{
  "$schema": "https://degreesofsatoshi.com/encyclopedia/schemas/article-v1.json",
  "schemaVersion": "1.0.0",
  "id": "what-is-susde",
  "canonical": "https://degreesofsatoshi.com/encyclopedia/what-is-susde/",
  "collection": "stablecoins",
  "title": "What is sUSDe? A staking receipt, not the same token as USDe",
  "description": "Understand sUSDe as a share in staked USDe, including reward accrual, cooldown conditions and the distinction between USDe-denominated accounting and dollar safety.",
  "aliases": [
    "sUSDe",
    "staked USDe"
  ],
  "dates": {
    "published": "2026-10-02",
    "modified": "2026-10-02",
    "verified": "2026-10-02T18:15:23.891Z",
    "dataAsOf": "2026-10-02"
  },
  "authorship": {
    "publisher": "Degrees of Satoshi editorial project",
    "process": "AI-assisted research and drafting with a separate automated source-verification pass; no external expert or named human review is implied."
  },
  "quickAnswer": {
    "text": "sUSDe represents a share in Ethena’s staked-USDe arrangement. Rewards added to the staking contract can increase the USDe value associated with each share. Rewards are variable, withdrawal conditions apply, and an increasing USDe-denominated share value does not guarantee a stable dollar value or eliminate the underlying USDe risks.",
    "claimId": "what-is-susde-quick-answer",
    "sourceIds": [
      "ethena-staking",
      "ethena-risks"
    ]
  },
  "keyFacts": [
    {
      "label": "Shares",
      "value": "Staking USDe issues an ERC-20 share token through an ERC-4626-style vault.",
      "sourceIds": [
        "ethena-staking"
      ],
      "id": "shares",
      "claimId": "what-is-susde-fact-shares"
    },
    {
      "label": "Rewards",
      "value": "Rewards are transferred to the staking contract in USDe.",
      "sourceIds": [
        "ethena-staking"
      ],
      "id": "rewards",
      "claimId": "what-is-susde-fact-rewards"
    },
    {
      "label": "Exit",
      "value": "The described unstaking process can involve a cooldown before claiming USDe.",
      "sourceIds": [
        "ethena-staking"
      ],
      "id": "exit",
      "claimId": "what-is-susde-fact-exit"
    }
  ],
  "prerequisites": [
    "what-is-usde"
  ],
  "sections": [
    {
      "id": "ratio",
      "heading": "A share ratio is different from a token price",
      "sourceIds": [
        "ethena-staking",
        "eip4626"
      ],
      "paragraphs": [
        "In a simplified example, 100 shares associated with 105 USDe represent 1.05 USDe per share. That is an accounting relationship in USDe units, not proof that the shares can be sold for $105 at any moment.",
        "Secondary-market liquidity, USDe’s market price and actual redemption conditions can change the dollar outcome."
      ]
    },
    {
      "id": "rate",
      "heading": "Do not annualize one reward period into a promise",
      "sourceIds": [
        "ethena-staking"
      ],
      "paragraphs": [
        "The issuer describes reward income linked to protocol revenues and notes that some periods may pay no rewards. A displayed annualized rate is an observation or projection under assumptions, not a fixed coupon.",
        "The documentation’s positive-or-flat reward accounting should not be rewritten as “principal cannot be lost.” Underlying backing, contract and market risks remain separate."
      ]
    },
    {
      "id": "withdrawal",
      "heading": "Read the active cooldown configuration",
      "sourceIds": [
        "ethena-staking"
      ],
      "paragraphs": [
        "The cited process separates an unstaking request from a later claim through the silo mechanism. Parameter values and supported paths should be checked against the actual deployed version.",
        "Selling shares before the cooldown, where a market exists, is a separate trade with its own price and liquidity. This article does not promise a fixed waiting period or guaranteed exit market."
      ]
    }
  ],
  "faq": [
    {
      "question": "Does sUSDe always equal one dollar?",
      "answer": "No. It is a staking share whose USDe conversion can change. Its market price also depends on the share claim, liquidity and USDe’s own dollar value.",
      "sourceIds": [
        "ethena-staking",
        "ethena-risks"
      ]
    }
  ],
  "claims": [
    {
      "id": "what-is-susde-quick-answer",
      "articleSlug": "what-is-susde",
      "statement": "sUSDe represents a share in Ethena’s staked-USDe arrangement. Rewards added to the staking contract can increase the USDe value associated with each share. Rewards are variable, withdrawal conditions apply, and an increasing USDe-denominated share value does not guarantee a stable dollar value or eliminate the underlying USDe risks.",
      "sourceIds": [
        "source-1a907fa1c9e187fe",
        "source-ae3fbd942aa6f5fe"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-1a907fa1c9e187fe",
          "locator": "Staked USDe; Rewards; Unstaking"
        },
        {
          "sourceId": "source-ae3fbd942aa6f5fe",
          "locator": "Funding risk; Custody risk; Exchange failure risk"
        }
      ],
      "scope": {
        "collection": "stablecoins",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T18:15:23.891Z",
        "reviewer": "Independent automated verification agent verify_bitcoin_stablecoins_100",
        "notes": [
          "Read Ethena staking contract interface, share/asset exchange, USDe rewards, variable revenue, cooldown/silo and contingent external-market exit. Recomputed 105 / 100 = 1.05 USDe per share.",
          "Positive-or-flat reward accounting is not repeated as a principal-safety promise. No current cooldown parameter or guaranteed secondary market is asserted."
        ]
      }
    },
    {
      "id": "what-is-susde-fact-shares",
      "articleSlug": "what-is-susde",
      "statement": "Shares: Staking USDe issues an ERC-20 share token through an ERC-4626-style vault.",
      "sourceIds": [
        "source-1a907fa1c9e187fe"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-1a907fa1c9e187fe",
          "locator": "Staked USDe; Rewards; Unstaking"
        }
      ],
      "scope": {
        "collection": "stablecoins",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T18:15:23.891Z",
        "reviewer": "Independent automated verification agent verify_bitcoin_stablecoins_100",
        "notes": [
          "Read Ethena staking contract interface, share/asset exchange, USDe rewards, variable revenue, cooldown/silo and contingent external-market exit. Recomputed 105 / 100 = 1.05 USDe per share.",
          "Positive-or-flat reward accounting is not repeated as a principal-safety promise. No current cooldown parameter or guaranteed secondary market is asserted."
        ]
      }
    },
    {
      "id": "what-is-susde-fact-rewards",
      "articleSlug": "what-is-susde",
      "statement": "Rewards: Rewards are transferred to the staking contract in USDe.",
      "sourceIds": [
        "source-1a907fa1c9e187fe"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-1a907fa1c9e187fe",
          "locator": "Staked USDe; Rewards; Unstaking"
        }
      ],
      "scope": {
        "collection": "stablecoins",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T18:15:23.891Z",
        "reviewer": "Independent automated verification agent verify_bitcoin_stablecoins_100",
        "notes": [
          "Read Ethena staking contract interface, share/asset exchange, USDe rewards, variable revenue, cooldown/silo and contingent external-market exit. Recomputed 105 / 100 = 1.05 USDe per share.",
          "Positive-or-flat reward accounting is not repeated as a principal-safety promise. No current cooldown parameter or guaranteed secondary market is asserted."
        ]
      }
    },
    {
      "id": "what-is-susde-fact-exit",
      "articleSlug": "what-is-susde",
      "statement": "Exit: The described unstaking process can involve a cooldown before claiming USDe.",
      "sourceIds": [
        "source-1a907fa1c9e187fe"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-1a907fa1c9e187fe",
          "locator": "Staked USDe; Rewards; Unstaking"
        }
      ],
      "scope": {
        "collection": "stablecoins",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T18:15:23.891Z",
        "reviewer": "Independent automated verification agent verify_bitcoin_stablecoins_100",
        "notes": [
          "Read Ethena staking contract interface, share/asset exchange, USDe rewards, variable revenue, cooldown/silo and contingent external-market exit. Recomputed 105 / 100 = 1.05 USDe per share.",
          "Positive-or-flat reward accounting is not repeated as a principal-safety promise. No current cooldown parameter or guaranteed secondary market is asserted."
        ]
      }
    }
  ],
  "sources": [
    {
      "id": "ethena-staking",
      "label": "Staked USDe",
      "publisher": "Ethena",
      "url": "https://docs.ethena.fi/technical-design/staking-usde",
      "locator": "Staked USDe; Rewards; Unstaking",
      "note": "Share-based staking token, variable rewards and withdrawal conditions.",
      "version": null,
      "checkedAt": "2026-10-02T17:06:51.358Z",
      "contentSha256": "eb38212c56b73270a60d2c077a48a5039b0f00cba26a2a24fd105ce8456ec873",
      "recordId": "source-1a907fa1c9e187fe"
    },
    {
      "id": "ethena-risks",
      "label": "Risks",
      "publisher": "Ethena",
      "url": "https://docs.ethena.fi/protocol-overview/risks",
      "locator": "Funding risk; Custody risk; Exchange failure risk",
      "note": "Dependencies that can affect the synthetic-dollar hedge and redemption mechanism.",
      "version": null,
      "checkedAt": "2026-10-02T17:21:46.948Z",
      "contentSha256": "2c45213bf0394ab2ef1c8880620b24c375a46d187f3fb227f725a7bb59f15d9d",
      "recordId": "source-ae3fbd942aa6f5fe"
    },
    {
      "id": "eip4626",
      "label": "Tokenized Vaults",
      "publisher": "Ethereum Improvement Proposals",
      "url": "https://eips.ethereum.org/EIPS/eip-4626",
      "locator": "Specification; Security Considerations",
      "note": "Assets, shares, deposits, withdrawals, limits and preview rounding.",
      "version": "EIP/ERC-4626; retrieved document hash recorded",
      "checkedAt": "2026-10-02T17:03:42.366Z",
      "contentSha256": "0f3b3abdb9e37ef4094f0ad5c6c469a56e888fcc52415d4bf8e657e2b34792ab",
      "recordId": "source-0500eb916f66cd39"
    }
  ],
  "related": {
    "articles": [
      "erc-4626-tokenized-vaults",
      "realized-vs-projected-yield",
      "defi-withdrawal-queues"
    ],
    "dossiers": [],
    "wallets": []
  },
  "revisionHistory": [
    {
      "date": "2026-10-02",
      "kind": "published",
      "summary": "First publication after primary-source research and independent automated verification."
    }
  ],
  "citation": "Degrees of Satoshi editorial project. “What is sUSDe? A staking receipt, not the same token as USDe.” Published 2026-10-02; updated 2026-10-02. https://degreesofsatoshi.com/encyclopedia/what-is-susde/"
}