Ethena USDe (USDE) interest rates: staking, lending and yield farming
Every liquid DeFi pool that includes USDE: 70 pools across 32 protocols and 17 chains. Live APY with base/reward split, 30-day average and risk flags. Updated 48 min ago
5.45%
Best single-asset APY
5.45%
Best APY incl. pairs
4.66%
Median APY
$2.10B
Liquidity in USDE pools
23 / 70
Single-asset / all pools
Best single-asset option right now: 5.75% at Aave V3 on Monad ($69.4M TVL, 30d avg 5.45%), of which 5.43% is token rewards.
| Pool | APY | 30d avg | TVL ▾ | 30d | Risk | Chain | |
|---|---|---|---|---|---|---|---|
| USDE Aave V3 | 4.75% base 0.66% + reward 4.09% | 3.28% | $577.3M | Stable Single Reward-heavy Down | Ethereum | Deposit ↗ | |
| USDE Aave V3 | 4.75% base 0.56% + reward 4.19% | 3.58% | $396.6M | Stable Single Reward-heavy Down | Plasma | Deposit ↗ | |
| USDE Morpho Blue | 4.75% base 0.00% + reward 4.75% | 4.66% | $362.8M | Stable Single Reward-heavy Down | Base | Deposit ↗ | |
| USDE Morpho Blue | 4.75% base 0.00% + reward 4.75% | 4.66% | $324.9M | Stable Single Reward-heavy Down | Robinhood Chain | Deposit ↗ | |
| USDE Kamino Lend · Ethena Market | 0.00% base 0.00% | 0.00% | $259.7M | Stable Single | Solana | Deposit ↗ | |
| USDE Aave V3 | 5.75% base 0.31% + reward 5.43% | 5.45% | $69.4M | Stable Single Reward-heavy Down | Monad | Deposit ↗ | |
| FRAX-USDE Curve DEX | 2.87% base 0.02% + reward 2.85% | 2.87% | $34.0M | Stable LP Reward-heavy Stable/Up | Ethereum | Deposit ↗ | |
| FRAX-USDE Convex Finance | 4.34% base 0.02% + reward 4.32% | 4.61% | $33.9M | Stable LP Reward-heavy Down | Ethereum | Deposit ↗ | |
| USDE Aave V3 | 4.75% base 0.02% + reward 4.73% | 4.09% | $13.3M | Stable Single Reward-heavy Down | Mantle | Deposit ↗ | |
| MNT-USDE Uniswap V3 · 0.3% | 11.97% base 11.97% | 13.43% | $3.4M | — | LP IL Down | Ethereum | Deposit ↗ |
| USDG-USDE Orca DEX | 10.51% base 10.51% | 3.31% | $2.5M | — | Stable LP Down | Solana | Deposit ↗ |
| USDE Accountable | 0.00% base 0.00% | 6.24% | $2.4M | — | Stable Single | Robinhood Chain | Deposit ↗ |
| USDE-USDC Uniswap V3 · 0.01% | 1.95% base 1.95% | 5.24% | $2.3M | — | Stable LP Stable/Up | Ethereum | Deposit ↗ |
| PYUSD-USDE Orca DEX | 6.37% base 6.37% | 1.43% | $2.2M | — | Stable LP Stable/Up | Solana | Deposit ↗ |
| USDE Aave V4 · Plus | 6.48% base 2.46% + reward 4.02% | 2.92% | $2.0M | — | Stable Single Reward-heavy Down | Ethereum | Deposit ↗ |
| USDE-USDT Fluid DEX | 0.43% base 0.43% | 1.33% | $1.7M | — | Stable LP Stable/Up | Ethereum | Deposit ↗ |
| KODISAIL.R-USDE BeraPaw | 15.11% + reward 15.11% | 15.68% | $1.3M | — | LP IL Reward-heavy Down | Berachain | Deposit ↗ |
| USDT-USDE Curve DEX | 4.66% base 2.00% + reward 2.66% | 7.76% | $1.2M | — | Stable LP Reward-heavy Stable/Up | Ethereum | Deposit ↗ |
| USDE-USDC Uniswap V4 · 0.00% | 5.02% base 5.02% | 12.29% | $1.2M | — | Stable LP Stable/Up | Ethereum | Deposit ↗ |
| USDE-USDT Uniswap V4 · 0.00% | 0.71% base 0.71% | 1.69% | $1.2M | — | Stable LP Stable/Up | Ethereum | Deposit ↗ |
By protocol
- Aave V3best 5.45% · 4 pools · $1.06B
- Morpho Bluebest 4.66% · 2 pools · $687.7M
- Kamino Lendbest 0.00% · 1 pools · $259.7M
- Curve DEXbest 4.66% · 2 pools · $35.2M
- Convex Financebest 4.34% · 1 pools · $33.9M
- Uniswap V3best 11.97% · 2 pools · $5.8M
- Orca DEXbest 3.31% · 2 pools · $4.6M
- Accountablebest 0.00% · 1 pools · $2.4M
- Uniswap V4best 5.02% · 2 pools · $2.4M
- Aave V4best 2.92% · 1 pools · $2.0M
By chain
- Ethereumbest 11.97% · 10 pools · $658.3M
- Plasmabest 3.58% · 1 pools · $396.6M
- Basebest 4.66% · 1 pools · $362.8M
- Robinhood Chainbest 4.66% · 2 pools · $327.3M
- Solanabest 3.31% · 3 pools · $264.3M
- Monadbest 5.45% · 1 pools · $69.4M
- Mantlebest 4.09% · 1 pools · $13.3M
- Berachainbest 15.11% · 1 pools · $1.3M
Borrow USDE 9 markets
| Market | Chain | Borrow APY | Supply APY | Supplied | Borrowed | LTV |
|---|---|---|---|---|---|---|
| USDEMorpho Blue | Base | 4.02% | 4.75% | $362.8M | $324.6M | 92% |
| USDEMorpho Blue | Robinhood Chain | 4.05% | 4.75% | $324.9M | $289.3M | 92% |
| USDEAave V3 | Ethereum | 6.34% | 4.75% | $670.5M | $93.3M | 0% |
| USDEAave V3 | Plasma | 6.33% | 4.75% | $449.7M | $53.1M | 0% |
| USDEAave V3 | Monad | 6.32% | 5.75% | $74.3M | $4.9M | 0% |
Top single-asset USDE pools by APY TVL ≥ $1M
- Aave V4 Ethereum · Plus6.48% · 30d 2.92% · $2.0M
- Aave V3 Monad5.75% · 30d 5.45% · $69.4M
- Morpho Blue Base4.75% · 30d 4.66% · $362.8M
- Morpho Blue Robinhood Chain4.75% · 30d 4.66% · $324.9M
- Aave V3 Mantle4.75% · 30d 4.09% · $13.3M
- Aave V3 Plasma4.75% · 30d 3.58% · $396.6M
- Aave V3 Ethereum4.75% · 30d 3.28% · $577.3M
- Kamino Lend Solana · Ethena Market0.00% · 30d 0.00% · $259.7M
Paired with USDE
How to earn on USDE
Single-asset options (lending, staking, savings vaults) pay interest without exposing you to another token; your USDE balance grows and you can withdraw the same asset. Liquidity pairs earn trading fees plus rewards but hold USDE together with a second asset, so the value moves with both prices (impermanent loss). The “Single” chip marks the first kind.
Each row links to the protocol’s own deposit page. Check the chain first: the same protocol can pay different rates on Ethereum, Base or Arbitrum, and moving funds costs a bridge fee (see bridges). Rates refresh hourly; the 30-day average shows whether today’s number is typical.
Questions people ask
What is the best USDE APY right now?
The highest single-asset rate with at least $1M of liquidity is 5.75% at Aave V3 on Monad ($69.4M TVL). Rates are refreshed hourly; the 30-day average for that pool is 5.45%.
Where can I earn interest on USDE?
32 protocols currently list USDE pools. The largest by liquidity: Aave V3 ($1.06B), Morpho Blue ($687.7M), Kamino Lend ($259.7M), Curve DEX ($35.2M), Convex Finance ($33.9M). Each row in the table links to the protocol’s deposit page.
Can I borrow USDE?
9 lending markets let you borrow USDE against collateral. See USDE borrow rates for the cheapest one.
Is USDE yield safe?
It depends on the pool. Single-asset lending and staking avoid impermanent loss; liquidity pairs do not. The median USDE rate across liquid pools is 4.66%; anything far above it usually carries reward-token risk or a very small market. Our methodology explains every column and flag.