Ethena USDe (USDE) interest rates: staking, lending and yield farming
Every liquid DeFi pool that includes USDE: 71 pools across 33 protocols and 17 chains. Live APY with base/reward split, 30-day average and risk flags. Updated 25 d ago
5.45%
Best single-asset APY
5.45%
Best APY incl. pairs
4.13%
Median APY
$2.12B
Liquidity in USDE pools
24 / 71
Single-asset / all pools
Best single-asset option right now: 5.75% at Aave V3 on Monad ($60.1M TVL, 30d avg 5.45%), of which 5.39% is token rewards.
| Pool | APY | 30d avg | TVL ▾ | 30d | Risk | Chain | |
|---|---|---|---|---|---|---|---|
| USDE Aave V3 | 4.75% base 0.66% + reward 4.09% | 3.28% | $581.2M | Stable Single Reward-heavy Down | Ethereum | Deposit ↗ | |
| USDE Aave V3 | 4.75% base 0.56% + reward 4.19% | 3.59% | $399.8M | 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% | $325.1M | 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 0.36% + reward 5.39% | 5.45% | $60.1M | Stable Single Reward-heavy Down | Monad | Deposit ↗ | |
| FRAX-USDE Curve DEX | 2.89% base 0.02% + reward 2.87% | 2.87% | $34.0M | Stable LP Reward-heavy Stable/Up | Ethereum | Deposit ↗ | |
| FRAX-USDE Convex Finance | 4.41% base 0.02% + reward 4.39% | 4.61% | $33.9M | Stable LP Reward-heavy Down | Ethereum | Deposit ↗ | |
| USDE Jupiter Lend · USDe/USDG (Ethena Market) | 4.75% base 4.75% | 4.75% | $21.4M | — | Stable Single | Solana | 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% | 12.45% base 12.45% | 13.46% | $3.5M | LP IL Down | Ethereum | Deposit ↗ | |
| USDG-USDE Orca DEX | 2.45% base 2.45% | 3.31% | $2.5M | Stable LP Stable/Up | Solana | Deposit ↗ | |
| USDE Accountable | 0.00% base 0.00% | 6.16% | $2.4M | Stable Single | Robinhood Chain | Deposit ↗ | |
| USDE-USDC Uniswap V3 · 0.01% | 1.69% base 1.69% | 5.24% | $2.3M | Stable LP Stable/Up | Ethereum | Deposit ↗ | |
| PYUSD-USDE Orca DEX | 1.53% base 1.53% | 1.43% | $2.2M | Stable LP Stable/Up | Solana | Deposit ↗ | |
| USDE-USDT Fluid DEX | 1.00% base 1.00% | 1.33% | $1.7M | Stable LP Stable/Up | Ethereum | Deposit ↗ | |
| USDE Aave V4 · Plus | 6.40% base 2.91% + reward 3.49% | 2.93% | $1.5M | Stable Single Reward-heavy Down | Ethereum | Deposit ↗ | |
| KODISAIL.R-USDE BeraPaw | 16.00% + reward 16.00% | 15.69% | $1.3M | LP IL Reward-heavy Down | Berachain | Deposit ↗ | |
| USDT-USDE Curve DEX | 5.93% base 3.28% + reward 2.65% | 7.76% | $1.2M | Stable LP Down | Ethereum | Deposit ↗ | |
| USDE-USDC Uniswap V4 · 0.00% | 5.41% base 5.41% | 12.21% | $1.2M | Stable LP Stable/Up | Ethereum | Deposit ↗ | |
| USDE-USDT Uniswap V4 · 0.00% | 1.92% base 1.92% | 1.69% | $1.2M | — | Stable LP Stable/Up | Ethereum | Deposit ↗ |
By protocol
- Aave V3best 5.45% · 4 pools · $1.05B
- Morpho Bluebest 4.66% · 2 pools · $688.0M
- Kamino Lendbest 0.00% · 1 pools · $259.7M
- Curve DEXbest 5.93% · 2 pools · $35.3M
- Convex Financebest 4.41% · 1 pools · $33.9M
- Jupiter Lendbest 4.75% · 1 pools · $21.4M
- Uniswap V3best 12.45% · 2 pools · $5.8M
- Orca DEXbest 2.45% · 2 pools · $4.7M
- Accountablebest 0.00% · 1 pools · $2.4M
- Uniswap V4best 5.41% · 2 pools · $2.4M
By chain
- Ethereumbest 12.45% · 10 pools · $661.7M
- Plasmabest 3.59% · 1 pools · $399.8M
- Basebest 4.66% · 1 pools · $362.8M
- Robinhood Chainbest 4.66% · 2 pools · $327.6M
- Solanabest 4.75% · 4 pools · $285.7M
- Monadbest 5.45% · 1 pools · $60.1M
- Mantlebest 4.09% · 1 pools · $13.3M
- Berachainbest 15.69% · 1 pools · $1.3M
Borrow USDE 10 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 | 4.03% | 4.75% | $325.1M | $289.4M | 92% |
| USDEJupiter Lend | Solana | 4.33% | 4.75% | $261.4M | $240.0M | 94% |
| USDEAave V3 | Ethereum | 6.34% | 4.75% | $674.3M | $93.2M | 0% |
| USDEAave V3 | Plasma | 6.33% | 4.75% | $452.9M | $53.1M | 0% |
Top single-asset USDE pools by APY TVL ≥ $1M
- Aave V4 Ethereum · Plus6.40% · 30d 2.93% · $1.5M
- Aave V3 Monad5.75% · 30d 5.45% · $60.1M
- Morpho Blue Base4.75% · 30d 4.66% · $362.8M
- Morpho Blue Robinhood Chain4.75% · 30d 4.66% · $325.1M
- Aave V3 Mantle4.75% · 30d 4.09% · $13.3M
- Jupiter Lend Solana · USDe/USDG (Ethena Market)4.75% · 30d 4.75% · $21.4M
- Aave V3 Plasma4.75% · 30d 3.59% · $399.8M
- Aave V3 Ethereum4.75% · 30d 3.28% · $581.2M
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 ($60.1M TVL). Rates are refreshed hourly; the 30-day average for that pool is 5.45%.
Where can I earn interest on USDE?
33 protocols currently list USDE pools. The largest by liquidity: Aave V3 ($1.05B), Morpho Blue ($688.0M), Kamino Lend ($259.7M), Curve DEX ($35.3M), Convex Finance ($33.9M). Each row in the table links to the protocol’s deposit page.
Can I borrow USDE?
10 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 4.13%; anything far above it usually carries reward-token risk or a very small market. Our methodology explains every column and flag.