Ethena to 日圓 calculator — live exchange rate

Ethena's core product is USDe, a "synthetic dollar" that aims to hold a dollar peg without being backed by dollars in a bank, unlike stablecoins such as USDT or USDC. Its stability is achieved through a financial strategy (delta-neutral), not cash reserves, which makes it a different model with risks of its own.

Ethena holds the peg by combining a spot position in crypto (such as staked ETH or BTC) with an equivalent short position in perpetual futures: if the asset's price rises, the short's loss is offset by the spot gain, and vice versa. That "delta-neutral" balance cancels price exposure and is what sustains the value of USDe.

Staking USDe gives you sUSDe, which distributes the strategy's yield: it comes mainly from the "funding" that long traders pay to shorts in the perpetuals, plus staking of the spot leg. The inherent risk of this design is that, in prolonged bear markets, that funding can turn negative and the yield can fall to zero or below, which pressures the model. The price is volatile and this is not advice.