canonical Ethereum deployment — USDe also exists on Solana under a different mint, where it is one of the deeper stable pools in our corpus. Our September 14, 2026 read shows $1.5 million of tracked pool liquidity on the mainnet venues.
The honest mechanics: USDe's yield is not magic — it is the funding-rate spread between staking yield and the perp market's willingness to pay longs, and that spread can and does go negative. When funding flips, Ethena pays the hedge instead of earning it, and the carry can invert into a slow bleed. The second layer is counterparty: the short positions sit on offshore exchanges through settlement custody, so exchange failures or frozen collateral are real, non-theoretical risks — the design survived the October 2025 liquidation cascade, which is evidence, not a guarantee. It is also not the same risk shape as UST: USDe is fully collateralized at inception; the failure mode is a sustained negative-funding grind plus a custody break, not a mint-redeem death spiral.
sUSDe — the staked version — is where the yield actually accrues; plain USDe is the transferable dollar. Figures are NexFlow's read dated September 14, 2026; the scan refreshes them. Before sizing in, verify the contract against Ethena's official docs — stablecoin tickers are the most-cloned strings on any chain.
Price and safety history of USDE
Every dated snapshot we hold for USDE — price, market structure and grade, as measured, with nothing interpolated between them.
| Date | Price | Liquidity | Holders | Grade |
|---|---|---|---|---|
| 2026-09-14 | $1.00 | $1.53M | — | B |
| 2026-09-08 | $0.9996 | $787.08K | — | B |
Contract
0x4c9edd5852cd905f086c759e8383e09bff1e68b3
Verify USDE by this address, never by name or ticker.
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<a href="https://nexflowscan.com/token/ethereum/usde/" target="_blank" rel="noopener"><img src="https://nexflowscan.com/api/badge/ethereum/0x4c9edd5852cd905f086c759e8383e09bff1e68b3.svg" alt="USDE safety grade B on NexFlow"></a><iframe src="https://nexflowscan.com/embed/badge/ethereum/0x4c9edd5852cd905f086c759e8383e09bff1e68b3" width="380" height="62" style="border:0" loading="lazy" title="USDE safety grade — NexFlow"></iframe>[](https://nexflowscan.com/token/ethereum/usde/)FAQ
Is USDE a safe token?
As of the 2026-09-14 snapshot, USDE scores 80/100 (grade B) on NexFlow's on-chain read — based on its unconfirmed mint authority, unconfirmed freeze authority, liquidity of $1.53M. That grades contract and market structure, not price direction — a clean read is not a guarantee, so re-scan before trading, since on-chain state can change.
Can you sell USDE, or is it a honeypot?
Our Ethereum read covers market structure, not sell-side contract behaviour like honeypots or transfer taxes, as of 2026-09-14. Before assuming you can exit freely, run the live scan above — it reads the contract directly.
Who holds most of USDE?
Per-wallet distribution for USDE wasn't resolved in the 2026-09-14 snapshot. Run the live scan, which reads holder concentration directly from the chain.
Can USDE's supply be inflated?
This snapshot grades market structure only — contract-level supply controls on Ethereum aren't assessed here yet. Run the live scanner, which reads the contract in real time.
What is the USDE contract address?
The USDE contract address on Ethereum is 0x4c9edd5852cd905f086c759e8383e09bff1e68b3. Always verify a token by its contract address, not its name or ticker — scam clones copy tickers, but the address is unique.
Where can you buy USDE safely?
Run the live on-chain scan at the top of this page first; if USDE clears, you can swap it here directly. Whatever venue you use, match the contract address (0x4c9edd5852cd905f086c759e8383e09bff1e68b3) exactly before trading — copying the ticker is how clone scams catch buyers, and the address is the one field they can't fake.
